A cross-chain protocol’s altcoin is soaring after Korea’s biggest crypto exchange announced support for trading.
Messaging protocol Wormhole (W) shot up from a 24-hour low of $0.28 to a current value of $0.37, a more than 32% increase after crypto exchange Upbit announced support on the Solana (SOL) network.
With a market cap of $959.7 million, Wormhole is now the 82nd largest crypto project.
Wormhole aims to facilitate an efficient transfer of liquidity and data across various blockchains.
Wormhole was launched in 2020 by Jump Crypto with help from the Solana Foundation. Wormhole had an initial focus on bridging Solana and Ethereum (ETH), before expanding to additional blockchains.
“Wormhole launched the first-ever token bridge between Solana and Ethereum. This development opened up new possibilities for asset transfers to and from Solana and nearly immediately established product-market fit in this budding segment of crypto.
With a proven concept, Wormhole evolved from a single product into a platform of products powering an entire ecosystem of multichain applications. Era2 brought the industry’s first general message-passing protocol, laying the groundwork for seamless asset transfers to 30+ blockchains and the delivery of over one billion secure cross-chain messages.
As of August 2024, Wormhole has processed over a billion messages and facilitated tens of billions in cross-chain value transfer.”
According to the project website, there is a max supply of 10 billion tokens with an initial circulating supply of 1.8 billion.
In April, some of the biggest crypto exchanges announced they were launching support for W, including Binance, OKX, Bitget, Backpack and WOO X.
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