TL;DR
- Wormhole unveils its plan for the launch of the native W token, marking a significant step towards a decentralized and efficient future.
- The W token will debut as a native SPL token on the Solana network due to its high performance and scalability.
- The protocol will implement the framework of Native Token Transfers (NTT) to enable seamless token transfers across multiple chains, including Ethereum mainnet and its layer twos (L2s), avoiding liquidity fragmentation issues.
The blockchain protocol Wormhole has presented its plan for the launch of its native token, W. This announcement represents a significant advancement for the protocol, aiming to contribute to the construction of a more decentralized and efficient future.
The W token will be initially introduced as an SPL native token on the Solana network, a choice based on SOL’s high performance and scalability. Wormhole has carefully considered the multichain aspirations of the W token and determined that Solana provides the best conditions in terms of scalability, transaction costs, and processing times.
After its launch, the token will expand to all EVM chains connected to Wormhole. To facilitate this process, the protocol will establish an innovative framework called Native Token Transfers (NTT). This will enable seamless token transfers across multiple chains, including the Ethereum mainnet and its layer twos (L2s). The implementation of NTT aims to avoid issues associated with liquidity fragmentation and empower projects to maintain full control over their tokens on different chains, thereby improving the security and utility of the Wormhole platform.
Wormhole Revolutionizes DAOs
Subsequently, token holders will have the ability to lock and delegate their tokens on both the Solana and EVM chains. This will allow holders to actively participate in the governance of the protocol, promoting decentralization and community involvement.
Finally, Wormhole DAO, a multichannel governance system, will be launched. It will be composed of W token holders and operate through a decentralized decision-making process accessible on Solana, Ethereum mainnet, and EVM L2s. The purpose of the governance system is to create a completely decentralized decision-making process led by the community.
Wormhole has an innovative approach to multichannel governance in the blockchain industry. The protocol seeks to leverage the strengths of Solana and EVM chains as it moves towards a more inclusive and decentralized future.
