Wormhole, a leading protocol in the blockchain space, has revealed the roadmap for the rollout of its soon-to-be-launched W token.
Wormhole, a leading protocol in the blockchain space, has revealed the roadmap for the rollout of its soon-to-be-launched W token. According to a blog post, the launch would be another advancement towards the protocol’s plans for a more decentralized future.
The 4-Step RoadMap
Wormhole is planning to launch the W token as a native SPL token on Solana. The firm says that it decided after considering the high performance of the Solana ecosystem. Bearing in mind the multichain aspirations of the W token, Wormhole claims that Solana provides the best scalability, transaction costs, and processing times that would be needed.
After W makes its debut on Solana, it will expand to all Wormhole-connected EVM chains. To achieve this, the protocol will set up an innovative framework called the Wormhole Native Token Transfers (NTT). According to the post, NTT will allow the seamless transfer of W tokens across multiple blockchains, including Ethereum mainnet and layer twos (L2s). The benefits of the NTT are that token transfers can be carried out without the pitfalls of liquidity fragmentation. More so, the framework also empowers projects to retain full control of their tokens and how the tokens behave on different chains, thereby enhancing security and utility for the Wormhole platform.
In the third phase, W holders can lock and delegate their tokens on both Solana and EVM chains. This stage prepares holders to actively participate in governance.
Finally, Wormhole will launch the Wormhole DAO, a first-of-its-kind multichain governance system.
Wormhole’s W Token to Revolutionize Governance
As earlier noted, the launch of W is not just another token release. It is an industry-first approach to multichain governance. The Wormhole DAO, made up of W token holders, will operate through a governance system that will be accessible on Solana, Ethereum mainnet, and EVM L2s right from the start. According to Wormhole contributors, the idea was borne out of an interest to create a fully decentralized and community-led decision-making process.
Moving forward, Wormhole’s W token looks poised to transform the narrative around blockchain governance. The protocol seeks to leverage the strengths of Solana and EVM chains while also floating its own multichain governance system to pave the way for a more inclusive and decentralized future.
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