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Brendon Lim
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W now available on Coinhako

W now available on Coinhako

We are thrilled to share that Wormhole (W) is now listed on Coinhako!

What are Wormhole and W?

Wormhole is a multi-chain protocol that facilitates asset and data movement between blockchains, citing Solana's scalability, low costs, and rapid processing. It was founded by Jump Crypto and initially launched in 2021 as a token bridge, allowing token transfers between blockchains, primarily Solana and Ethereum. Wormhole V2 evolved into a general messaging protocol, enabling different blockchains to communicate.

W is the governance token of the Wormhole protocol that allows holders to guide the protocol's direction through a decentralized autonomous organization (DAO). The Wormhole DAO is expected to make decisions such as adding and removing blockchain connections, upgrading smart contracts, among others.

There is a total supply of 10,000,000,000 W and W has traded for US $$1.61 at its peak. 

How does Wormhole work?

A Wormhole transaction begins at the Emitter, a contract that calls the publish message method on the Wormhole Core Contract. This writes an event to the Transaction Logs, recording details of the emitter and a sequence number. The Core Contract is monitored by Guardians, a set of validators that process the published messages. 

Wormhole is secured by a peer-to-peer network of Guardian nodes that sign and validate messages. If a supermajority of 13 out of 19 Guardians sign the same message, it is deemed valid and becomes a Verified Action Approval (VAA). These VAAs are then relayed to the destination protocol via the Relayer network. Relayers cannot modify the VAAs, so they do not impact the ecosystem's security. 

The destination protocol verifies the signatures on the VAA to validate the message flow. The 19 Guardians are top validator companies that also monitor blockchains for anomalies and consensus violations, allowing them to disconnect affected blockchains until the issue is resolved. They also monitor smart contract data to ensure logical token movements across all blockchains.

Why does Wormhole stand out?

Wormhole also develops and maintains a suite of other related products to complement their main service, which includes:

Wormhole ZK

Wormhole aims to integrate zero-knowledge proofs to improve trust in the protocol. This allows permissionless verification of messages and integrations, enhancing composability and flexibility for applications built on Wormhole.

Wormhole Queries

Enables on-demand querying of blockchain data, allowing developers to access on-chain data quickly and cost-effectively.

Wormhole Gateway

A Cosmos-based appchain to connect Cosmos liquidity to Ethereum and beyond.

Wormhole Connect

Enables developers to easily integrate wrapped or native token bridging into their application with a few lines of code.

Native Token Transfers

A framework that enables native multichain support for any token, allowing seamless transfers across supported blockchains without the need for liquidity pools. It maintains a synchronized token state across all chains.

What can you do with W on Coinhako?

W will be available for users to trade across all swap pairs on Coinhako.

To gain access to any of these trading pairs, you can either:

  1. Fund your SGD wallet on Coinhako instantly with PayNow (or any other supported payment method)
  2. Purchase W instantly with Visa / Mastercard 

Please note that the sending and receiving of W will not be available for this release.

Risk Warning on Digital Payment Token Services

Hako Technology Pte Ltd ("Coinhako") is licensed to provide digital payment token services under the Payment Services Act 2019 (No. 2 of 2019).

The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of a digital payment token ("DPT") service provider.

Before you pay your DPT service provider any money or DPT, you should be aware of the following.

  1. Your DPT service provider is licensed by MAS to provide DPT services. Please note that this does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that your DPT service provider, as part of its licence to provide DPT services, may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.

Visit: Coinhako.com/risk-disclosure for more information.