Wormhole Launches W Token Across Ethereum-Compatible Blockchains

Yesterday, Wormhole introduced its proprietary W token across Ethereum Virtual Machine-compatible blockchains, including Ethereum, Arbitrum, Optimism, and Base, as outlined in an official blog post.

This achievement is made possible through Wormhole Native Token Transfers (NTT), enabling users to seamlessly transfer W tokens across these diverse chains, alongside Solana.

This recent milestone signifies the successful completion of the second phase of the W token’s deployment strategy, paving the way for the imminent introduction of MultiGov. MultiGov represents a multi-chain governance framework centered around W staking, enhancing voting power.

In the past day, Wormhole (W) has surged by an impressive 15.94% to $0.6199, pushing its market cap beyond $1 billion and landing it among the top 70 cryptocurrencies.

However, this remains 40% below the token’s initial price on April 3, coinciding with Wormhole’s distribution of 617 million W tokens to platform users.

Despite this, W maintains its position as the leading token in the “cross-chain communication category,” boasting a market cap exceeding $1.1 billion.

According to statements in the publication, the multi-chain functionality of W fosters a more efficient and adaptable environment for innovation and interaction within the Wormhole ecosystem. Currently, Wormhole supports cross-chain messaging across 29 different blockchains, connecting nearly $70 billion in total value locked across these ecosystems.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.