Project hub

Wormhole

24 pieces · May 2023 to Aug 2025 · 4 flagship

Sectors

L1/L217 DeFi13 Tooling6 Market structure4 ZK4 Ethereum2

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Coverage per year

22023

182024

42025

Price and coverage

Wormhole $W

Calls: None yet
Since listing: −99%
vs BTC: −99.2%
Now: $0.0136

bullish thesis bearish thesis coverage, no call map, list or mentionWeekly closes in USD, log scale, as of 23 Oct 2026. Call figures turn cyan when the price moved the way the call pointed. Each marker links to its piece.

Start here · the strongest pieces on Wormhole

Map15 Mar 2024Modular ecosystem map: execution, DA, sequencing, proving, interop and RaaSPrimer on monolithic versus modular design followed by a landscape of projects per layer: rollups, settlement, DA, sequencing, proving, interoperability, rollup SDKs, RaaS, orderflow abstraction and RPC.Map21 Apr 2024The Ultimate Interoperability Guide: landscape of cross-chain protocolsCategorized landscape of interoperability protocols across messaging, cross-chain DEXs and AMMs, lending, liquidity aggregation, bridges, proof aggregation, proving and verification, each with a short descriptor such as Wormhole's 13/19 guardian set.Map22 Apr 2024Interoperability guide v2: messaging, transport, bridges and proof layersUpdated interop landscape separating cross-chain messaging, transport layer, bridge, aggregation and cross-chain DEX protocols, then adding proving, proof aggregation and verification layers and shared sequencers as modular building blocks.

Timeline · every piece, newest first

2025 4

24 Aug 2025Interoperability wars: LayerZero vs Wormhole bids for StargateCompares LayerZero's $110M ZRO and Wormhole's $120M cash offers for Stargate against volume data. Stargate has the highest retail tx count but a $2.4k average size versus over $60k on Hyperliquid's bridge; DAO needs 70% approval.DataDeFiMarket structure

26 Jul 2025Projects integrating Boundless ZK proving: MegaETH, Citrea, Celestia, WormholeLists projects building on Boundless' proving market infra, including MegaETH, Citrea, Celestia, Wormhole, EigenCloud, Linea, Union, Anoma, Miden, Fuel and Unichain.MapZKL1/L2

24 Jul 2025Union yapper reward per 0.1% mindshare at $250M to $1B FDVBenchmarks Union against interop peers (FDVs of $250M to $2B) and computes reward per 0.1% mindshare across scenarios. Season 0 pool is 0.45% of supply and Season 1 is 0.20%.DataZKMarket structure

03 Jun 2025Bridge volume breakdown: LayerZero leads with $7.42B over 30 daysLists 30-day bridge volume by protocol: LayerZero $7.42B (29.4%), the Hyperliquid bridge $3.79B (15%) and Circle CCTP $3.37B (13.4%), with total flows over $25B monthly and $900M in the past 24 hours. Ends with a referral link.DataDeFiMarket structure

2024 18

31 Oct 2024Chain abstraction landscape map: accounts, intents, solvers, clearingLandscape of chain abstraction split into account abstraction, shared sequencing, ZK proof aggregation, cross-chain messaging, intents infrastructure, orderflow and liquidity, orchestration, solver networks, solvers and clearing layers, with named projects in each.MapL1/L2DeFi

19 Sep 2024Union: ZK-powered IBC interop and the Wandering Whale Sharks NFT airdrop caseArgues Union, a ZK-powered interop layer scaling IBC beyond Cosmos, will be a major player and that the official NFT collection likely gets a UNO airdrop. Benchmarks against interop FDVs and notes Berachain and Movement partnerships.ThesisZKL1/L2

18 Sep 2024Google Cloud joins Wormhole Guardians: what it means for WArgues Google Cloud running a Wormhole Guardian node strengthens decentralization of the validation layer and signals ZK interop work. Highlights Wormhole's product suite and its position as the main interop solution on high-performance chains.Market takeL1/L2Tooling

02 Sep 2024Wormhole 30-day flows: Ethereum 54% of volume, USDC top assetIn the past 30 days 54% of Wormhole volume originated on Ethereum, mainly bridged to Solana (49%) and Sui (44%). USDC leads bridged assets at $470M, followed by USDT ($125M) and RNDR ($116M).DataDeFiSolana

13 Jun 2024Entangle: cross-chain messaging, data feeds and liquid vaults, NGL valuationBreaks down Entangle's stack: Photon Messaging, Universal Data Feeds, Liquid Vaults and an Ethermint-based chain. Argues NGL looks undervalued versus interoperability peers Wormhole, Axelar and LayerZero.BreakdownL1/L2DeFi

12 Jun 2024Mento: local currency stablecoins on Celo and the MENTO airdrop bull caseBull case for Mento as a protocol for local currency stablecoins, noting 40% of global GDP is outside USD while USDT and USDC dominate. Explains the collateral design with a volatile reserve layer, the cross-chain access routes and the planned no-code stablecoin toolkit.BreakdownStablecoinsDeFi

22 Apr 2024Interoperability guide v2: messaging, transport, bridges and proof layersUpdated interop landscape separating cross-chain messaging, transport layer, bridge, aggregation and cross-chain DEX protocols, then adding proving, proof aggregation and verification layers and shared sequencers as modular building blocks.MapL1/L2Tooling

21 Apr 2024The Ultimate Interoperability Guide: landscape of cross-chain protocolsCategorized landscape of interoperability protocols across messaging, cross-chain DEXs and AMMs, lending, liquidity aggregation, bridges, proof aggregation, proving and verification, each with a short descriptor such as Wormhole's 13/19 guardian set.MapL1/L2Tooling

17 Apr 2024Interoperability landscape: interop protocols with and without a tokenSplits interop protocols into those with a token (Axelar, Wormhole, Polyhedra, Entangle, CCIP, Picasso, Omni) and tokenless ones (LayerZero, Union, Hyperlane, Polymer, Electron), with one-line security designs.MapL1/L2Tooling

14 Apr 2024Ecosystem plays for the cycle: EigenLayer, Monad, Berachain, WormholeShort list of ecosystems expected to lead the bull run, with the strategy of taking leveraged exposure through an ecosystem's native DEX instead of the L1, which can have more upside but also more risk.Market takeL1/L2Ethereum

10 Apr 2024Monad ecosystem map after the $225M raiseCategory map of the Monad ecosystem across DeFi, NFT and gaming, tooling, interop, wallets and oracles after its $225M raise. Frames Monad as Solana-style speed with EVM compatibility and notes its fast developer mindshare gain.MapL1/L2DeFi

09 Apr 2024Berachain ecosystem map ahead of the BERA launchCategory map of Berachain apps (DeFi, NFTfi, GameFi, gambling, interop, infra) before mainnet, noting BERA may launch on 20 April. Describes the chain as an EVM-compatible Cosmos SDK chain with Proof of Liquidity and a tri-token model.MapL1/L2DeFi

09 Apr 2024Berachain ecosystem map, first version with Cosmos walletsEarlier version of the Berachain ecosystem map across DeFi, NFTfi, GameFi, gambling, interop and infra, listing Keplr and Leap as wallets and noting BERA may launch on 20 April.MapL1/L2DeFi

05 Apr 2024Wormhole W airdrop: bridge flow data and ecosystem airdrop mapData thread after the W launch at $10B FDV: Ethereum is the top source and destination by value, Solana leads by transaction count, and Sui looks whale-driven. Over 1B messages and $41B bridged; maps ecosystem apps that could airdrop to W stakers.DataL1/L2DeFi

04 Apr 2024Why Wormhole is more than a bridge: reply to UX criticismRebuts the view that Wormhole has bad UX: Portal is a separate app, and Wormhole is a messaging and developer platform on 30+ chains. Defends the 13/19 guardian design while conceding trust-minimized ZK verification is the endgame.ThesisL1/L2

20 Mar 2024Entangle bull case: oracle chain, liquid vaults and valuation compsSummarizes Entangle as an oracle-centric chain with universal data feeds, Photon messaging and liquid vaults, noting a Consensys strategic investment and comparing a $44M mcap with Wormhole, Axelar, Pyth and Chainlink valuations.ThesisDeFiTooling

15 Mar 2024Modular ecosystem map: execution, DA, sequencing, proving, interop and RaaSPrimer on monolithic versus modular design followed by a landscape of projects per layer: rollups, settlement, DA, sequencing, proving, interoperability, rollup SDKs, RaaS, orderflow abstraction and RPC.MapL1/L2Ethereum

08 Feb 2024Entangle: data feeds and liquid vaults pitched as a multi-narrative playArgues Entangle's oracle chain, Photon messaging and liquid vaults for LP tokens touch interop, restaking, RWA, AI, DePIN and gaming, and compares an IDO below $50M FDV with Chainlink, LayerZero, Wormhole, Axelar and Pyth valuations.ThesisDeFiTooling

2023 2

13 Dec 2023Axelar leads Binance Research's interop data: tx count, chains and valuation gapUses Binance Research data to argue Axelar leads interop on fundamentals: 30D tx count 2x Wormhole and 8x Chainlink CCIP, 54 of 60 chains and many partners. Notes its FDV is far below Wormhole and LayerZero valuations.DataL1/L2Market structure

30 May 2023ZK light client bridges: Succinct Telepathy and zkBridge versus multisig bridgesSurveys the bridge spectrum from CEXs to multisig and MPC bridges, then argues light client bridges with zk state verification are the gold standard. Explains proof of consensus in Telepathy and zkBridge's header relay.ExplainerZKL1/L2DeFi

Often covered with

LayerZero35 Axelar32 Union36 Hyperlane24 Entangle5 Pyth17 Celestia145 Solana60

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