announcements
Jun 06, 2024
·
3 min read
Stake for governance is now live for W token holders via the Tally Governance Portal. This is your opportunity to participate in governance and influence the future direction of the Wormhole DAO and platform. Introducing stake for governance is a significant step toward decentralizing Wormhole through MultiGov, an industry-first multichain governance system for 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.
By staking your W tokens, you delegate your voting power and ensure that your voice is heard in critical governance decisions. Whether you're deeply involved in the community or prefer to entrust your voting power to a dedicated delegate, your participation is vital for the health and success of Wormhole's decentralized ecosystem.
There is no token lockup when staking for governance, and it does not impact token ownership. You can unstake and re-stake your tokens for governance at any time to delegate your voting power to a different delegate.
Navigate to the Governance Portal and follow the guided process to transfer your W tokens to a supported EVM chain including Ethereum, Arbitrum, Optimism, and Base (if they are not already), choose your delegate, and then stake your W for governance.
Delegates are stewards of the Wormhole DAO. They draft, read, understand, and provide feedback on governance proposals, ensuring informed and active participation in the DAO. By staking your tokens and delegating your voting power, you can choose delegates who you believe will best represent your interests and the overall goals of the Wormhole community. Follow this guide if you are interested in becoming a delegate.
In the Governance Portal, you’ll be able to explore profiles and find the perfect value-aligned delegate. You can also explore delegate platforms on the Wormhole Forum.
As part of the W launch roadmap, and to enable true multichain governance, W is natively available on Solana, Ethereum, Arbitrum, Optimism, and Base through Wormhole Native Token Transfers (NTT). Using an NTT-enabled protocol like Portal Bridge, users can seamlessly transfer W across Solana, Ethereum mainnet, and EVM L2s without the complications of liquidity fragmentation or liquidity pools while preserving the unique utility of W within the Wormhole ecosystem. On Solana, W is an SPL token, and on EVM chains, W is an ERC20 token. To participate in the stake for governance process, you’ll need to transfer W tokens to an EVM chain. This can be done in the Governance Portal.
As part of the secure and gradual rollout of W governance, a limit of 100 million W tokens can be transferred from Solana to EVM chains each day. It’s highly encouraged that you be among the first to stake for governance. By joining the initial group of stakers, you set a strong foundation for future governance, maximize your influence with higher visibility, and secure your spot in the governance process without delay. Stay tuned for updates to the staking roadmap.
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