With the successful launch of the W token, the decentralization of the protocol has begun. Wormhole DAO is now making a public call for delegates.
What is a Delegate?
A delegate is an individual or entity that votes on behalf of W token holders.
Why Delegates?
Not everyone has the time, knowledge, or desire to monitor and vote on changes to the Wormhole platform. These tokenholders often delegate their votes to those who can be fully engaged in governance.
What Does a Delegate Do?
Delegates make an effort to read, understand, and provide feedback (when needed) on governance proposals. This generally means “thinking critically” and understanding how the Wormhole platform and its various protocols and parameters function.
Delegates actively vote on all governance proposals and provide an explanation for their voting position. The time commitment is variable. Some delegates prefer to be very hands-on, crafting their own proposals proactively or serving on various committees or elected positions that might exist. Other delegates simply stay informed, review proposals, and vote upon them. There’s no wrong way to be a delegate as long as you commit to voting regularly and in an informed manner.
Is There Any Compensation?
This is the beginning of Wormhole DAO governance. While delegation is expected to be a serious commitment that respects the trust placed in delegates by W tokenholders, a compensation program is not currently in place. Participants of the DAO can, of course, propose creating a delegate compensation program.
How to Become a Delegate?
To become a delegate, create your delegate profile on Tally by completing the registration process found here.
How Long is the Duration of a Delegate’s Term?
The term of a delegate is indefinite, lasting until they decide to remove their platform from Tally and stop accepting new delegated power or when token holders undelegate from the delegate.
What is MultiGov?
Wormhole, Tally, and ScopeLift are teaming up to build MultiGov: an industry-first multichain governance system soon available to DAOs on Solana, Ethereum mainnet, and EVM L2s. The Wormhole DAO will be the first to adopt MultiGov, enabling W holders to create, vote on, and execute governance proposals on any supported chain. Integrating this innovative governance model marks a significant shift towards a truly decentralized and inclusive decision-making process that operates at a level above the multiple underlying chains.
About Wormhole
Wormhole is the leading interoperability platform that powers multichain applications and bridges at scale. Wormhole provides developers access to liquidity and users on over 30 of the leading blockchain networks, enabling use cases that span DeFi, NFTs, governance, and more.
The wider Wormhole network is trusted and used by teams like Circle and Uniswap, and to date, the platform has facilitated the transfer of over 35 billion dollars through over 1 billion cross-chain messages. To learn more about Wormhole, visit the Wormhole Twitter, Discord, or blog.