KEY TAKEAWAYS
- W staking has launched for W token holders on Solana and several EVM chains, enhancing the Wormhole ecosystem’s engagement.
- The W Dashboard empowers users to manage staking and governance activities, offering real-time metrics and governance tools.
- The first reward period incentivizes early participation with a distribution of 50,000,000 W tokens, setting the stage for future governance rewards.
W staking has officially launched for W token holders on Solana and several Ethereum Virtual Machine (EVM) chains, including Ethereum, Arbitrum, Optimism, and Base. This development is part of the broader Wormhole Staking Rewards Program (SRP), which aims to reward W holders for their participation and support in shaping the future of the Wormhole ecosystem.
The first reward period, which began on June 6, 2024, for early stakers on EVM chains, aligns staking, governance, and rewards into a cohesive experience. This initiative encourages ongoing engagement within the Wormhole ecosystem.
For more details, visit the official announcement here.
The W Dashboard: A New Tool for Stakers
The newly introduced W Dashboard provides W holders with the ability to manage their staking and governance activities within the Wormhole ecosystem. Users can stake their W tokens to earn rewards, view detailed staking metrics, and track both unlocked and locked rewards.
Upon the launch of the Wormhole DAO with MultiGov in Q1, the dashboard will also offer comprehensive governance tools. These tools will allow users to review and vote on proposals, as well as monitor delegate performance. Real-time metrics such as transaction volumes and blockchain integrations will keep holders informed about the ecosystem’s growth.
Staking Details for Solana and EVM Users
W staking is available to holders on both Solana and EVM-based chains, with slightly different experiences for each. Solana users will stake W as SPL tokens, which will be sent to a locking contract. These tokens will be eligible for rewards, which can be claimed via the dashboard.
For EVM users, W tokens are not locked when staking. Participants can view their staking status and eligible rewards in the W Dashboard. Those already staked for governance on an EVM chain do not need to take further action but can use the dashboard to monitor their status and rewards.
Reward Period #1 and Future Plans
The first reward period is designed to onboard users and encourage early participation. It includes a minimum distribution of 50,000,000 W tokens. This phase focuses on staking to simplify onboarding, with future periods set to reward governance participation.
Following this initial phase, the program will transition into recurring reward periods. Approximately 858,000,000 W tokens remain for community distribution. The ongoing W Staking Rewards Program aims to foster sustained engagement within the Wormhole ecosystem, with new features and utilities planned to enhance participation value.
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