With the successful launch of the W token, the decentralization of the protocol has begun. Wormhole Governance is now making a public call for Solana 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 Governance. While delegation is expected to be a serious commitment that respects the trust placed in delegates by W token holders, a compensation program is not currently in place. Participants of Wormhole Governance 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 protocols on Solana, Ethereum mainnet, and EVM L2s. Wormhole Governance 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 connecting traditional finance and the internet economy. Wormhole is #1 globally by volume with over $59 billion in cross-chain volume and is trusted and used by leading teams like BlackRock, Apollo, AMD, Google Cloud, Circle, and Uniswap. Wormhole’s suite of products allows developers, institutions, and users to securely and seamlessly move any assets and data between over 35 leading blockchain networks. Learn more at wormhole.com.