W Token Holders Can Now Participate in Wormhole Governance Staking

  • Stake for Governance was introduced by Wormhole for owners of W tokens.
  • Delegates have the ability to impact important governance choices by staking W tokens.

Wormhole has launched Wormhole Governance Staking, which allows owners of W tokens to move their tokens from Solana to EVM chains in order to participate in governance.

Wormhole, an interoperability platform, has announced the launch of Stake for Governance. Owners of W tokens will therefore be able to transfer their holdings from Solana to the Ethereum Virtual Machine (EVM) chain and take part in governance of Wormhole. The daily transfer cap is 100 million W tokens.

The Stakeholders’ Function in Wormhole Governance

Holders of W tokens will have the ability to influence the future direction of the Wormhole DAO and ecosystem through Stake for Governance.

The first significant step toward decentralization towards MultiGov, a multichain governance framework for DAOs, will be the announcement of this noteworthy feature by Wormhole.

The first feature introduced by Wormhole DAO is MultiGov, which gives W token owners the ability to create, approve, and carry out governance proposals on any chain that is supported.

Users can assign their voting power to others for significant decisions that must be made through governance by staking W tokens. 

Without giving up ownership, token holders are still able to transfer their voting power by continuing to hold their tokens. With regard to ensuring active involvement and offering input on governance suggestions, delegates are crucial to Wormhole DAO.

W Token Transfer for Governance Staking

W token holders must go to the Governance Portal, transfer their tokens to a supported EVM chain, choose a delegate, and then stake their W tokens in order to contribute to governance. 

This kind of delegate is crucial to the community since they represent the goals of the Wormhole community and the interests of token holders.

W tokens can be obtained using Wormhole Native Token Transfers (NTT) on Solana, Ethereum, Arbitrum, Optimism, and Base. Staking for governance requires the transfer of W tokens to an EVM chain.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Lalit Mohan

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