Key Points:
- Wormhole launched Stake for Governance for W token holders.
- Staking W tokens allows delegates to influence key governance decisions.
Wormhole has introduced Wormhole Governance Staking, enabling W token holders to transfer tokens from Solana to EVM chains for governance participation.
Wormhole, the interoperability platform, has announced the launch of Stake for Governance. This will allow holders of the W token to transfer their holdings from Solana to the Ethereum Virtual Machine (EVM) chain and take part in the governance of Wormhole. The daily transfer limit for W tokens is 100 million.
The Role of Delegates in Wormhole Governance Staking
Stake for Governance will give W token holders the right to shape the future path of the Wormhole DAO and ecosystem. The announcement of this notable feature by Wormhole will be decentralization’s first step towards MultiGov—a multichain governance framework for DAOs.
Wormhole DAO will first implement MultiGov, which will allow holders of W tokens to establish, vote, and execute governance proposals on any supported chain.
Staking W tokens offers users the ability to delegate their voting power for important decisions that need to be made through governance. Token holders can continue to restake their tokens to delegate their voting power without relinquishing their ownership. Delegates play an important role in Wormhole DAO, providing feedback on governance proposals and ensuring active participation.
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Transferring W Tokens for Governance Staking
W token holders who want to stake for governance should go to the Governance Portal, transfer tokens to a supported EVM chain, choose a delegate, and then stake W tokens. This form of delegate is vital for the community, representing the interests of token holders and the goals of the Wormhole community.
W tokens are available on Solana, Ethereum, Arbitrum, Optimism, and Base through Wormhole Native Token Transfers (NTT). Transferring W tokens to an EVM chain is a necessary process for staking for governance.
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