Wormhole boasts broad multi-chain usage. Its top three as of time of writing include Solana, BSC and Base.
In recent days the platform has made significant moves with the launch of their Native token W
W, Wormhole’s native token
The launch of $W marks a significant progression in the Wormhole protocol's decentralisation efforts. Implemented as a native multichain token, it capitalises on the unique benefits of both Solana and EVM chains and introduces the industry's first multichain governance system. This article offers a broad overview of the intended functionality of W. It is important to note that the sequence of launches described does not adhere to a specific order.
Launched on Solana
W has been initially launched as a native SPL token on Solana. Leveraging Solana's high-performance ecosystem, it provided a suitable base for W, characterised by scalability, low transaction costs and fast processing times. This initial phase established the groundwork for W's ambitions across multiple chains, ensuring a robust inception in one of the fastest-growing and most vibrant cryptocurrency environments.
Further EVM expansion
After its introduction on Solana, W is set to broaden its reach to all EVM-compatible chains linked via the Wormhole using the Wormhole Native Token Transfers (NTT) system. NTT facilitates the smooth transfer of W between Solana, the Ethereum mainnet and Layer 2 networks, ensuring its distinct functionality within the Wormhole ecosystem is maintained without fragmenting liquidity.
NTT offers an open-source platform for cross-blockchain token transfers without relying on liquidity pools. This allows projects to dictate their tokens' behaviour on different chains, including the token standard, metadata and protocols for ownership or upgrades, as well as bespoke features. Additionally, NTT grants projects detailed control over security measures, encompassing rate limiting, the ability to pause transactions, access controls and meticulous balance management.
Lock W for self-delegation
Token delegation plays a vital role in on-chain governance. Holders of W will have the capability to lock and delegate their tokens across both Solana and EVM chains. This process allows token holders to gear up for participation in governance activities by either opting to vote themselves or by assigning their voting power to another entity, typically one that is recognized and trusted. Before initiating the delegation process, Wormhole contributors will invite potential delegates to join, providing token holders with an extensive range of choices for engagement in governance.
The introduction of multichain governance
The Wormhole DAO, comprising W token holders, will introduce a pioneering multichain governance system. This innovative system will be accessible on Solana, the Ethereum mainnet and EVM Layer 2s from the outset.
This approach to governance will allow token holders from any of the supported chains to propose, vote on and implement decisions within the governance framework. The primary objective of implementing multichain governance is to enhance DAO participation by providing a unified user experience for token holders across various blockchains. The Wormhole team anticipates that this development will initiate a new era of fully decentralised, community-driven decision-making across the entire network of chains supported by Wormhole.
In aiming for a gradual rollout of W, Wormhole contributors are focused on ensuring a safe and measured introduction. This strategy is intended to safeguard the interests of token holders and contribute positively to the broader blockchain ecosystem. Updates on these initiatives will be shared as the project progresses.
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.
Wormhole boasts broad multi-chain usage. Its top three as of time of writing include Solana, BSC and Base.
In recent days the platform has made significant moves with the launch of their Native token W
W, Wormhole’s native token
The launch of $W marks a significant progression in the Wormhole protocol's decentralisation efforts. Implemented as a native multichain token, it capitalises on the unique benefits of both Solana and EVM chains and introduces the industry's first multichain governance system. This article offers a broad overview of the intended functionality of W. It is important to note that the sequence of launches described does not adhere to a specific order.
Launched on Solana
W has been initially launched as a native SPL token on Solana. Leveraging Solana's high-performance ecosystem, it provided a suitable base for W, characterised by scalability, low transaction costs and fast processing times. This initial phase established the groundwork for W's ambitions across multiple chains, ensuring a robust inception in one of the fastest-growing and most vibrant cryptocurrency environments.
Further EVM expansion
After its introduction on Solana, W is set to broaden its reach to all EVM-compatible chains linked via the Wormhole using the Wormhole Native Token Transfers (NTT) system. NTT facilitates the smooth transfer of W between Solana, the Ethereum mainnet and Layer 2 networks, ensuring its distinct functionality within the Wormhole ecosystem is maintained without fragmenting liquidity.
NTT offers an open-source platform for cross-blockchain token transfers without relying on liquidity pools. This allows projects to dictate their tokens' behaviour on different chains, including the token standard, metadata and protocols for ownership or upgrades, as well as bespoke features. Additionally, NTT grants projects detailed control over security measures, encompassing rate limiting, the ability to pause transactions, access controls and meticulous balance management.
Lock W for self-delegation
Token delegation plays a vital role in on-chain governance. Holders of W will have the capability to lock and delegate their tokens across both Solana and EVM chains. This process allows token holders to gear up for participation in governance activities by either opting to vote themselves or by assigning their voting power to another entity, typically one that is recognized and trusted. Before initiating the delegation process, Wormhole contributors will invite potential delegates to join, providing token holders with an extensive range of choices for engagement in governance.
The introduction of multichain governance
The Wormhole DAO, comprising W token holders, will introduce a pioneering multichain governance system. This innovative system will be accessible on Solana, the Ethereum mainnet and EVM Layer 2s from the outset.
This approach to governance will allow token holders from any of the supported chains to propose, vote on and implement decisions within the governance framework. The primary objective of implementing multichain governance is to enhance DAO participation by providing a unified user experience for token holders across various blockchains. The Wormhole team anticipates that this development will initiate a new era of fully decentralised, community-driven decision-making across the entire network of chains supported by Wormhole.
In aiming for a gradual rollout of W, Wormhole contributors are focused on ensuring a safe and measured introduction. This strategy is intended to safeguard the interests of token holders and contribute positively to the broader blockchain ecosystem. Updates on these initiatives will be shared as the project progresses.
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.
Wormhole boasts broad multi-chain usage. Its top three as of time of writing include Solana, BSC and Base.
In recent days the platform has made significant moves with the launch of their Native token W
W, Wormhole’s native token
The launch of $W marks a significant progression in the Wormhole protocol's decentralisation efforts. Implemented as a native multichain token, it capitalises on the unique benefits of both Solana and EVM chains and introduces the industry's first multichain governance system. This article offers a broad overview of the intended functionality of W. It is important to note that the sequence of launches described does not adhere to a specific order.
Launched on Solana
W has been initially launched as a native SPL token on Solana. Leveraging Solana's high-performance ecosystem, it provided a suitable base for W, characterised by scalability, low transaction costs and fast processing times. This initial phase established the groundwork for W's ambitions across multiple chains, ensuring a robust inception in one of the fastest-growing and most vibrant cryptocurrency environments.
Further EVM expansion
After its introduction on Solana, W is set to broaden its reach to all EVM-compatible chains linked via the Wormhole using the Wormhole Native Token Transfers (NTT) system. NTT facilitates the smooth transfer of W between Solana, the Ethereum mainnet and Layer 2 networks, ensuring its distinct functionality within the Wormhole ecosystem is maintained without fragmenting liquidity.
NTT offers an open-source platform for cross-blockchain token transfers without relying on liquidity pools. This allows projects to dictate their tokens' behaviour on different chains, including the token standard, metadata and protocols for ownership or upgrades, as well as bespoke features. Additionally, NTT grants projects detailed control over security measures, encompassing rate limiting, the ability to pause transactions, access controls and meticulous balance management.
Lock W for self-delegation
Token delegation plays a vital role in on-chain governance. Holders of W will have the capability to lock and delegate their tokens across both Solana and EVM chains. This process allows token holders to gear up for participation in governance activities by either opting to vote themselves or by assigning their voting power to another entity, typically one that is recognized and trusted. Before initiating the delegation process, Wormhole contributors will invite potential delegates to join, providing token holders with an extensive range of choices for engagement in governance.
The introduction of multichain governance
The Wormhole DAO, comprising W token holders, will introduce a pioneering multichain governance system. This innovative system will be accessible on Solana, the Ethereum mainnet and EVM Layer 2s from the outset.
This approach to governance will allow token holders from any of the supported chains to propose, vote on and implement decisions within the governance framework. The primary objective of implementing multichain governance is to enhance DAO participation by providing a unified user experience for token holders across various blockchains. The Wormhole team anticipates that this development will initiate a new era of fully decentralised, community-driven decision-making across the entire network of chains supported by Wormhole.
In aiming for a gradual rollout of W, Wormhole contributors are focused on ensuring a safe and measured introduction. This strategy is intended to safeguard the interests of token holders and contribute positively to the broader blockchain ecosystem. Updates on these initiatives will be shared as the project progresses.
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.
