Wormhole’s W token, which enables governance on the interoperability protocol, jumped 20% in the last hour.
Wormhole launched today its native W token on Ethereum Virtual Machine-compatible blockchains, such as Ethereum, Arbitrum, Optimism, and Base, according to a blog post. This development is facilitated by Wormhole Native Token Transfers (NTT), allowing users to transfer W tokens across these different chains, on top of Solana.
The recent launch marks the completion of the second phase of the W token’s rollout plan, setting the stage for the introduction of MultiGov, a multichain governance system built around W staking for voting power.
Moreover, the token grew nearly 20% in the last hour and reached $0,66, according to data aggregator CoinGecko. However, this is still 40% below the token’s opening price on April 3, when Wormhole distributed 617 million W to users who interacted with the platform. ]
Nevertheless, W still stands as the largest token of the “cross-chain communication category”, with over $1.1 billion by market cap.
The multichain nature of W fosters a more efficient and versatile environment for innovation and engagement within the Wormhole ecosystem, states the entity in the publication. Wormhole currently supports cross-chain messaging to 29 different blockchains, connecting almost $70 billion in total value locked across these ecosystems.
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