Wormhole, a cross-chain protocol, is set to launch its W governance token with an airdrop available on multiple blockchains including Ethereum and Solana.

The airdrop will distribute 617.3 million W tokens to approximately 400,000 unique wallets, with eligibility checkable through an airdrop checker tool.

Pre-market trading activity indicates W tokens are selling for $2.49 each, implying a potential initial market valuation of $4.5 billion for the total initial supply of 1.8 billion tokens.

A variety of blockchains and applications are eligible for the airdrop, such as Avalanche, Aptos, BNB Chain, Sui, and Ethereum scaling networks, as well as apps like Solana wallet/exchange Backpack, DeFi aggregator Jupiter, and NFT projects Mad Lads, DeGods, and y00ts.

This development follows Wormhole's $225 million funding round closure and its separation from Jump Trading.