Wormhole Implements Stake for Governance Feature, W Token Soars!

Bittime - Wormhole launches a Stake for Governance feature that makes this possible token owner participation in decision making. This move was followed by an increase in the price and trading volume of the W token. Wormhole also implemented daily transfer limits for the security and a new listing on Robinhood to expand its reach.

WORMHOLE Strengthens Token Owner Participation with Stake for Governance

The launch of Stake for Governance is a big step towards Wormhole collective management. With this feature, W token holders can stake their tokens (staking) to be involved in the process of voting on proposals and other important decisions that will determine the future direction of the Wormhole. In other words, W token holders now have a say in how Wormhole will be run.

Improved Cross-Chain Transfer Security

Apart from strengthening token owner participation, Wormhole also announced a new security policy. They will implement a daily transfer limit of 100 million W tokens from the Solana blockchain to EVM (Ethereum Virtual Machine) networks such as Ethereum, Arbitrum, Optimism, and Base. These restrictions are part of Wormhole Guardian's security measures, aimed at protecting the Wormhole ecosystem from potential threats and maintaining smooth cross-chain transfers.

W: Flexible Multi-Chain Token for DeFi

Wormhole's W token is now available on multiple blockchains, increasing its utility in the decentralized finance (DeFi) space. Users can access W tokens on Solana, Ethereum, Arbitrum, Optimism, and Base via Wormhole Native Token Transfers (NTT).

This cross-chain availability not only increases the flexibility of the W token, but also allows "multi-chain collective governance". This means that W token owners can participate in decision making on various blockchain networks where W tokens reside.

WORMHOLE on Robinhood and Increased W Token Activity

Wormhole's efforts to expand the reach of the W token can be seen from its recent listing on Robinhood, a well-known crypto trading platform. Now, W tokens are available for trading by European users on the platform. This move is expected to increase the visibility and adoption of the W token, further strengthening its position in the market.

Apart from that, the announcement of the Stake for Governance feature was welcomed positively by the market. The W token price saw a 4.44% increase to $0.6522, while its daily trading volume surged by 42.86%. This positive response is reflected in today's W price movement which is in the range of $0.6151 to $0.656.

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