Wormhole\u2019s governance mechanism is the first live example of its multi-chain governance protocol, MultiGov.<\/p>\n
Wormhole, a cross-chain interoperability protocol, deployed a multi-chain staking and governance mechanism for holders of its recently launched token, W.<\/p>\n
Launched<\/a> on June 6, the governance system allows W holders to create and vote on governance proposals across Solana, Ethereum, Arbitrum, Optimism, and Base. Tokenholders can move up to 100 million W tokens from Solana to Ethereum Virtual Machine (EVM)-compatible chains to participate in governance daily.<\/p>\n \u201cIntroducing stake for governance is a significant step toward decentralizing Wormhole,\u201d Wormhole said. \u201cThis is your opportunity to participate in governance and influence the future direction of the Wormhole DAO and platform.\u201d<\/p>\n Users can participate in Wormhole\u2019s delegated Proof of Stake governance model by staking their W tokens and designating their governance power to a governance delegate. Stakers are not forced to lock up their tokens and can unstake or restake at any time.<\/p>\n Wormhole launched as a bridge enabling cross-chain transfers between Solana and other blockchains in 2021. On June 6, Wormhole handled approximately 188,800<\/a> cross-chain messages and $30 million worth of asset flows, according to WormholeScan.<\/p>\n To date, Wormhole has processed more than 1 billion messages, $43 billion worth of cross-chain transfers, and supports 30 different blockchains.<\/p>\n MultiGov<\/strong><\/p>\n Wormhole\u2019s multi-chain governance mechanism utilizes MultiGov, a new cross-chain governance mechanism leveraging Wormhole\u2019s cross-chain interoperability protocol.<\/p>\n \u201cBy allowing users to vote from whatever chain they are on you break down the barrier of high gas fees and the complexity\/cost of moving funds, you [abstract] a lot of the complexity with chain-to-chain movement,\u201d tweeted<\/a> Robinson Burkey, the co-founder of Wormhole.<\/p>\n Wormhole said any DAO on Solana, Ethereum, or EVM-compatible L2s can leverage MultiGov.<\/p>\n Wormhole launched its W governance token in April. The project airdropped 6%<\/a> of the token\u2019s supply to more than 400,000 wallets.<\/p>\n Last year, the protocol raised<\/a>$225 million in token warrants at a $2.5 billion valuation in the largest crypto raise of 2023. The project notably suffered the second-largest DeFi exploit in February 2022 when it lost $320 million<\/a> to hackers.<\/p>\n The price of W is up 10% in the past 24 hours, last changing hands for $0.68, according to CoinGecko data. Daily trading volume also increased by 150%.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Wormhole\u2019s governance mechanism is the first live example of its multi-chain governance protocol, MultiGov. Wormhole, a cross-chain interoperability protocol, deployed a multi-chain staking and governance mechanism for holders of its recently launched token, W. Launched on June 6, the governance system allows W holders to create and vote on governance proposals across Solana, Ethereum, Arbitrum, […]<\/p>\n","protected":false},"author":2,"featured_media":318874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-318872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/318872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=318872"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/318872\/revisions"}],"predecessor-version":[{"id":318875,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/318872\/revisions\/318875"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/318874"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=318872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=318872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=318872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}