Why Wormhole (W) Price Dropped 25% After Hitting 3B in Market Valuation

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Wormhole Launches Governance Feature; W Token Up 4.44% – Crypto News

Published

12 months ago

June 6, 2024

Dripp

Wormhole has launched the Stake for Governance feature for W token holders, marking a significant milestone in its roadmap for decentralized management. This new feature allows token holders to participate actively in the governance process, enhancing the project’s decentralized nature. Additionally, Wormhole has implemented a daily transfer limit of 100 million W tokens from Solana (SOL) to EVM chains to ensure security.

Wormhole Sets 100M Daily Token Transfer Cap

Wormhole has emphasized the importance of its new governance feature, encouraging W token holders to stake their tokens to participate in governance decisions. This move is designed to foster a more decentralized and community-driven management structure. Holders can influence the project’s direction and decisions by staking their tokens.

To maintain the integrity and security of cross-chain token transfers, Wormhole has introduced a daily transfer limit of 100 million W tokens from Solana to EVM chains. This cap is part of the Wormhole Guardian security measures and aims to protect the ecosystem from threats. The Wormhole team strongly recommends that W token holders take advantage of the Stake for Governance feature to establish a strong foundation for future governance.

Wormhole’s W token is now available on multiple chains, enhancing its versatility and utility in decentralized finance (DeFi). The token can be accessed on Solana, Ethereum, Arbitrum, Optimism, and Base via Wormhole Native Token Transfers (NTT). On Solana, W is an SPL token, while on EVM chains, it is an ERC20 token. This cross-chain availability enables actual multichain governance, allowing W token holders to participate in governance across different blockchain networks.

Wormhole’s efforts to expand the reach of the W token are evident in its recent listing on Robinhood, a major cryptocurrency exchange. The W token is now available to trade with European customers on the platform. This listing is expected to increase the token’s visibility and adoption, further solidifying its position in the market.

W Token Trading Volume Surges 42.86%

Wormhole has been making significant strides in the cryptocurrency market. Last month, Fantom launched its canonical stablecoin, USDC.e, backed by Circle and Wormhole. This stablecoin is bridged from the USDC located in an Ethereum smart contract and will become the official stablecoin of the Fantom ecosystem in future upgrades. This development is expected to benefit users and developers, as the stablecoin can be upgraded to the native asset, providing a potential advantage for the asset along community lines.

Following the announcement of the Stake for Governance feature, the W token has seen a price increase of 4.44% and is currently trading at $0.6522. The token’s 24-hour trading volume has increased by 42.86%, indicating heightened interest and activity. The W token’s price range for the day has been between $0.6151 and $0.656, reflecting the market’s positive response to the new feature.

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