In November, Ripple raised $500 million at a $40 billion valuation, in a round led by investors from Fortress and Citadel Securities.
Ripple said it's testing its U.S. dollar stablecoin on Optimism, Base, Ink and Unichain with more blockchains to be added next year pending regulatory review.
The platform introduces a unified gateway that allows issuers and users to move tokens from any ecosystem into Solana.
Platforms like M^0 and Agora are addressing the issue by allowing stablecoin infrastructure to be built to route yield to applications or directly to end users.
Wormhole had extended a $120 million cash offer for Stargate, but Stargate's DAO declined to interrupt the ongoing LayerZero acquisition vote.
LayerZero’s $110 million token-swap offer faces competition as Wormhole pushes for a delay in Stargate’s governance vote to submit a higher bid.
Ripple's move supports the development of multichain applications, emphasizing compliance, low cost and fast settlement.
Centrifuge V3 aims to unify real-world asset tokenization across blockchains, and is starting with the $230 million Janus Henderson Anemoy Treasury Fund.
Centrifuge V3 aims to unify real-world asset tokenization across blockchains, and is starting with the $230 million Janus Henderson Anemoy Treasury Fund.
Flow Traders will buy a stake in Wormhole and facilitate cross-chain crypto swaps.
Easier cross-chain transferability for RWAs is crucial to institutional adoption, executives say.
Wormhole and Ethena Labs’ recent multi-million token airdrops have been trending on social, according to Santiment’s social dashboard.
The cross-chain bridge announced an airdrop that saw over $800 million worth of its W tokens airdropped to select users, however, the event rapidly drew the attention of scammers.
Wormhole, a cross-chain communication protocol enabling the transfer of assets between blockchains, recently launched an airdrop campaign for its newly issued governance token, W. Early users were rewarded with 617 million W tokens, and the protocol also released a roadmap outlining its plans. Wormhole Protocol Unveils Roadmap According to the protocol’s roadmap, W aims to become a native multi-chain token, leveraging the advantages of both the Solana and Ethereum Virtual Machine (EVM) chains. Initially launched as a native SPL token on Solana, W will reportedly leverage Solana’s performance, offering increased performance, scalability, low transaction costs, and fast settlement times. Related Reading: Crypto Expert Encourages Investors To Buy The Dip As Bitcoin Price Falls To $64,000 After the Solana debut, W will be extended to all Wormhole-connected EVM chains using Wormhole Native Token Transfers (NTT). This framework allows W to continuously roll out across Solana, the Ethereum mainnet, and Layer 2 (L2s) without liquidity fragmentation. The open-source NTT framework allows projects to control token behavior on each chain, including token standards, metadata, ownership/upgradability, and custom features. Cross-Chain Governance System Wormhole also introduces a governance system where token holders on any supported chain can create, vote on, and implement governance proposals. This approach allows maximum participation in the Decentralized Autonomous Organization (DAO) by providing a frictionless user experience for token holders distributed across multiple chains. As announced, W holders can lock and delegate their tokens on Solana and EVM chains, allowing them to participate in governance decisions. The Wormhole DAO, composed of W token holders, will oversee the Solana, Ethereum mainnet, and EVM L2s governance system. Wormhole, developed by Jump Crypto, a division of Jump Trading Group, has been under development for several years. Despite encountering challenges, including a significant hack in February 2022 resulting in a loss of approximately $320 million, the protocol has continued to evolve. Furthermore, the recent listing of the W token on major exchanges such as Crypto.com and the future support planned by Coinbase on April 4 further validate its progress. W’s Debut On OpenBook The W token debuted on the Solana-based decentralized exchange (DEX) OpenBook at $1.66, with a market capitalization of $2.98 billion and a fully diluted value of $16.5 billion. However, the token’s market capitalization and fully diluted value have since fallen to $2.2 billion and $12.5 billion, respectively, according to updated data from CoinGecko. Trading volume for W has remarkably increased, reaching $555,937,593 in the last 24 hours, representing a staggering 25,732,359.60% surge. Related Reading: Fear Grips XRP Market As Liquidations Top $6 Million – Details Following the airdrop, some users openly shared their sell-offs of the W token on social media platforms, resulting in a 23% price drop. At the time of writing, the token is trading at $1.32. Featured image from Shutterstock, chart from TradingView.com
Cross-chain bridge Wormhole initiated an airdrop that will see early users rewarded with 617 million of its newly issued governance token, W
The protocol has processed $38 billion in cross-chain transfers since inception.
Wormhole, which was recently separated from parent Jump Trading Group after it scaled back its crypto operations, is a developer platform which allows different blockchain networks to communicate with each other.
Although Jump has been scaling back its crypto-related operations, the reason for the business' parting of ways remains unclear, Bloomberg reported.