Bittime - W is now available natively multichain on Ethereum, Solana, Arbitrum, Optimism, and Base via Wormhole Native Token Transfers (NTT). With NTT, users can easily transfer W.
W tokens can now be transferred between Solana, the Ethereum mainnet, and EVM L2 without the hassle of liquidity fragmentation or liquidity pools, while maintaining W's unique utility within the Wormhole ecosystem. On Solana, W is an SPL token, and W is an ERC20 token on the EVM network.
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This launch of W as a native multichain marks the completion of the second phase of W's launch roadmap. This launch will lead to the industry's first multichain governance system, MultiGov, and W staking for governance.
These advances lay the foundation for future token functionality, which is only possible with NTT and native multichain tokens.
Also read: What is a Wormhole (W)? DeFi and NFT platforms
Wider Access and More Functions
By making W multichain natively, Wormhole enhances the token's functionality and expands its access to more users and developers across diverse blockchain ecosystems.
Multichain tokens enable more efficient and flexible use of W, enabling more innovation and participation in the Wormhole ecosystem.
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This launch aligns with Wormhole's roadmap and reinforces the commitment to an accessible, secure and decentralized platform. The future of W isn't just about multichain capabilities; it's about building new blockchain interoperability technology and innovative governance systems.
What is NTT?
NTT is an open source framework that allows projects to transfer tokens natively between blockchains without the need for liquidity pools. This flexibility allows projects to determine how their tokens function on each chain.
Also read: W Wormhole Token Launches, Here's What You Need to Know!
From token standards to metadata, ownership/enhancement capabilities, and special features. NTT also ensures the project maintains full control over its security measures, including speed limiting, pausing, access control and balance calculations.
Main Features of NTT
NTT has several main features that can help in inter-blockchain token transfers. The following are the features you need to know.
Unified user experience
The token maintains its inherent properties on each chain, resulting in a native multichain token that ensures a consistent and unified experience across chains.
No liquidity pool
Token transfers occur without the need for a liquidity pool, eliminating LP fees, slippage and MEV risk.
Integrator flexibility
Projects built with NTT retain ownership, upgrade authority, and customization capabilities over their tokens. NTT can be integrated with any token contract or standard and any protocol governance process.
Enhanced security measures
Projects can implement special security measures including rate limiting and cross-chain balance checks, supported by the Wormhole Guardian infrastructure.
Composition
NTT was designed as an extensible, open source token transfer framework, built for widespread adoption across the interoperability ecosystem.
Custom authentication
NTT is extensible and allows integrators to optionally choose additional verifiers, such as their own smart contracts or off-chain processes, to provide custom validation parameters or logic.
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What is a Wormhole (W)?
Wormhole is a leading interoperability platform that supports multichain and bridge blockchain applications at scale. Wormhole gives developers access to liquidity and users on more than 30 leading blockchain networks.
This enables use cases that include DeFi, NFTs, governance, and more.
The broader Wormhole network is trusted and used by teams like Circle and Uniswap, and to date, the platform has facilitated the transfer of over 35 billion dollars through over 1 billion cross-chain messages.
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Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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