The blockchain landscape is growing more intricate, with new chains launched nearly every week. Liquidity across these chains is also on the rise.

Users distribute their assets across various chains to explore different opportunities. Yet, for the ecosystem to grow, the movement of liquidity between these chains must be smooth.

This is where interoperability protocols step in, acting as bridges to enhance liquidity flow and streamline user experiences amidst the multitude of blockchains. Wormhole stands out as one of the primary cross-chain protocols dedicated to linking these blockchain networks.

In this article, learn about this cross-chain protocol and how you can buy W tokens in India in 5 simple steps.

What is Wormhole?

Wormhole is a cross-chain blockchain protocol engineered to transfer crypto assets and data across various blockchain ecosystems seamlessly. Employing a proof-of-transfer mechanism, the protocol ensures the security and reliability of cross-chain transfers.

Wormhole was developed to address two critical issues within Web3:

• Interoperability: Smart contracts and Decentralized Applications (dApps) originating from distinct blockchains often encounter difficulty communicating with each other due to differences in programming languages and network operations. To tackle this challenge, Wormhole leverages the Wormhole Core Layer, an essential contract deployed on each chain, to scrutinize different chains for messages emitted by their respective smart contracts. Through an innovative message-passing protocol, Wormhole facilitates cross-chain communication by routing messages from the source to the target chain.

• Token Transferability: Historically, users have depended on centralized exchanges to swap or bridge digital assets between blockchains, a practice full of counterparty risks. The Wormhole crypto bridge introduces a trustless, permissionless solution for transferring tokens across layer-one (L1) blockchains.

Why Should You Choose Wormhole (W)?

Here are several advantages of selecting Wormhole (W):

• Speed: Wormhole transactions are swiftly processed, boasting confirmation times of just a few seconds.
• Reliability: Wormhole maintains a low failure rate, ensuring users’ transfers are reliably completed.
• Security: Wormhole employs various security measures, such as proof-of-transfer and multi-signature wallets, to safeguard users’ assets.
• Interoperability: Wormhole enables seamless token and NFT transfers across diverse blockchains, fostering integration between disparate ecosystems.

Key Components of Wormhole Ecosystem

In addition to its core cross-chain messaging functionality, Wormhole develops and maintains a suite of complementary products. They are mentioned below:

• Wormhole ZK

This component aims to incorporate zero-knowledge proofs into the fundamental Wormhole protocol, enhancing the protocol’s trust assumptions. Its goal is to enable permissionless verification of messages and integrations and improved composability and flexibility for applications utilizing Wormhole technologies.

• Wormhole Queries

This component facilitates on-demand querying of blockchain data, allowing developers to access on-chain data quickly and affordably.

• Wormhole Gateway

Built on the Cosmos framework, this component connects liquidity within the Cosmos ecosystem to Ethereum and other networks.

• Wormhole Connect

This component simplifies the integration of token bridging—whether wrapped or native—directly into developers’ applications with minimal code requirements.

• Native Token Transfers

This open framework enables any token to become natively multichain, facilitating seamless native transfers across all supported blockchains. This eliminates the need for liquidity pools while ensuring complete synchronization of token states across all chains.

Wormhole Tokenomics

The W token is set to have a maximum supply of 10 billion tokens, commencing with an initial supply of 1.8 billion tokens, constituting 18% of the total supply. Of this 18% issued at the Token Generation Event (TGE), they are distributed across the following categories:

• Community and Launch (11%): This allocation encompasses tokens designated for token airdrops and activities related to market making and liquidity management.
• Ecosystem and Incubation (5%): These tokens are allocated to key contributors to the Wormhole ecosystem, including community organizations, developer community initiatives, and strategic contributors.
• Foundation Treasury (2%): This allocation is earmarked for driving future initiatives aimed at the protocol’s development, including research, grants, and other relevant programs.

Source

The remaining 82% of the token supply will be gradually unlocked according to the following token release schedule, with the tokens becoming accessible over the subsequent four years following the TGE, ultimately resulting in the full unlocking of the total token supply at the end of the four years.

Buying Wormhole (W) in India

Below are a few simple steps you can follow and buy the W token in India with WazirX, India’s most trusted and widely used crypto exchange.

The best way to buy W tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy W using P2P trade; to get answers to all your queries related to the P2P trade, click here!

Step 1 – Sign-Up on the WazirX platform

To begin buying and selling W, you must sign up for an account on the WazirX platform. If you already have an account, you can log in directly.

For your reference, here’s how you can open an account on WazirX.

Step 2 – Set up your account security by verifying your email address.

This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.

Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.

Step 3 – Complete the KYC process.

After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.

Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.

Step 4 – Add funds to your WazirX wallet.

To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”

You can deposit INR using any mode (NEFT/ RTGS/ IMPS).

You can also buy W through P2P to the WazirX wallet. The W will act as funds to help you buy your favorite cryptos.

Step 5 – Finally, buy W on WazirX.

You can now easily purchase W tokens using INR Deposits. In the case of P2P trade, check W to USDT here.

After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.

Click “Buy” after entering the amount and checking the total INR amount to be paid.

Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.

The order might take a few minutes to complete, but as soon as it is executed, you will receive the W Tokens you purchased in your WazirX wallet.

Happy Trading!