Cross-chain interoperability protocol Wormhole has launched its multi-chain staking and governance system. on Friday alongside hinting at a potential airdrop. The announcement kept the prices of the tokens afloat, making them rise nearly 14% on the trading day.
At the press time, the $W coin is trading at $0.7146, up nearly 3% compared to the same time last day. Market participants are now wondering if the token will reach the $1 mark before the end of the year.
Wormhole Introduces Governance Staking
For owners of its newly released token, Wormhole, the cross-chain interoperability protocol has implemented a multi-chain staking and governance system. The governance system, which went live on June 6, enables W holders to draft and cast votes on proposals for Solana, Ethereum, Arbitrum, Optimism, and Base governance.
To participate in daily governance, token holders can transfer up to 100 million W tokens from Solana to chains that are compatible with the Ethereum Virtual Machine (EVM).
The launch stands as an initial phase of the Wormhole DAO Governance going live with this DAO’s MultiGov implementation. The Solana integration with MultiGov will be finished and audited over the upcoming weeks and months, and eventually, Wormhole governance will start taking ideas and holding votes. There will be further modifications to the staking plan soon.
Given the time and/or knowledge required to vote on governance proposals, W holders can now delegate their tokens to themselves (akin to “registering to vote”), or they can delegate their tokens to any Delegate if they wish to transfer their voting authority to someone else.
With its initial launch of the Wormhole DAO, MultiGov will make use of hub-and-spoke MultiGov technology developed by the three aforementioned teams, multichain token transfers, and Wormhole Messaging to enable users to vote and delegate from any connected L2 and soon Solana (other chains/VMs can be added in the future too).
Wormhole To Likely Go For an Airdrop
Wormhole has recently added $W staking to governance. Airdrops from the Wormhole in the future are likely to happen as expected by many market participants.
Usually, Airdrops play an important role in enhancing the reach of a token. A cryptocurrency airdrop can be defined as distributing tokens or coins to wallet addresses. Members of the blockchain community who are engaged receive modest quantities of the new virtual currency in their wallets either for free or in exchange for performing a small task, such as retweeting a post from the company providing the money. Promoting awareness and circulation of a new token or coin is the ultimate purpose of a cryptocurrency airdrop.
However, previously hackers, scammers, and memecoin enthusiasts flocked to a huge $850 million airdrop event from Wormhole. Therefore this time the W Airdrop will have to be meticulously designed and carried out.
