Introduction to Stake for Governance
Wormhole has unveiled a new initiative called Stake for Governance, enabling W token holders to influence the future direction of the Wormhole DAO and platform. According to Wormhole, this step empowers users to participate passively in governance by staking their tokens.
Available Chains for Governance
The governance process is currently available on Ethereum Mainnet, Arbitrum, Base, and Optimism. For users with tokens on Solana, a transfer to one of the aforementioned chains is required. Tally, a governance platform, has integrated Wormhole Connect to facilitate these token transfers without leaving the application.
Step-by-Step Guide to Stake for Governance
1. Navigate to Tally
Begin by visiting the Tally Governance Portal. Here, users will start the staking process by connecting their wallets.
2. Connect Your Wallet
Click on ‘Stake for Governance’ and connect your preferred wallet. For this guide, Metamask is demonstrated. Once connected, sign in to Tally using your wallet information, which does not require any gas fees.
3. Initiate the Staking Process
After signing in, review the basic information presented and click the Start button to proceed with the staking process.
4. Select a Delegate
Choose a delegate to represent your voting power. Users can explore delegate profiles on the Wormhole Forum or decide to delegate to themselves.
5. Review Delegate Profile
Read through the chosen delegate’s profile thoroughly. If satisfied, click Continue. If not, go back to select another delegate.
6. Transfer Tokens from Solana
If your tokens are on Solana, use the Tally widget to transfer them to an available chain. Select the source network (Solana) and the destination network. Confirm the transaction in your wallet and proceed.
7. Confirm and Complete Staking
Review the final details, agree to the Tally Terms of Service, and click ‘Stake for Governance’. Sign the message in your connected wallet to complete the process.
Security and Caution
Wormhole advises users to be vigilant against scams and ensure that any webpage linked to Wormhole is hosted under the wormhole.com domain. Official community and social channels are listed on Wormhole’s official pages. Wormhole staff will never solicit personal information directly.
This new staking initiative by Wormhole marks a significant advancement in decentralized governance, providing token holders with an easy and structured way to participate in decision-making processes.
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