As the bull market heats up, people who have been active in Web3 ecosystems are now looking forward to yet another airdrop—this time from Wormhole, a suite of interoperability protocols that underpins over 200 popular applications across thirty blockchains and allows secure movement of information (and valuable tokens) across chains.
The Wormhole protocol, under development by a broad array of teams worldwide, is increasing its decentralization by moving towards issuing its own governance token, called $W, it explained in a blog post.
While the token’s drop date has not yet been announced, an eligibility checker is already available at the Wormhole website. Wallets from chains including Ethereum, Solana, Sui, Aptos, and Injective may be eligible.
While Wormhole hasn’t disclosed the precise criteria for airdrop eligibility, they say that addresses that have interacted with the Wormhole ecosystem and community may receive an airdrop of W—based on a snapshot taken Feb. 6, 2024.
Once you connect your wallet to the site, it will let you know your expected upcoming allocation of $W.
Holders of valuable NFTs may also qualify for an allocation, including collections like Mad Lads on Solana. Phantom Wallet is taking full advantage of this opportunity and has committed to notifying its users in-app if their wallets qualify for an airdrop of $W.
However, some individuals have reported confusion with the allocation as the rubric for airdrop allocations is not fully clear.
“Some perspective on the $W allocation: DeLabs used a service provided by @wormholecrypto. @Backpack is incorporating Wormhole’s technology into their exchange and wallet. DeGods/y00ts are being rewarded for being a customer. Mad Lads are being rewarded for building the infrastructure to onboard millions of customers. Both communities had huge wins today, and they were proportional to the ongoing value they bring to Wormhole,” said X user MattNFT_Crypto.
Mad Lads are reported to be receiving an airdrop with an estimated value, at current projected prices for $W, of $30,000—and their price has skyrocketed, with a floor of 194 SOL at this writing. Holders of Mad Lads had to register in the Mad Lad discord and go through a grinding process to qualify for their airdrop.
The airdrop eligibility criteria has caused a considerable uproar among the DeGods and y00ts communities. After being invited to join the Wormhole Discord, many holders assumed that all DeGods and y00ts who joined would qualify for the airdrop, however, it was revealed that only those who had migrated their NFTs would be eligible.
The floor price of DeGods dipped below 2 ETH amid the controversy, prompting DeLabs founder and CEO Frank DeGods to announce an upcoming Solana airdrop for holders using the project’s de[id] platform.
At least one project has launched to court disgruntled users who did not qualify for the $W airdrop. A Solana meme coin called “Lormhole” announced its $L token yesterday (March 7) and quickly rose to a $6 million market cap.
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