Wormhole's W token is paying out 999% per week on Solana's Kamino Protocol

The newly released W token of bridge staking application Wormhole is bringing traders 999% profit a week as long as it does not exceed their capacity on Kamino, a decentralized finance platform on Solana.

Users can receive profits by pairing W with JitoSOL (JTO) and locking both tokens in a liquidity pool on Kamino. The rewards on offer are over 3,300 W and 666 JTO per day, cumulatively worth $7,000 at current rates, plus a portion of transaction fees generated on the W pool and JitoSOL.
Data shows the pool could receive a maximum of $7.5 million and had just under $5 million locked as of Thursday morning in Europe. In the last 24 hours, they collected $17,000 in fees from $6 million in trading volume.

JitoSOL is a token issued when users stake Solana tokens (SOL) on Jito, another protocol also based on Solana. This liquidity pool can be thought of as a smart contract where two or more tokens are locked to facilitate trading between specific assets on a decentralized exchange.
W is Wormhole's governance token, released yesterday with a market capitalization of $3 billion. It was airdropped to thousands of users based on their previous activity on this bridging app.
Wormhole allows users to transfer tokens between different blockchains, such as Ethereum, Solana, Terra and others. This token is one of the most anticipated this year as Wormhole remains one of the few major protocols that does not offer a token. W price has dropped more than 10% in the past 24 hours.
Amid growing interest in Wormhole's W native token issuance and massive $775 million airdrop launch, scammers, hackers, and meme-coiners flocked to the announcement post. The official airdrop of the crosschain bridge platform aims to scam users through X accounts with golden checkmarks – a situation that has been flagged by independent blockchain expert ZachXBT.

The official X account of Wormhole founder Robinson Burkey was also attacked by posts of malicious links hours after the airdrop was announced. Burkey's account has been made private.

Pocket Universe – a browser extension that protects users from scams and drainers, shares:

“We are blocking hundreds of scam comments in the form of Wormhole airdrop claim“.

The W token officially launched on April 3 at a price of $1.66 on the Solana OpenBook DEX, giving it a total market capitalization of $2.98 billion at the time of launch. The token's price has since dropped 30% and is currently trading at $1.15.

Wormhole reserved 674 million tokens — 6.75% of total supply — for the airdrop, meaning the total current value of the airdrop is $775 million for users who meet the protocol's conditions.

Wormhole's W token is currently only available on the Solana network, however, the project says it will soon be offered on the Ethereum network as an ERC-20 token and other layer 2 networks.

In tandem with W's price fluctuations, Wormhole's airdrop has attracted interest from some of the bigger names in crypto, including world-renowned artist Beeple – who has shared some of his work. Wormhole-inspired art.

Fake Memecoins Take Off

Aside from the attention of scammers, the blockbuster airdrop wormhole did not escape the attention of opportunistic memecoin developers, with a counterfeit token called “warmhole” launched shortly after the airdrop announcement .
This fake memecoin quickly rose from a market capitalization of around $100,000 at launch to a peak value of $8.3 million – an approximate 83,000% increase in less than six hours before falling back to its current level.

One user joked that if Wormhole airdrop recipients immediately traded their new W tokens for the Warmhole memecoin, they would become billionaires.

As airdrops become increasingly popular and attract the attention of the crypto community, Wormhole has revealed the highly anticipated W token distribution date is April 3.

W

Wormhole Wednesday

April 3, 2024

11:30AM UTC pic.twitter.com/CjdmT1i8PE

— Wormhole (@wormholecrypto) March 28, 2024

Wormhole prepares airdrop W

This milestone comes after a rigorous security and decentralization audit from the Uniswap Foundation's Bridge Assessment Committee, with Wormhole becoming the only protocol endorsed by the Uniswap DAO. This move emphasizes Wormhole's commitment to decentralizing operations and governance.

The Wormhole airdrop program, aimed at various stakeholders in the community, including ecosystem application users and active participants, seeks to encourage participation and contributions across the network.

Eligibility for the Wormhole airdrop is based on user interaction with the ecosystem, with a snapshot taken on February 6, 2024. However, the token distribution process became more complicated following the reports. announcement regarding determination of airdrop eligibility.

Notably, Wormhole recently successfully closed a $225 million fundraising round. The Wormhole airdrop program will distribute 617,305,000 W tokens, or 6.17% of the total supply, to 397,704 wallet addresses. Of these, 500,000,000 W tokens are reserved for users who have participated in Wormhole ecosystem applications on more than 30 connected blockchains. The remainder, approximately 117,305,000 W tokens, will be distributed to community users, including various NFT communities, the Monad community, and the top 10,000 Pyth investors.

The Wormhole airdrop program highlights the project's commitment to recognizing and rewarding the efforts of dedicated users, multi-chain application developers, and community members who play a key role in shaping the system. Ecological.