Timothy Morano
December 4, 2024 16:35
Wormhole is introducing a staking rewards program for W token holders on Solana and EVM chains to strengthen governance and rewards within the ecosystem.
According to Wormhole, the Wormhole platform has unveiled a new Staking Rewards Program (SRP) to incentivize W token holders on Solana and EVM chains, including Ethereum, Arbitrum, Optimism, and Base. This initiative is designed to strengthen governance participation and reward contributors within the Wormhole ecosystem.
Staking Rewards Program Overview
SRP for the EVM chain, which launched on June 6, 2024, has now been expanded to include Solana. We coordinate staking, governance, and rewards to provide a seamless experience for participants. The first rewards period of the program is currently active and offers a minimum of 50,000,000 W in rewards to early stakers.
W Dashboard
The introduction of the W Dashboard provides a centralized platform for W holders to manage their staking and governance activities. Users can earn rewards by staking W tokens, monitor staking metrics, and track rewards. The Dashboard will integrate additional governance tools with the launch of MultiGov in Q1, allowing users to participate in cross-chain governance.
Staking on Solana and the EVM Chain
Solana’s W holders will stake their tokens into SPL tokens, which are locked into a contract to earn rewards. EVM chain users who are already participating in governance can manage their staking status and rewards through the dashboard. The staking process is designed to be seamless on both platforms, making it easy to participate.
continuous compensation period
After an initial reward period, the SRP transitions to a recurring period to encourage continued participation. With approximately 858,000,000 W tokens remaining for community distribution, the program aims to deepen user engagement and introduce new utilities over time.
Vision of Wormhole DAO
SRP is part of a broader vision to build a decentralized multi-chain governance system through Wormhole DAO. The upcoming launch of MultiGov will be an important step in realizing this vision by enabling cross-chain governance. By participating in SRP, W holders are contributing to the evolution of decentralized governance.
How to Participate
To participate in SRP, users must visit the W Staking Dashboard to stake W tokens and participate in the Wormhole DAO. As the program evolves, new features and utilities will be introduced, increasing the value of your participation.
As a leading interoperability platform, Wormhole continues to strengthen its presence in the blockchain ecosystem by facilitating significant cross-chain transactions and partnerships.
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