Wormhole Implements Staking and Governance for W Token Holders

Bittime - Wormhole, a leading cross-chain interoperability protocol, has just launched a multi-chain staking and governance mechanism for their W token holders. This is the first real implementation of their cross-chain governance protocol called MultiGov.

Wormhole Governance System Launches June 6

This governance system was launched on June 6. This system allows W token holders to create and vote on governance proposals on various blockchains, such as Solana, Ethereum, Arbitrum, Optimism, and Base.

Token holders can move up to 100 million of their W tokens from Solana to an Ethereum Virtual Machine (EVM) compatible blockchain each day to participate in the decision-making process.

"The launch of staking for governance is an important step towards decentralizing Wormhole," said Wormhole.

"This is your opportunity to participate in governance and influence the future direction of Wormhole DAO and our platform," he continued.

Users Can Be Delegated by Staking W Tokens

Users can participate in Wormhole's delegated Proof of Stake model by staking their W tokens. Next, they delegate their voting power to governance delegates.

Interestingly, stakers do not need to lock their tokens and can withdraw or re-stake their W tokens at any time.

Wormhole itself was launched in 2021 as a bridge that allows cross-chain transfers between Solana and other blockchains. Based on data from WormholeScan, on June 6, Wormhole handled around 188,800 cross-chain messages and asset flows worth $30 million (around IDR 480 billion).

To date, Wormhole has processed more than 1 billion messages, $43 billion worth of cross-chain transfers, and supports 30 different blockchains.

MultiGov Innovation

Wormhole's multi-chain staking and governance mechanisms are made possible thanks to MultiGov, a new cross-chain governance mechanism that leverages Wormhole's cross-chain interoperability protocol.

"By allowing users to choose from whatever blockchain they are on, you remove the barrier of high gas fees and the complexity/cost of moving funds. MultiGov simplifies much of the complexity associated with moving between chains," tweeted Robinson Burkey, Wormhole co-founder.

Wormhole states that any DAO (Decentralized Autonomous Organization) on Solana, Ethereum, or EVM-compatible L2 (Layer 2) can leverage MultiGov.

The W governance token itself was launched by Wormhole last April. This project airdropped (free distribution) 6% of the total supply of W tokens to more than 400,000 crypto wallets.

For additional information, Wormhole was in the spotlight after successfully raising $225 million (around Rp. 3.6 trillion) in the form of token warrants at a valuation of $2.5 billion (around Rp. 40 trillion) at the largest crypto fundraising in 2023.

However, in 2022, Wormhole also experienced the second largest DeFi hacking incident, where they lost $320 million (around IDR 5.12 trillion) due to hacker actions.

The price of the W token itself has increased 6% in the last 24 hours, with the last price at $0.71 (around Rp. 11,710) according to CoinGecko data. The daily trading volume of W tokens also increased by 37.6%.

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