Wormhole Governance Seeks Solana Delegates Amid Decentralization Efforts

Wormhole Governance has initiated a public call for Solana delegates as part of its efforts to decentralize the protocol following the successful launch of the W token. This move marks a significant shift towards enhancing the governance structure within the Wormhole ecosystem, according to the official Wormhole blog.

Understanding the Role of Delegates

A delegate is an individual or entity entrusted to vote on behalf of W token holders. This mechanism is designed to ensure active participation in governance decisions by those who have the time and expertise to engage fully with the platform's developments. Delegates are expected to critically analyze proposals and vote accordingly, providing transparency in their decision-making process.

Delegate Responsibilities and Participation

Delegates must commit to staying informed about the platform’s proposals, engaging critically, and voting regularly. While some may take a proactive approach by crafting proposals and participating in committees, others may choose a more passive role, focusing on reviewing and voting. Currently, there is no compensation program for delegates, but this could change if proposed and approved within the governance framework.

Becoming a Delegate

Interested individuals can become delegates by creating a profile on Tally, a governance platform. The term for a delegate is indefinite, lasting until they opt out or are no longer delegated power by token holders.

Introducing MultiGov

Wormhole, in collaboration with Tally and ScopeLift, is developing MultiGov, a pioneering multichain governance system. This platform will allow governance proposals and voting across chains like Solana, Ethereum mainnet, and EVM L2s. Wormhole will be the inaugural adopter of MultiGov, setting a precedent for decentralized governance across multiple blockchain networks.

About Wormhole

Wormhole is a leading interoperability platform that facilitates multichain applications and bridges across more than 30 blockchain networks. It supports a wide range of use cases, including DeFi, NFTs, and governance, and has processed over $50 billion in cross-chain transactions. The platform's reliability is underscored by partnerships with notable teams like Circle and Uniswap.