Wormhole to Airdrop 617M W Tokens to Past Users, Uniswap's UNI Gains 20% as Token Reward Proposal Inches Closer to Approval

Token bridging service Wormhole confirmed its plans to release a W token on Wednesday, pledging to distribute 617 million tokens, or 6% of the token's total supply, to past users. Wormhole's financial backers are set to receive over 11% of the W token's circulating supply. The W token is set to become a governance asset the holders of which will vote within Wormhole DAO, a yet-to-launch entity that will make decisions for the platform, like how much to charge in fees. Wormhole is a cross-chain messaging platform that acts as a way to move money across blockchains, including Solana, Ethereum, Aptos and others. W will launch natively on the Solana and Ethereum networks, according to a webpage released Wednesday, which did not include a date. UNI advanced over 20% in the past 24 hours, hitting $17 for the first time since Jan. 2022 before slightly retreating to $15.7. The token outperformed bitcoin's (BTC) 3% recovery after yesterday's plunge and the broad-market, altcoin-heavy CoinDesk 20 Index's (CD20) 1% decline during the same period. The rally is driven by investors revaluing UNI in light of the major governance overhaul initiative, which laid out a scheme to reward UNI holders who staked and delegated their tokens, distributing a part of the protocol's income earned from exchange fees. UNI skyrocketed 60% immediately after the proposal submission on Feb. 23, and has more than doubled in price since then Source: CoinDesk

Futures Market Updates

After a few days of insane funding rates because of the Bitcoin rally, volatility kicked in, resulting in liquidations for both sides.

Bitcoin Futures Updates

Total BTC Open Interest: $30.72B (-1.60%) BTC Volume (24H): $131.13B (-39.33%) BTC Liquidations (24H): $55.41M (Long)/$59.28M (Short) Long/Short Ratio: 51.09%/48.91% Funding Rate: 0.0318%

Ether Futures Updates

Total ETH Open Interest: $12.71B (+4.13%) ETH Volume (24H): $63.18B (-34.25%) ETH Liquidations (24H): $33.78M (Long)/$39.95M (Short) Long/Short Ratio: 51.67%/48.33% Funding Rate: 0.0325%

Top 3 OI Surges

PHB: $28.28M (+199.07%) RSR: $29.72M (+111.75%) CVC: $4.04M (+86.07%) 　　Disclaimer: Includes third-party opinions. No financial advice. See Risk Warning.