Cross-chain protocol altcoins are soaring after South Korea's largest cryptocurrency exchange announced support for trading.
Messaging protocol Wormhole (W) has soared 32% from a 24-hour low of $0.28 to current value of $0.37 after cryptocurrency exchange Upbit announced support on the Solana (SOL) network. This was a further increase.
With a market capitalization of $959.7 million, Wormhole is currently the 82nd largest cryptocurrency project.
Wormholes aim to facilitate efficient transfer of liquidity and data between different blockchains.
Wormhole was launched in 2020 by Jump Crypto with support from Solana Foundation. Wormhole initially focused on bridging Solana and Ethereum (ETH) before expanding to additional blockchains.
“Wormhole has launched the first-ever token bridge between Solana and Ethereum. This development opens up new possibilities for asset transfers to and from Solana, and is the first of its kind in this emerging segment of cryptocurrencies. Market fit was established almost immediately.
With a proven concept, Wormhole has evolved from a single product to a platform of products that power an entire ecosystem of multi-chain applications. Era2 brings the industry's first common message passing protocol, laying the foundation for seamless asset transfers to over 30 blockchains and the delivery of over 1 billion secure cross-chain messages.
As of August 2024, the wormhole has processed over 1 billion messages and facilitated tens of billions in cross-chain value transfers. ”
According to the project website, the maximum supply is 10 billion tokens and the initial circulating supply is 1.8 billion.
In April, several major crypto exchanges including Binance, OKX, Bitget, Backpack, and WOO X announced that they would start supporting W.
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