Wormhole launches the Stake for Governance feature, increasing W token’s price by 4.44% and setting a daily transfer cap of 100M for safety.
By introducing the Stake for Governance feature for W token holders, Wormhole achieved a milestone in its decentralized management roadmap. The project’s decentralized nature further enhances the active participation of token holders in the governance process facilitated by this new feature. However, a set daily transfer limit of 100 million W tokens from Solana (SOL) to EVM chains is made to guarantee security.
Wormhole Establishes a daily token transfer limit of 100 million
Wormhole has highlighted the significance of its new governance feature, encouraging W token holders to stake their tokens to participate in governance decisions. This action intends to promote a management structure that is more community-driven and decentralized. Holders can influence the project’s direction and decisions by stealing their tokens.
Also, Wormhole has implemented a daily transfer limit of 100 million W tokens from Solana to EVM chains to preserve the integrity and security of cross-chain token transfers. This limit is a component of the Wormhole Guardian security measures, designed to safeguard the ecosystem from potential threats. The Wormhole team firmly advises that W token holders utilize the Stake for Governance feature to establish a robust foundation for future governance.
The versatility and efficacy of Wormhole’s W token in decentralized finance (DeFi) significantly improved by its availability on multiple chains. The token can be accessed on Solana, Ethereum, Arbitrum, Optimism, and Base through Wormhole Native Token Transfers (NTT). W is an ERC20 token on EVM chains and an SPL token on Solana. This cross-chain availability facilitates the implementation of multichain governance, which enables W token holders to engage in governance across various blockchain networks.
The W token’s recent listing on Robinhood, a significant cryptocurrency exchange, indicates Wormhole’s efforts to broaden its reach. The W token is now accessible for trading with European consumers on the platform. This listing will enhance the token’s visibility and adoption, solidifying its market position.
The trading volume of W tokens has increased by 42.86%
Wormhole has been making substantial progress in the cryptocurrency market. USDC.e, the canonical stablecoin of Fantom, was introduced last month and is supported by Circle and Wormhole. This stablecoin is connected to the USDC in an Ethereum smart contract and will serve as the official stablecoin of the Fantom ecosystem in subsequent revisions. This development is anticipated to be advantageous for both users and developers, as the stablecoin can be converted to a native asset, providing the asset with a potential advantage in terms of community.
The W token has experienced a 4.44% price increase due to the announcement of the Stake for Governance feature. The 24-hour trading volume of the token has increased by 42.86%, suggesting a greater level of interest and activity.
