Wormhole is one of the leading interoperability protocols designed to facilitate the seamless transfer of value and information across different blockchain networks. By connecting 17 high-value chains through a single integration point, Wormhole enhances liquidity and accessibility of assets and data within the decentralized finance (DeFi) ecosystem. Its architecture allows existing projects, platforms, and communities to move token assets efficiently across blockchains, taking advantage of the benefits of Solana's high speed and low transaction costs without being a blockchain or token bridge itself.
Wormhole's utility extends beyond just asset transfers, offering a versatile platform for a range of applications such as cross-chain exchanges, governance, and gaming. Developers can create exchanges that accept deposits from any chain, greatly expanding the range of liquidity available to users. In governance, groups of NFTs on different networks can use Wormhole to aggregate votes on a selected chain, facilitating standardized decision-making processes. Furthermore, games built on high-performance networks like Solana can distribute rewards across different chains, exemplifying Wormhole's ability to bridge diverse blockchain environments for a cohesive user experience.
The Wormhole architecture includes several key components, including on-chain elements such as Emitter and the Wormhole Core Contract, and off-chain elements such as the Guardian Network and VAAs (Verifiable Action Approvals). This architecture supports strong cross-chain communications, where guardians verify the authenticity of messages issued by the underlying contract, ensuring secure and authentic transactions between chains. Such a design demonstrates Wormhole's commitment to security, underscored by the underlying assumption that the network is secured by Guardian nodes that validate and sign messages, making it a trusted platform used by prominent teams like Circle and Uniswap.
Security and governance are key to the operation of Wormhole. The protocol is fortified by a network of Guardian nodes responsible for validating and signing messages across the chain, with a supermajority required for a message to be considered valid. Governance procedures, which are subject to the same stringent security standards, require a two-thirds supermajority of Guardians to pass, demonstrating Wormhole's strict approach to maintaining its integrity and adaptability. Through continuous audits, a large bug bounty program, and an open source management system, Wormhole not only ensures the security of its platform, but also fosters innovation and community engagement in the evolving blockchain interoperability landscape.
What is the W symbol?
The W token is offered as a multi-chain native token, and is initially launched on the Solana network as a native SPL token. This token is designed to embody the spirit of interoperability sought by Wormhole, the platform behind the W token. After its launch on Solana, plans were made to extend W's functionality to Ethereum and other EVM-compatible chains through Wormhole's Native Token Transfers (NTT) feature. This strategic rollout underscores the token's ambition to facilitate seamless asset transfers and interactions across multiple blockchain ecosystems, enhancing a truly interconnected DeFi landscape.
The W token economy is meticulously designed, with a maximum supply of 10 billion tokens and an initial circulating supply of 1.8 billion. The W token will adopt the ERC20 and SPL formats, leveraging Wormhole's native token transfer framework to ensure liquidity and accessibility across different blockchain networks. A significant portion, 82% of W's total supply, is subject to a four-year vesting schedule, indicating a long-term commitment to the token's stability and growth within the cryptocurrency market.
The roadmap for the W token features a phased approach, starting with its launch on the Solana platform, followed by expansion to Ethereum and other EVM-compatible chains via Wormhole's NTT. This strategy not only showcases the technical diversity of the W token, but also highlights the foundational role of the Wormhole infrastructure in enabling such cross-chain capabilities. The roadmap introduces the concept of token self-delegation, a pivotal function in on-chain governance that allows W token holders to lock and delegate their tokens, and thus actively participate in governance processes across the Solana and EVM chains.
The Wormhole management system, powered by the W token, offers an innovative multi-chain management model that runs on Solana, Ethereum mainnet, and EVM L2s. This model enables W token holders to make key decisions that affect the course of the protocol, including management of blockchain connections, smart contract upgrades, fee adjustments, and expansion of the Guardian pool, among other aspects. This participatory governance mechanism not only democratizes decision-making within the Wormhole ecosystem, but also enhances the utility of the token by closely aligning it with the evolution of the platform and the needs of the broader DeFi ecosystem.
W avatar
How to buy Wormhole (W) on Bitfinex
How to buy W with cryptocurrencies
1. Log in to your Bitfinex account or register to create an account.
2. Go to the deposit page.
3. In the Cryptocurrencies section, choose the cryptocurrency you plan to buy W with and create an Exchange wallet deposit address.
4. Send the crypto to the generated deposit address.
5. Once the funds arrive in your wallet, you can exchange them for W. Learn how to trade on Bitfinex here.
How to buy W with fiat currency
1. Log in to your Bitfinex account or register to create an account.
2. You need to get full verification to be able to deposit fiat currencies into your Bitfinex account. Learn about the different verification levels here.
3. On the Deposit page, under the Bank Wire menu, choose the fiat currency for your deposit. There are minimum fiat deposits on Bitfinex; Learn more here.
4. Check your registered Bitfinex email to get the transfer details.
5. Send money.
6. Once the funds arrive in your wallet, you can use them to buy W.
We also have Bitfinex on mobile, so you can easily buy W coin on the go.
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W community channels
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What is a wormhole (W)? appeared first on Bitfinex Blog.
