Wormhole, a cross-chain interoperability protocol that raised $225 million last year, is gearing up to launch its highly anticipated W token.

The project will be airdropping just over 6% of the total supply of 10 billion W tokens to past users of Wormhole-connected applications and eligible community members.

Users can check their W eligibility here.

With an initial circulating supply of 1.8 billion tokens, W will be distributed in ERC20 and SPL formats across five initial chains, including Ethereum, Solana, Arbitrum, Optimism, and Base.

Wormhole started out as the primary bridge between Solana and other blockchains in 2021, but has since expanded to over two dozen networks and processed more than 1 billion cross-chain messages.

The total supply of 10 billion W has been allocated across six categories: Guardian Nodes, Community & Launch, Core Contributors, Ecosystem & Incubation, Strategic Network Participants, and the Foundation Treasury. About 82% of the total supply will be initially locked and vest over four years at various intervals.

Prelaunch perpetuals for W are trading at around $2 on Hyperliquid, giving Wormhole a projected fully diluted valuation of $20 billion.

The token is built on the Native Token Transfers (NTT) framework for multichain functionality and can be transferred seamlessly to any Wormhole-connected network. Token holders will be able to delegate their tokens to vote on governance proposals. Delegation will first be available on EVM chains at launch, with Solana to follow soon after.