Wormhole became a Blackhole? Just dropped out of the top 100 (CMC).
First things first: this is not financial advice, and I have no idea what's going to happen with $W. It's a bit amusing that Wormhole raised so much money and launched with such a high FDV after previously being hacked for a significant amount. However, the insane amount of funds raised would also be the way for Wormhole to turn around...
Token prices can go down A LOT and still go back to making ATH. We saw it with Cosmos, we saw it with Nervos and we saw it in the early days of Terra. But! These are all UTILITY tokens.
If you're planning to invest in a governance token, make sure there are real benefits to holding it. Don't just buy it because you like the project.
With the $W token, you can manage various aspects of the Wormhole ecosystem: adding/removing blockchain connections, upgrading smart contracts, adjusting fees, expanding the Guardian set, managing security rate limits, and influencing the token’s utility and design.
But, seriously, does anyone actually care enough about these features? And for those who do care, will they really HODL when even the VCs seem to be taking a loss?
According to ICOdrops, Wormhole’s funding round ended on November 29, 2023, raising $225 million. At the time of listing, the project ranked #46.
Future unlock schedule: April 3, 2025: 2.02 billion $W (20.22%) unlock. April 3, 2026: 1.9 billion $W (19.02%) unlock. April 3, 2027: 1.42 billion $W (14.23%) unlock. April 3, 2028: 120 million $W (1.20%) unlock.
What could make this turn around? Given the limited utility of $W, massive dragged-out unlocks and its lack of benefits for holders, the only way forward might be to maximize the usage of the raised funds. This means heavy buybacks, rewarding holders, and a strong marketing push - not just relying on influencers for token hype but for driving real usage of Wormhole and sharing the value inflow to its holders. Show Less
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