Rebeca Moen
Jan 29, 2025 02:33
Wormhole announces the distribution of rewards for the first period of its Staking Rewards Program (SRP), with over 50 million W tokens allocated to eligible holders.
Wormhole has officially launched the rewards distribution for the first period of its Staking Rewards Program (SRP), offering significant incentives to early token holders. According to Wormhole, over 50 million W tokens have been allocated to over 58,000 qualifying addresses.
Eligibility and Reward Calculation
The SRP Period 1 rewards those who staked their W tokens for governance on EVM chains and Solana between June 10, 2024, and the snapshot date of January 8, 2025. Eligible participants can claim their rewards through the W Dashboard, with all rewards vesting linearly over 90 days.
For eligibility, users on EVM chains needed to delegate to a non-null address during the reward period, accruing a minimum of 25,000 W held x days. For example, holding 1,000 W for 100 days would qualify as 100,000 W x days. Rewards are calculated based on users’ W balance multiplied by the number of days staked, with additional bonuses for those who claimed the Discord Steakorrrs role.
Solana Staking and Sybil Mitigation
Solana users who staked with the designated program from December 4, 2024, to the snapshot date are also eligible for rewards, provided they maintained a balance of at least 100 W. The reward framework mirrors that of the EVM chains, offering both fixed and linear rewards based on accrued W x days.
To address potential sybil attacks, Wormhole conducted investigations to identify and merge sybil activity, reducing certain rewards by 40-80% for flagged addresses. This approach ensures meaningful distribution to genuine participants.
Future of the Staking Rewards Program
The SRP aims to foster long-term commitment and contribution to the Wormhole ecosystem. With approximately 858 million W tokens set aside for community incentives, the program continues to expand. Participants can expect benefits like governance participation, exclusive incentives, and access to new Wormhole products.
SRP Reward Period 2 has already commenced, encouraging W holders to remain staked and actively engage with the Wormhole DAO, helping shape the future of the leading interoperability platform.
About Wormhole
Wormhole is a pioneering interoperability platform facilitating multichain applications and bridging across over 30 blockchain networks. Trusted by notable teams like Circle and Uniswap, Wormhole has enabled the transfer of over $50 billion through more than 1 billion cross-chain messages, supporting diverse use cases in DeFi, NFTs, and governance.
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