Wormhole token soars 20% in 24 hour trading after Upbit listing

Wormhole’s token rose 20% after South Korean cryptocurrency exchange Upbit announced that its W token was listed for trading on the KRW, BTC and USDT markets.

According to CoinGecko data, the price of Wormhole’s (W) token rose over 20% following the news of Upbit’s listing. At the time of this writing, W is changing hands at $0.38, a jump from its previous price of $0.32. The market cap of the W token is $935 million and its total value is $3.2 billion.

On October 2, South Korea’s largest exchange Upbit announced that it was launching Wormhole for spot trading pairs with Korean Won, Bitcoin, and Tether at 18:00 UTC+8.

According to Upbit’s statement, the exchange will facilitate Wormhole trading with sell orders at prices less than 10% of the previous day’s closing price, and trading will be restricted for approximately five minutes after support.

Wormhole first launched the W token as a native token on Solana and has since been listed on various crypto exchanges, including Binance and Kraken.

Wormhole recently launched Era3, which sets a new standard for cross-chain interoperability and facilitates the migration of applications, tokens, networks, and institutions to multi-chain. According to their website, Wormhole Era3 is the next step in connecting all cryptocurrencies and bringing traditional finance on-chain.

On June 3, the protocol announced governance staking for W token holders. This feature will allow W token holders to stake their tokens to participate in governance decisions. This helps support a more decentralized and community-focused management structure.

A wormhole is a message passing protocol that connects various blockchains. It uses the Guardian Network for off-chain message delivery and verification and uses its own message verification system.

Wormhole offers developers access to liquidity and users of over 30 blockchains. It has been used in DeFi, NFTs, governance staking, and more.