The world’s largest crypto exchanges are gearing up to bring a new cross-chain altcoin project to the market for millions of traders around the world.
In a new announcement, Binance, the world’s largest digital asset exchange, has say that the platform will support Wormhole (W) for spot trading from Wednesday.
Once launched for open trading, Binance says it will link W coins to a Seed tag that will require users to take quizzes every 90 days to ensure they are aware of the risks before trading the tokens.
“Binance will list Wormhole and open trading for these spot trading pairs on 2024-04-03 12:00 (UTC). New spot trading pairs: W/BTC, W/USDT, W/FDUSD and W/TRY. Users can now start depositing W in preparation for trading. Withdrawals will open on 2024-04-04 12:00 (UTC).”
Several other exchanges also offering Wormhole for trading this week include OKX, Bitget, Backpack And WOO X.
The multiple entries come as Wormhole plan to drop 6.78% of the total W token supply, or 678,823,000, to approximately 400,000 eligible wallets on Wednesday.
The project plan to initially have a circulating supply of 1.8 billion tokens out of a total of 10 billion.
According to Wormhole’s official X account:
“The token will be distributed across six main categories: Guardian nodes, community and launch, core contributors, ecosystem and incubation, strategic network participants and the foundation treasury, with 82% initially locked and unlocked over four years. The tokenomics structure is designed to support Wormhole’s long-term success, stability and progressive decentralization.
W will initially launch as a native Solana SPL token. The ERC-20 functionality will be enabled post-launch via Wormhole’s Native Token Transfers (NTT), enabling seamless transfers across any Wormhole-connected network.”
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Generated image: Midjourney