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    $0.170

    -2.34%

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    Frequently Asked Questions

    • Wormhole Use Cases

      Wormhole is primarily used for transferring assets like tokens and NFTs between different blockchain ecosystems. It also enables cross-chain communication for decentralized applications (dApps), facilitating interoperability and allowing developers to build more complex, multi-chain solutions.

      • Cross-Chain Asset Transfers: Users can transfer tokens and NFTs from one blockchain to another, such as moving Ethereum-based tokens to the Solana network to take advantage of lower transaction fees and faster processing times.
      • Cross-Chain Messaging: Wormhole allows dApps to send and receive messages between different blockchains, enabling a wide range of cross-chain use cases and services.
      • Interoperability: By connecting multiple blockchains, Wormhole helps to bridge the gap between different ecosystems, making it easier for users and developers to interact with various blockchain networks seamlessly.
      • DeFi Applications: Wormhole supports various DeFi platforms and projects, allowing users to access a broader range of services and applications across different blockchains.
      • NFT Platforms: The protocol enables the transfer of NFTs between different blockchains, expanding the reach and usability of NFT-based applications.
      • Decentralized Applications (dApps): Wormhole's cross-chain messaging capabilities allow dApps to interact with multiple blockchains simultaneously, enhancing their functionality and versatility.
      Last Updated: 11/29/2024 22:22 UTC
    • Pros of Wormhole

      • Interoperability: Wormhole facilitates seamless communication and asset transfer between different blockchain networks, enhancing the overall user experience and opening up new opportunities for decentralized applications.
      • Efficiency: It offers faster transaction speeds and lower fees compared to traditional cross-chain solutions, improving the efficiency and cost-effectiveness of cross-chain transactions.
      • Security: Wormhole uses smart contracts and cryptographic techniques to ensure the security and transparency of transactions, reducing the risk of fraud.
      • Flexibility: Developers can tailor and optimize their decentralized applications (dApps) for cross-chain action, allowing for greater innovation and development of new applications.
      • Scalability: Wormhole's design makes it scalable, capable of growing as the number of supported blockchains and transactions increases.

      Cons of Wormhole

      • Complexity: Moving assets from one chain to another involves several steps and requires using additional platforms for swapping assets, which can be difficult for less experienced users.
      • Dependence on Validators: The operation of the Wormhole protocol depends on the Guardian Network, which could potentially be a point of vulnerability if a majority of guardians were to act maliciously or be compromised.
      • Centralized Guardian Network: The use of a centralized guardian network introduces a potential single-point vulnerability if a guardian is breached.
      • Regulatory Risks: As part of the crypto space, Wormhole is subject to the uncertainty of future regulatory actions, which could pose a challenge.
      • Limited Track Record: Being a relatively new project, Wormhole has yet to create a track record of credibility compared to more established projects in the space.
      Last Updated: 11/29/2024 22:22 UTC
    • Founders of Wormhole

      The founders of Wormhole include:

      • Saeed Badreg: Co-founder and CEO of Wormhole, with a background in law and business. He previously worked at Tolemaeus and Jump Crypto.
      • Robinson Burkey: Co-founder of Wormhole Foundation, who transitioned from working at DoorDash to becoming a pioneer in blockchain technology.
      • Anthony Ramirez and Tony Jin: Co-founders of Wormhole, who, along with Saeed Badreg, established the project while working at Jump Crypto.
      Last Updated: 11/29/2024 22:22 UTC
    • Investors in Wormhole

      Wormhole is backed by a diverse group of investors, including:

      • Brevan Howard: A global asset management firm.
      • Coinbase Ventures: The venture capital arm of Coinbase, a leading cryptocurrency exchange.
      • Multicoin Capital: A venture capital firm specializing in blockchain and cryptocurrency investments.
      • Jump Trading: A high-frequency trading firm with a significant presence in the crypto market.
      • ParaFi: A digital asset investment firm.
      • Dialectic: A crypto-focused investment firm.
      • Borderless Capital: A venture capital firm focused on blockchain and cryptocurrency projects.
      • Arrington Capital: A venture capital firm with a focus on blockchain and cryptocurrency investments.

      These investors participated in a $225 million funding round, valuing Wormhole at $2.5 billion.

      Last Updated: 11/29/2024 22:22 UTC
    • Halal Status of Wormhole

      No, Wormhole itself is not explicitly listed as halal or haram in the provided sources. However, its functionality involves cross-chain transactions and tokenization, which can include leveraged tokens and futures trading, elements that are generally considered haram in Islamic finance.

      Key Points:

      • Leveraged Tokens: These are not Shariah compliant due to their involvement in perpetual futures trading and potential for interest charges.
      • Cross-Chain Transactions: While the process itself is not inherently haram, the use of leveraged tokens and futures within these transactions can be.
      • Islamic Finance Principles: The halal status of a cryptocurrency or token is determined by its adherence to Islamic finance principles, which prohibit interest and gambling-like activities.
      Last Updated: 11/29/2024 22:23 UTC

    Description

    #160

    Wormhole is a cross-chain interoperability protocol designed to enable secure, decentralized communication and asset transfer between different blockchain networks. It facilitates the creation of cross-chain applications by allowing tokens, NFTs, and data to move freely between ecosystems, enhancing the connectivity and functionality of the decentralized web.

    Sector:
    Blockchain:

    Market Data

    Rank: 160
    Volume: 27M
    Marketcap: 496M
    Fully Diluted Value: 1.7B
    Circulating Supply: 29%
    4M 367K/448K
    2.2M 9.6K/32K
    1.9M 329K/408K
    1.7M 45K/175K
    1.2M 234K/274K
    1.1M 295K/424K
    406K 3.8K/16K
    246K 190K/188K
    154K 12K/12K
    151K 753K/801K
    125K 14K/14K
    73K 21K/84K
    29K 4K/4K
    22K 12K/35K
    12K 1.2K/1.2K
    3.8K 519/517
    805 2K/2K
    376 502/500