Wormhole unveils roadmap for W token debut on Solana

The cross-chain communication system Wormhole has revealed plans for its W token, starting with its introduction on the Solana platform.

On April 3, the Wormhole protocol announced a plan for its token, W, in a blog post. This roadmap aims to increase the token’s usefulness across various blockchain networks. As per the released document, the initial phase of this rollout will introduce W as a native SPL token on the Solana blockchain.

“During this stage, W’s plans for a multichain presence are established. The token begins its journey in a thriving and fast-paced crypto environment, laying a solid foundation for future success.”

Wormhole

After the introduction of the token on Solana, Phase 2 commences. In this phase, W intends to extend its reach to all chains linked by Wormhole with EVM compatibility. This expansion utilizes Wormhole Native Token Transfers (NTT), a method for transferring tokens between blockchains without the need for liquidity pools. Consequently, W transfers will be facilitated not only on Solana but also on Ethereum mainnet and various layer-2 solutions, ensuring seamless token movement without liquidity fragmentation.

Wormhole unveils roadmap for W token debut on Solana

To prepare for on-chain governance, W token holders will have the ability to lock and assign their tokens on both Solana and Ethereum networks, according to Wormhole. This delegation of tokens is essential for managing the Wormhole Decentralized Autonomous Organization (DAO), a multichain governance system, which will be responsible for guiding the growth of the Wormhole ecosystem. However, Wormhole’s team hasn’t specified when each phase will commence, leaving it uncertain as to when we can anticipate the arrival of the Wormhole DAO.

According to crypto.news’ previous article, various cryptocurrency exchanges such as Bitget, OKX, and Backpack have announced their intentions to make the W token available for trading immediately following the eligibility period for airdrop claims. Wormhole distributed 6.17% (617,305,000) of the W token supply among the 397,704 eligible wallets for the airdrop event.

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2024-04-03 12:21