Wormhole, a leading cross-chain protocol, announced the launch of its W governance token on April 3rd, making headlines in the cryptocurrency sector. The token, initially launched on the Solana network, achieved a $16.5B fully diluted valuation (FDV) and a $3B market cap at launch. Major exchanges including Binance, OKX, Bybit, Kucoin, HTX, and others listed the token, with Binance offering trading pairs such as W/BTC, W/USDT, W/FDUSD, and W/TRY. The launch was marked by the airdrop of approximately 617.3 million $W tokens to users, totaling over $850 million. Additionally, Wormhole's roadmap outlines plans for expansion across EVM-compatible chains and multichain governance. Despite the strong start, the token's price saw volatility, dropping to $1.16 after initially peaking at $1.6. In a notable move, Backpack Exchange announced it would distribute approximately $27M worth of $W to 300,000 users who traded over $5,000 volume on the platform between February 13 and March 18.