Wormhole Launches Staking Rewards Program for W Token Holders
Timothy Morano Dec 04, 2024 16:35
Wormhole introduces a Staking Rewards Program for W token holders on Solana and EVM chains, enhancing governance and rewards within its ecosystem.
The Wormhole platform has unveiled its new Staking Rewards Program (SRP) aimed at incentivizing W token holders on Solana and EVM chains, including Ethereum, Arbitrum, Optimism, and Base, according to Wormhole. This initiative is designed to bolster governance participation and reward contributors within the Wormhole ecosystem.
Staking Rewards Program Overview
The SRP, which commenced on June 6, 2024, for EVM chains, is now extended to include Solana. It aligns staking, governance, and rewards, providing a seamless experience for participants. The program's first reward period is currently active, offering a minimum of 50,000,000 W in rewards to early stakers.
The W Dashboard
The introduction of the W Dashboard provides a centralized platform for W holders to manage their staking and governance activities. Users can stake their W tokens to earn rewards, monitor staking metrics, and track rewards. The dashboard will integrate additional governance tools with the launch of MultiGov in Q1, enabling users to participate in cross-chain governance.
Staking on Solana and EVM Chains
W holders on Solana will stake their tokens as SPL tokens, which are locked in a contract to earn rewards. EVM chain users, already involved in governance, can manage their staking status and rewards through the dashboard. The staking process is designed to be seamless across both platforms, facilitating easy participation.
Ongoing Reward Periods
Following the initial reward period, the SRP will transition into recurring periods, encouraging sustained engagement. With approximately 858,000,000 W tokens remaining for community distribution, the program aims to deepen user participation and introduce new utilities over time.
The Vision for Wormhole DAO
The SRP is part of a broader vision to establish a decentralized, multichain governance system through the Wormhole DAO. The upcoming MultiGov launch will enable cross-chain governance, marking a significant step towards realizing this vision. By participating in the SRP, W holders are contributing to the evolution of decentralized governance.
How to Participate
To join the SRP, users should visit the W Staking Dashboard, stake their W tokens, and engage with the Wormhole DAO. As the program evolves, new features and utilities will be introduced, enhancing the value of participation.
Wormhole, a leading interoperability platform, continues to facilitate significant cross-chain transactions and partnerships, reinforcing its position in the blockchain ecosystem.
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