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Wormhole, the groundbreaking cross-chain protocol, has recently clinched a remarkable $225 million in a funding round, elevating its valuation to an impressive $2.5 billion. The investment, disclosed on November 29, was spearheaded by notable entities such as Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital, and Arrington Capital.
Notably, the Wormhole Foundation has concurrently unveiled the inauguration of Wormhole Labs, positioning itself as an independent technology company dedicated to crafting innovative products, tools, and reference implementations. These endeavors are specifically tailored to foster the expansion of cross-chain activity and development within the blockchain space. The company’s current claim to fame lies in its cutting-edge blockchain-to-blockchain communications technology, proficiently utilized for bridging assets, fueling oracle data feeds, and facilitating the seamless transfer of nonfungible tokens.
Since its inception in 2021, Wormhole has orchestrated transactions exceeding an astonishing $35 billion. The protocol, revered by developers for its efficiency, processes over 2 million cross-chain messages daily, seamlessly navigating through a vast network of more than 30 chains.
While the journey to success has been remarkable, Wormhole encountered a setback in February 2022 when it fell victim to a sophisticated hack, resulting in the unauthorized minting of over $321 million through an Ethereum–Solana bridge glitch. Following this incident, Jump Crypto, a venture capital firm, promptly committed to replenishing the substantial loss, demonstrating a strong commitment to the project’s resilience.
In a subsequent development, May saw investors from the Terra ecosystem initiating legal action against Jump Trading, the high-frequency trading firm that owns Jump Crypto. Allegations were levied against the firm and its CEO, Kanav Kariya, accusing them of manipulating the price of TerraUSD to amass approximately $1.3 billion in profits. It’s crucial to note that these allegations remain unproven in a court of law, adding an element of suspense to the ongoing narrative surrounding Wormhole’s trajectory.
Despite the challenges encountered along the way, Wormhole continues to push the boundaries of what is possible in the cross-chain ecosystem. With its recent infusion of capital and the establishment of Wormhole Labs, the protocol is poised to further elevate its prominence in the blockchain industry, promising continued innovation and growth.
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