Wormhole Passes 1 Billion Cross Chain Messages

Wormhole has facilitated over 1B communications since 2021 and processed around 110,640 daily messages, transferring $30M in cash.

A protocol for cross-chain messaging usage Since September 2021, Wormhole’s infrastructure has facilitated the sending of over one billion communications.

The messaging protocol is currently processing around 110,640 daily messages as indicated by data obtained from the Wormhole Scan on February 13.

This protocol is responsible for transferring $30 million in daily cash, oracle feeds and nonfungible tokens (NFTs) between 30 blockchains, representing a total volume of $39.6 billion.

The total value locked (TVL) of Wormhole hit one billion dollars in January with Ether (ETH), Fantom (FTM) and Solana assets occupying the top three spots with respective values of $675 million, $174 million, and $96 million.

In May 2022, the total value of the protocol reached its highest point of $3.8 billion. This occurred prior to the collapse of the Terra ecosystem, which marked the beginning of the crypto winter. A sizeable fraction of the transactions made possible by the cross-chain bridge transfer between Polygon and Celo as well as between Solana and Polygon, and vice versa.

Solana is a decentralized exchange. Pyth Network is one of the most prominent users of Wormhole Messaging. Pyth Network secures 48 percent of the trade volume mediated by blockchain or Oracle.

It is also worth noting that Uniswap, Circle, Lido and Synthetix are examples of notable decentralized applications that utilize Wormhole. Wormhole announced on February 7 that it would be airdropping 17% of its 10 billion tokens to its community after publishing its tokenomics white paper that same day.

No specific date was selected for the airdrop. According to the creators, “A fundamental aspect of a token-based governance system is that it enables token holders to guide and influence the direction the protocol takes.”

Following the token generation and distribution events, on-chain governance will have a significant impact on community programs and activities related to money management.

At a valuation of $2.5 billion, Wormhole announced on November 29, 2023, that it had raised $225 million. Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital and Arrington Capital were the investors who led the fundraising effort alongside Arrington Capital.