The world's largest cryptocurrency exchanges are preparing to list a new cross-chain altcoin project for millions of traders around the world.
In a new announcement, Binance, the world's largest digital asset exchange, says the platform will support Wormhole (W) for spot trading starting Wednesday.
Once it launches for open trading, Binance says it will attach W coins to a seed tag that requires users to pass tests 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 at 12:00 (UTC). New spot trading pairs: W/BTC, W/USDT, W/FDUSD, W/TRY. Users can now start depositing W in preparation for trading. Withdrawals will open on 2024-04-04 at 12:00 (UTC).”
Several other exchanges are also listing Wormhole for trading this week, including OKX, Bitget, Backpack And Wu X.
Multiple lists come in the form of a wormhole Plans 6.78% of the total W token supply, or 678,823,000, will be dropped to approximately 400,000 eligible wallets on Wednesday.
The project plans 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 allocated across six main categories: custodial nodes, community and launch, core contributors, ecosystem and incubation, strategic network participants and enterprise treasury, with 82% secured initially and scheduled to unlock over four years. The token structure is designed to support Wormhole's long-term success, stability and gradual decentralization.
W will initially launch as a native Solana SPL token. Post-launch ERC-20 functionality will be enabled through Wormhole's Native Token Transfers (NTT), allowing seamless transfers across any network connected to Wormhole.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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