Wormhole’s governance token, W, surged 12% after launching a new staking feature on June 6. At $0.7113, the token saw a $225 million trading volume and a $1.25 billion market cap, according to CoinMarketCap.
The new “Stake for Governance” feature enables W token holders to stake their tokens and participate in governance decisions, bolstering decentralization. This marks the debut of MultiGov, the first multichain governance system, developed with Tally and ScopeLift.
Wormhole’s initiative allows users to delegate and vote across any connected Layer 2 network, including soon-to-be-integrated Solana. Unlike Uniswap, which uses Ethereum mainnet, MultiGov offers a cost-effective, multichain experience.
Analysts noted a potential reversal to $0.60 due to a rising broadening wedge pattern, though some traders remain optimistic about doubling its value.
This strategic move underscores Wormhole’s commitment to decentralization and multichain innovation, aiming for long-term growth and wider token adoption.
