- Wormhole, a cross-chain messaging protocol, has seen rapid growth, exceeding 1 billion messages sent since launching in September 2021. It currently facilitates over $30 million in daily transfer volume across 30 blockchains.
- Wormhole is used by major DeFi protocols like Uniswap and Synthetix. It recently announced plans for a token and governance model to further decentralize decision–making.
- After raising $225 million in November 2022, Wormhole is positioned as a leading player in the emerging multi-chain future, with its messaging volume and adoption trajectory validating cross-chain communication.
Wormhole, a cross-chain messaging protocol, has exceeded 1 billion messages sent since launching in September 2021. The milestone highlights the rapid growth of cross-chain communication.
JUST IN: Wormhole @wormholecrypto surpassed 1 billion messages sent ahead of its $W launch
— BlockNews.com (@blocknewsdotcom) February 13, 2024
Wormhole’s Usage Statistics
According to data from Wormhole Scan, the protocol currently processes around 110,640 daily messages, moving $30 million in daily funds, oracle feeds, and NFTs across 30 blockchains, with $396 billion in cumulative volume.
In January, Wormhole reached $1 billion in total value locked (TVL), with Ether (ETH), Fantom (FTM), and Solana (SOL) assets taking the top places at $675 million, $174 million, and $96 million respectively. The protocol’s TVL peaked at $3.8 billion in May 2022 before the collapse of the Terra/Luna ecosystem.
Top Chains and DApps Using Wormhole
A sizable portion of transactions facilitated by the cross-chain bridge are moved between Polygon and Celo, and from Solana to Polygon (and vice versa). Solana DEX Pyth Network, which secures 48% of blockchain oracle-mediated trading volume, is one of Wormhole messaging’s largest users. Other notable DApps using Wormhole include Uniswap, Circle, Lido, and Synthetix.
Upcoming Wormhole Token and Governance Plans
On Feb 7, Wormhole published its tokenomics white paper, pledging to airdrop 17% of its 10 billion tokens to its community. The messaging protocol outlined plans for token-based governance, allowing holders to guide the project’s direction.
Recent Fundraising Efforts
On Nov 29, 2022, Wormhole announced a $225 million raise at a $2.5 billion valuation, led by Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital, and Arrington Capital.
The Future of Cross-Chain Communication
With major milestones in messaging volume and fundraising, Wormhole is poised to remain a leading cross-chain communication protocol. Its plans for token-based governance and continuing development will likely cement its status as a vital part of the expanding multi-chain ecosystem.
