Wormhole Introduces Staking Feature to Support Governance

Cross-chain infrastructure solution Wormhole has announced the launch of a staking feature for its W token, aimed at enhancing governance processes.

Wormhole Introduces Staking Feature to Support Governance

The announcement was made on Wormhole's official X account on June 6. Wormhole stated that users can now participate in the voting process and help shape the future directions of the DAO and the infrastructure platform.

To participate in staking and governance voting, users need to transfer their W tokens from the Solana format to the standard EVM format. Voting will be facilitated through Tally's services, and users' tokens will not be locked when participating in governance staking.

To ensure network safety, the daily limit for token conversion support is set at 100 million W.

Wormhole emphasized that the current approach will lay the groundwork for establishing a multichain governance token, extending beyond Solana to include networks like Optimism, Arbitrum, and Ethereum.

Following this announcement, the W token price experienced a notable increase. At the time of writing, W is trading around $0.7, marking a 10% rise within 24 hours.

Key Highlights:

• Staking and Governance: Users can now stake W tokens and participate in governance voting to influence DAO decisions.
• Token Conversion: Users must convert W tokens from Solana to EVM format to participate.
• Voting Facilitation: Voting supported through Tally, with no lock-up of tokens during governance staking.
• Safety Measures: Daily token conversion limit set at 100 million W.
• Multichain Governance: Plans to establish a multichain governance token encompassing multiple networks beyond Solana.

This development underscores Wormhole's commitment to enhancing its governance mechanisms and fostering a more inclusive and participatory ecosystem.