With the launch of W, the Wormhole protocol is further decentralizing. Through a strategic rollout, W will become a native multichain token, leveraging the unique strengths of both Solana and EVM chains while introducing the industry's first multichain governance system. This blog post outlines a high-level overview of the plan for W's utility. The sequence of each launch is not strictly in the order listed below.
Launch on Solana
W will initially launch as a native SPL token on Solana. Solana's high-performance ecosystem offers the ideal foundation for W, providing scalability, low transaction costs, and rapid processing times. This phase sets the foundation for W's multichain ambitions, ensuring the token starts strong in one of the most vibrant and rapidly growing crypto ecosystems.
EVM Expansion with Wormhole NTT
Following its Solana debut, W will expand to all Wormhole-connect EVM chains using Wormhole Native Token Transfers (NTT). NTT will allow W to be transferred seamlessly across Solana, Ethereum mainnet, and L2s without liquidity fragmentation, and while maintaining its unique utility for the Wormhole platform.
NTT is an open-source framework for transferring tokens across blockchains without liquidity pools. When leveraging NTT, projects have full control over how their tokens behave on each chain, including the token standard, metadata, ownership/upgradeability, and custom features. With NTT, projects are also able to retain fine-grained control over their security, such as rate-limiting, pausing, access control, and balance accounting.
Stake W to Self-Delegate
Delegating tokens is a critical part of on-chain governance. W holders will be able to stake and delegate their tokens on both Solana and EVM chains. By delegating, token holders can prepare to participate in governance by either self-registering to vote or providing another actor – often a well-known and reputable party – with additional voting weight. Prior to launching delegations, the Wormhole contributors will issue a call for delegates to ensure that token holders have access to a wide variety of options for participating in governance.
Multichain Governance
The Wormhole DAO – made up of W token holders – will operate via an industry-first multichain governance system. This system will be available on Solana, Ethereum mainnet, and EVM L2s at launch.
Multichain governance will enable token holders on any supported chain to create, vote on, and execute governance proposals. The goal of multichain governance is to maximize participation in the DAO by providing a seamless UX for token holders distributed across multiple different chains. The Wormhole contributors hope that this will mark the beginning of a fully decentralized and community-led decision-making process across all chains that Wormhole supports.
By adopting a flexible approach to the rollout of W, the Wormhole contributors aim to ensure a secure and controlled introduction which will promise an exciting future for token holders and the wider blockchain community. Stay tuned for updates on these developments as the mission continues to advance.
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