WPrice

(W)

The W token is primarily used for governance within the Wormhole DAO. Holders have the power to vote on critical protocol decisions, such as technical upgrades, fee structures, and the addition or removal of blockchain connections. A key feature is MultiGov, which enables users to participate in governance across multiple chains, including Solana and various EVM-compatible networks, simultaneously.

Wormhole features a 'Stake for Governance' mechanism. By staking W tokens through official governance portals, holders can participate in the decentralized autonomous organization (DAO). This process is required for users who wish to have a say in protocol changes and potentially qualify for the Staking Rewards Program (SRP), which aims to incentivize long-term participation in the ecosystem.

The eligibility for the initial large-scale airdrop was determined by a snapshot taken on February 6, 2024. Most claim windows typically expire after 90 days, meaning the primary distribution phase has concluded. While the protocol has hinted at future community initiatives, users should always verify information through official channels and avoid unverified links to protect their assets from fraudulent sites.

W is a multichain native token designed for broad interoperability. Although it launched as an SPL token on Solana, it utilizes Native Token Transfer (NTT) technology to exist natively on Ethereum and several Layer 2 networks, including Arbitrum, Optimism, and Base. This approach allows the token to function across different ecosystems without the need for traditional 'wrapped' versions, maintaining its native utility everywhere.

The maximum supply of W is set at 10 billion tokens. Approximately 82% of this supply was initially locked, subject to a four-year vesting schedule. These locked tokens are designated for core contributors, strategic partners, and ecosystem foundations. Monitoring these unlock schedules is common practice for the community, as the gradual release of tokens is designed to support the long-term stability and growth of the project.

Security is maintained by a network of 19 'Guardians,' which are reputable node operators responsible for verifying cross-chain messages. Following a historical exploit, the protocol's funds were fully replenished by strategic backers. The project has since implemented rigorous security measures, including dozens of independent audits and a comprehensive bug bounty program to ensure the ongoing safety of the bridge and its native assets.