Wormhole Launches Staking and Governance for W Tokens

Wormhole (W), the native cryptocurrency for a platform connecting multiple blockchains, has launched staking and governance for W token holders.

What is Wormhole (W)?

Wormhole stands as the premier interoperability platform, facilitating large-scale multichain applications and bridges. It offers developers access to liquidity and connects users across more than 30 top blockchain networks, supporting a wide array of use cases including DeFi, NFTs, and governance.

Renowned teams like Circle and Uniswap rely on the expansive Wormhole network. To date, the platform has successfully enabled the transfer of over $40 billion through more than 1 billion cross-chain messages.

What does Staking W Mean?

Wormhole, a leading blockchain interoperability protocol, is introducing staking for W token holders via the Tally Governance Portal. This will enable token holders to take part in governance and influence the direction of the Wormhole DAO and platform. 

The team highlights this as a crucial move toward decentralizing Wormhole through MultiGov, an innovative multichain governance system for DAOs on Solana, Ethereum mainnet, and EVM L2s. Wormhole DAO will pioneer the use of MultiGov, allowing W token holders to propose, vote on, and execute governance actions on any supported chain.

Wormhole's multi-chain governance leverages MultiGov, an innovative cross-chain governance system that utilizes Wormhole's interoperability protocol.

"By enabling users to vote from any blockchain, we eliminate the barriers of high gas fees and the complexities/costs associated with moving funds. This simplifies the chain-to-chain interactions significantly," tweeted Robinson Burkey, Wormhole's co-founder.

Wormhole announced that any DAO operating on Solana, Ethereum, or EVM-compatible L2s can use MultiGov.

In April, Wormhole introduced its W governance token, distributing 6% of the total supply to over 400,000 wallets through an airdrop.

How to stake for Governance?

According to the official post, Head to the Governance Portal and follow the step-by-step instructions to transfer your W tokens to a supported EVM chain, such as Ethereum, Arbitrum, Optimism, or Base (if they aren't already there). Next, select your delegate and stake your W tokens to participate in governance.