Wormhole Launches MultiGov on Solana, Ethereum, and EVM Layer 2s

Interoperability platform Wormhole announced on Wednesday that MultiGov, a new cross-chain governance framework, is live across multiple blockchains and any EVM-compatible Layer 2.

The system, developed by Wormhole, Tally, and Scopelift, lets token holders propose, vote on, and execute governance decisions across supported chains – including Solana, Ethereum, Base, Arbitrum, and Optimism.

MultiGov uses a model that aims to reduce fragmentation and increase engagement, according to documentation viewed by The Defiant. It does this by allowing token holders on individual chains to cast votes locally, which are then sent to a central hub for tallying and execution.

The rollout comes as more DeFi protocols look for easier ways to manage governance across the various blockchains they operate on.

Convenience and Efficiency

“Being able to vote from whatever chain you hold tokens on, which are often cheaper chains in terms of transaction fees as well, is a major UX improvement for protocol governance,” Nikhil Suri, Product Lead at Wormhole Foundation, told The Defiant.

Suri explained that today, protocols that want to expand multichain run the risk of fragmenting voting power across tokenholders. “MultiGov de-risks this so that protocols can expand multichain without worrying about potentially weakening their governance processes,” he said.

Wormhole’s governance will be the first to implement MultiGov, allowing holders of its W token to participate in governance proposals from Solana and Ethereum. The W token is currently trading at $0.081, up 4.4% in the past 24 hours and 20% over the last week. It currently boasts a market capitalization of around $370 million, according to CoinGecko.

“I think MultiGov will continue to be a compelling product for protocols, especially as more blockchains launch and interoperability volumes continue to grow,” Suri said. “With full support in Tally and the robust security provided by Wormhole messaging, MultiGov is a strong offering for any protocol that expands multi-chain.”