Cross-chain messaging protocol Wormhole has unveiled a roadmap for the W token, which will first debut on the Solana network.
In a blog post on Apr. 3, the Wormhole protocol has rolled out a roadmap for its native token, W, aimed at maximizing its utility across multiple blockchain ecosystems. According to the document, the so-called Phase 1 of the rollout will see W debut as a native SPL token on the Solana network.
“This phase sets the foundation for W’s multichain ambitions, ensuring the token starts strong in one of the most vibrant and rapidly growing crypto ecosystems.”
Wormhole
Following the token’s rollout on Solana, Phase 2 will begin, with W set to expand across all Wormhole-connect chains with support for Ethereum Virtual Machine (EVM), utilizing Wormhole Native Token Transfers (NTT), a framework for transferring tokens across blockchains without liquidity pools. This expansion will enable W transfers across not only Solana, but also Ethereum mainnet, and various layer-2 solutions without liquidity fragmentation, the announcement reads.
In preparation for on-chain governance, W holders will also get the opportunity to lock and delegate their tokens on both Solana and EVM chains, the Wormhole team says. The token delegation is needed for the governance of the Wormhole DAO, a multichain governance system, which will oversee the development of the Wormhole ecosystem. However, the project’s team didn’t provide an explanation regarding the timeframe for each phase, leaving it unclear when exactly the Wormhole DAO should be expected to arrive.
As crypto.news earlier reported, several crypto exchanges, including Bitget, OKX, and Backpack among others, have revealed their plans to list the W token for spot trading right after the airdrop claim becomes available to eligible users. In total, Wormhole allocated 6.17% (617,305,000) of the W supply among 397,704 wallets eligible for airdrop participation.
