Cross-chain communication protocol Wormhole has unveiled a detailed plan for the introduction of its native token, W, which will initially be launched on the Solana network. The protocol’s roadmap, outlined in a recent blog post on April 3rd, highlights the phased approach towards maximizing the functionality of W across various blockchain ecosystems.
Phase 1 of the rollout will witness the debut of W as a native SPL token on the Solana network. Subsequently, Phase 2 will focus on broadening W’s presence across all Wormhole-connected chains, including those supporting the Ethereum Virtual Machine (EVM). This expansion will be facilitated by Wormhole Native Token Transfers (NTT), enabling seamless token transfers across different blockchains without the need for liquidity pools.
As part of the preparation for on-chain governance, W holders will have the opportunity to lock and delegate their tokens on both Solana and EVM chains. This token delegation will play a crucial role in governing the Wormhole DAO, a multi-chain governance system responsible for overseeing the development of the Wormhole ecosystem.
Although specific timelines for each phase were not provided by the Wormhole team, it is anticipated that the Wormhole DAO will be established in due course.
In related news, various cryptocurrency exchanges, including Bitget, OKX, and Backpack, have announced their intentions to list the W token for spot trading immediately after the commencement of the airdrop claim process for eligible users. Wormhole has allocated 6.17% of the total W token supply to be distributed among 397,704 eligible wallets participating in the airdrop.