Unlock Schedule
Wormhole (W) Token Unlock & Vesting Schedule
As of November 10, 2026, 6.58 billion of the 10 billion W (65.80%) have been released. The remaining 3.42 billion W, all estimated, are worth about $37.04 million at today's price (50.93% of the market cap). Of these, 1.82 billion W release over the next 12 months, mostly from Ecosystem & Incubation — 31% of maximum supply and Foundation Treasury — 23.3% of maximum supply. Today's release is an estimated 87.98 million W from Ecosystem & Incubation — 31% of maximum supply, Foundation Treasury — 23.3% of maximum supply, Guardian Nodes — 5.1% of maximum supply and Strategic Network Participants — 11.6% of maximum supply. W is fully unlocked in October 2028; after that date the schedule has no further dated releases.
The chart shows gross modeled releases of every allocation: vesting unlocks, new issuance and reserve distributions, each allocation counted once. These have different meanings; a scheduled release is not evidence that tokens entered circulation or were sold. Review the coverage, sources and assumptions below.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
Supply and distribution
W has a maximum supply of 10 billion tokens. At launch, 1.8 billion were in circulation and 82% of the supply was initially locked. The original allocation divided the full supply into six groups: ecosystem and incubation, 31%; foundation treasury, 23.3%; community and launch, 17%; core contributors, 12%; strategic network participants, 11.6%; and Guardian nodes, 5.1%. These allocations describe how the supply was set aside, rather than how many tokens are available at any given time. (wormhole.com)
Wormhole updated its release plan in 2025. Beginning October 3 of that year, several allocations moved from large yearly unlocks to releases every two weeks. The change also extended the lock period for Guardian and strategic-participant allocations. The foundation treasury kept its daily release schedule, while existing agreements for core contributors retained their original annual timing. The maximum supply stayed at 10 billion. (wormhole.com)
Governance and staking
Holding W allows a person to participate in Wormhole governance. A holder can delegate voting power to someone who follows proposals and votes on their behalf. Wormhole has also developed MultiGov, a system designed to gather votes from more than one blockchain and coordinate the result. That fits a token whose holders are spread across several networks. (wormhole.com)
In its 2025 W 2.0 plan, Wormhole also outlined a reserve intended to receive value generated by protocol and ecosystem activity, alongside staking rewards connected to governance participation. The plan described rewards funded through existing tokens and protocol revenues, without raising W’s supply cap. Those plans are separate from the established ability to hold W and delegate governance power. (wormhole.com)
Upcoming W Releases
| Period | Allocation | Type | Amount | Value | % of supply |
|---|---|---|---|---|---|
| Nov 10 – 30, 2026 | Ecosystem & Incubation — 31% of maximum supply | Vesting, estimated | 36.9M | $399.5K | 0.37% |
| Foundation Treasury — 23.3% of maximum supply | Vesting, estimated | 30M | $324.9K | 0.30% | |
| Strategic Network Participants — 11.6% of maximum supply | Vesting, estimated | 16.5M | $178.3K | 0.16% | |
| Guardian Nodes — 5.1% of maximum supply | Vesting, estimated | 7.2M | $78.4K | 0.07% | |
| Dec 2026 | Ecosystem & Incubation — 31% of maximum supply | Vesting, estimated | 52.7M | $570.8K | 0.53% |
| Foundation Treasury — 23.3% of maximum supply | Vesting, estimated | 44.3M | $479.6K | 0.44% | |
| Total, next 12 months | 1.8B | $19.7M | 18.21% | ||
Values at $0.011 per W (November 10, 2026), today's price, not a forecast. Releases continue after October 2027. Estimated amounts are modeled from the schedule's rules rather than dated by a source; see the Assumptions below. Releases without dates are listed under Allocations.
Assumptions
Wormhole allocated its capped 10 billion W across six categories, with launch unlocks, an initial set of annual cliffs and a daily Foundation Treasury schedule. From October 2025, Wormhole changed several remaining annual cliffs to biweekly unlocks; the chart's monthly rendering of those payments is an estimate, while contributor contractual cliffs remain annual. The launch airdrop and staking rewards use tokens within existing allocations, and grant spending and variable future rewards lack dependable W payment amounts or dates. The chart can show the dated allocation unlocks, but it should not add those later uses of already-unlocked tokens to the same supply total.
- Foundation Treasury — 23.3% of maximum supply: Releases depend on future governance or treasury decisions.
- Launch airdrop claimable allocation — approximately 6.748% of maximum supply: Timing not yet established.
- Ecosystem Builders launch-airdrop allocation — approximately 0.161% of maximum supply: Releases depend on recipients claiming tokens or on grants being awarded.
- Community incentives balance reported in December 2024 — approximately 8.58% of maximum supply: Releases depend on future governance or treasury decisions.
- Staking Rewards Program, Period 1 — at least 0.5% of maximum supply: Releases depend on recipients claiming tokens or on grants being awarded.
- Staking Rewards Program, Period 2 — at least 0.5% of maximum supply: Releases depend on recipients claiming tokens or on grants being awarded.
- WIP-3 proposed Grants Program — USD 250,000 cap, W quantity undetermined: Releases depend on future governance or treasury decisions.
- W 2.0 variable staking rewards from existing supply and protocol value: New issuance depends on network activity, such as staking, so it cannot be dated in advance.
- 1. https://wormhole.com/blog/wormhole-w-tokenomics
- 2. https://static.wormhole.com/unlock-sched.png
- 3. https://wormhole.com/blog/wormhole-announces-w-token-2-0-upgrade
- 4. https://static.wormhole.com/signal-2025-09-17-140436_002.jpeg
- 5. https://wormhole.com/blog/connecting-the-internet-economy-wormhole-and-the-w-tokens-past-present-and
- 6. https://wormhole.com/blog/w-airdrop-explained
- 7. https://wormhole.com/blog/how-to-claim-w-airdrop
- 8. https://wormhole.com/blog/w-airdrop-explained-ecosystem-builders
- 9. https://wormhole.com/blog/from-eligibility-to-sybil-detection-a-deep-dive-into-wormholes-multichain
- 10. https://wormhole.com/blog/w-staking-rewards-program
- 11. https://wormhole.com/blog/rewards-for-staking-rewards-program-srp-period-1-are-now-live
- 12. https://wormhole.com/blog/rewards-for-staking-rewards-program-srp-period-2-are-now-live
- 13. https://forum.wormhole.com/t/wip-3-establishment-of-a-grants-program/797
- 14. https://static.upbit.com/guide/circulating_supply/W_20251014.pdf
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 3 markets on Binance, OKX and Hyperliquid · $6.3M open interest
 Binance (CEX) | 634K | 42K/80K |
 OKX (CEX) | 347K | 53K/79K |
Binance (CEX) | 300K | 8.4K/11K |
 MEXC (CEX) | 231K | 10K/33K |
 Gate.io (CEX) | 166K | 51K/83K |
 Bybit (CEX) | 159K | 22K/49K |
 Coinbase (CEX) | 114K | 43K/45K |
 Kraken (CEX) | 75K | 73K/117K |
Kraken (CEX) | 60K | 37K/45K |
MEXC (CEX) | 54K | 5.3K/30K |
 Bitget (CEX) | 45K | 34K/65K |
 KuCoin (CEX) | 34K | 25K/29K |
OKX (CEX) | 26K | 8.2K/10K |
Binance (CEX) | 16K | 9.1K/12K |
OKX (CEX) | 4K | 1.7K/1.7K |
 Aerodrome V2 (Base) | 1.9K | 897/894 |
 Uniswap V3 (Ethereum) | 1K | 851/848 |
 Orca (Avalanche) | 373 | 37/37 |
 HTX (CEX) | 157 | 70/50 |
Orca (Avalanche) | 148 | 47/46 |
Uniswap V3 (Arbitrum) | 111 | 30/30 |
Uniswap V3 (Base) | 8.8 | 33/33 |
Allocations
Description
#339
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: | Bridges |
| Blockchain: | Solana |
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 3 markets on Binance, OKX and Hyperliquid · $6.3M open interest
Binance (CEX) | 634K | 42K/80K |
OKX (CEX) | 347K | 53K/79K |
Binance (CEX) | 300K | 8.4K/11K |
MEXC (CEX) | 231K | 10K/33K |
Gate.io (CEX) | 166K | 51K/83K |
Bybit (CEX) | 159K | 22K/49K |
Coinbase (CEX) | 114K | 43K/45K |
Kraken (CEX) | 75K | 73K/117K |
Kraken (CEX) | 60K | 37K/45K |
MEXC (CEX) | 54K | 5.3K/30K |
Bitget (CEX) | 45K | 34K/65K |
KuCoin (CEX) | 34K | 25K/29K |
OKX (CEX) | 26K | 8.2K/10K |
Binance (CEX) | 16K | 9.1K/12K |
OKX (CEX) | 4K | 1.7K/1.7K |
Aerodrome V2 (Base) | 1.9K | 897/894 |
Uniswap V3 (Ethereum) | 1K | 851/848 |
Orca (Avalanche) | 373 | 37/37 |
HTX (CEX) | 157 | 70/50 |
Orca (Avalanche) | 148 | 47/46 |
Uniswap V3 (Arbitrum) | 111 | 30/30 |
Uniswap V3 (Base) | 8.8 | 33/33 |