Demex Daily #85: Wormhole Announces W Token Economics and Community Airdrop

What’s Interesting Today:

Wormhole has announced the distribution details for its upcoming W token, setting the total at 10 billion tokens. The breakdown includes 17% for the community, 23% reserved for the Foundation's Treasury, 12% for core contributors, 31% for ecosystem development, and the balance for strategic partnerships and guardian nodes. The community's share will see 1.1 billion tokens distributed through an airdrop, with a snapshot for eligibility already taken prior to this announcement. The rest of the community's allocation will be released four months later. Wormhole, notable for its cross-chain asset transfers and recovering from a $320M hack in 2022, also achieved the largest crypto fundraising of 2023, securing $225M at a valuation of $2.5 billion.

The ERC-404 token standard, merging ERC-20 and ERC-721 features, has propelled its first token, Pandora, to a $170M market cap with a 5,000% price increase since its February 2 launch. With over 1,300 holders and a 7.45 ETH floor price on Blur, this standard introduces liquidity, fractionalization, and a unique system where purchasing a token mints a linked "Replicant" NFT, which is burned upon sale. The ERC-404 allows trading on both decentralized exchanges and NFT marketplaces, adding a rarity rating to NFTs for added collectibility.