Bittime - Wormhole, a protocol that enables the movement of crypto assets between blockchains, has just distributed more than 1 billion US dollars worth of W tokens to its users. This token distribution is worth 6% of W's total supply.
The value of the W token is currently down 15% compared to the initial distribution price, namely 1.65 US dollars per token. As a result, the total value of the tokens distributed was around 860 million US dollars. W's market capitalization is currently above 2.5 billion US dollars, with the potential to reach 14 billion US dollars if all tokens are in circulation.
However, there is a slight note that at this time, only Solana blockchain-based wallet users can claim the W token. Users of other blockchains such as the Ethereum Virtual Machine (EVM) will have to wait for Wormhole's native token transfer feature (Native Token Transfers - NTT) which does not yet have a definite launch date.
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What is NTT?
According to the official Wormhole blog, NTT is an open-source framework that allows token transfers between blockchains without the need for a liquidity pool.
Crypto projects using NTT have complete control over the behavior of their tokens on each blockchain. This includes token standards, metadata, ownership/upgradability, and special features.
The project can also manage token security in detail, such as transfer restrictions, temporary suspension, access control, and balance recording.
Also read: What is a Wormhole (W)? DeFi and NFT platforms
Interestingly, the launch of the W token also encouraged an increase in the price of governance tokens from other interoperability protocols. For example, Synapses' SYN token is up 37% in the last 24 hours, while Across Protocol's ACX is up 11% in the same period.
What is a Wormhole (W)?
Wormhole (W) is a breakthrough protocol that connects different blockchains and allows them to communicate with each other.
With Wormhole, developers and users can take advantage of the unique features and advantages of various blockchain ecosystems, breaking down barriers and encouraging collaboration in a decentralized world.
Also Read How To Buy Crypto:
How Wormhole (W) Works?
Wormhole architecture consists of on-chain (on top of the blockchain) and off-chain (outside of the blockchain) components that work together to enable seamless cross-chain communication.
Also read: Wormhole (W) Comes to Kraken, Trading Opens April 3!
On-Chain Components:
- Wormhole Core Contract: The main contract that facilitates cross-chain communication.
- Emitter: A contract that interacts with the Wormhole Core Contract to send messages.
- Transaction Logs: Blockchain-specific records used by Guardian to monitor sent messages.
Off-Chain Components:
- Guardian Network: Validators responsible for observing and validating messages sent by the Core Contract.
- Verifiable Action Approvals (VAAs): Signed confirmations of observed messages, produced by the Guardian Network. A VAA is issued every time a cross-chain application interacts with the Wormhole Core Contract.
- Relayer: The off-chain process responsible for sending VAA to the target blockchain.
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How to Bu Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
AMD Teams Up with Wormhole to Support Blockchain Interoperability
Wormhole Launches Ambitious Roadmap: Multi-Chain W Token, Governance & More
Why Cross-chain Messaging is So Popular
Solana's Breakthrough in the Crypto Market: Airdrops, Memecoins, and a Promised Future?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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