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Wormhole is a cross-chain interoperability platform powering multichain applications and bridges at scale.It supports seamless asset transfers, data retrieval, and secure cross-chain messaging across 30+ blockchains, facilitating over $68 billion in volume and more than 1.1 billion messages as of October 2025.Wormhole’s architecture prioritizes security and scalability via its decentralized Guardian Network of validators, running full nodes on every chain.The Wormhole product suite includes Native Token Transfers (NTT), Wrapped Token Transfers (WTT), Wormhole Settlement, Queries for data retrieval, and Wormhole Messaging.The W token is Wormhole’s native multichain governance and staking token, with a max supply of 10 billion and roughly 4.8 billion circulating.
What Is Wormhole?
Wormhole is a permissionless, modular interoperability protocol that connects isolated blockchain ecosystems. It enables developers to build seamless multichain applications by facilitating the secure transfer of assets, arbitrary data, and governance messages.
Wormhole’s messaging protocol securely transmits arbitrary data via Guardian-signed Verifiable Action Approvals (VAAs), uniting fragmented chains into an integrated Web3 landscape and enhancing decentralized application user experiences (UX).
Wormhole is trusted by institutional clients such as BlackRock and Apollo for tokenized assets and by Circle to enable USDC’s multichain liquidity via its innovative Native Token Transfers framework.
Wormhole Architecture
Wormhole’s architecture combines on-chain smart contracts with an off-chain decentralized Guardian Network to ensure secure, scalable cross-chain communication.

On-chain components:
Emitter: Smart contracts that publish messages.Core contracts: Record message events in transaction logs with identifiers (emitter address, sequence number).Transaction logs: Allow Guardians to observe and verify emitted messages.
Off-chain components:
Guardian network: Decentralized network of approximately 19 validators (leading Web3 firms) running full nodes on every supported chain to fully verify transaction state.Guardians sign verified messages creating Verifiable Action Approvals (VAAs).Relayers optionally deliver these signed VAAs to target chains, but these are non-trust assumptions since message authenticity solely depends on Guardian signatures.
Wormhole Products
Wormhole offers a variety of open-source protocols and developer tools to enable secure multichain asset transfers, data access, and governance.
Transfer products
Native Token Transfers (NTT): Enables direct transfer of native tokens across chains without conversion into wrapped assets. Wormhole’s model preserves tokens’ native properties, avoids dependence on liquidity pools, and eliminates slippage and MEV risks. NTT empowers projects with full control over token contracts, ownership, and upgradeability, making it ideal for DeFi governance, stablecoins, and institutional use cases.Wrapped Token Transfers (WTT): Uses a lock-and-mint mechanism to create wrapped token representations on destination chains. WTT contracts are managed by Wormhole Governance and are permissionless but not upgradeable by integrators. This method provides a fast, simple bridging solution for consumer apps, games, and wrapped token use cases.Wormhole Settlement: An intent-based, fast multichain transfer protocol that optimizes liquidity routes and enables institutional-grade cross-chain swaps without traditional bridge limitations.
Developer tools
Wormhole Connect: A plug-and-play bridging UI widget enabling applications to integrate cross-chain asset transfers with minimal setup. While users generally pay gas fees on destination chains, relayers or sponsored gas systems may be used selectively to improve UX.Wormhole Queries: Provides efficient, on-demand, batched cross-chain data retrieval, reducing gas consumption and complexity. Guardian attestations ensure secure, trusted data access across multiple networks.Wormhole Messaging: Modular protocol for decentralized cross-chain communication using signed VAAs, enabling developers to build complex multichain applications beyond asset bridging.
Multichain Applications Powered by Wormhole

Wormhole supports a growing ecosystem of over 200 projects leveraging its protocols, including:
Allbridge Core: Cross-chain stableswap with native stablecoin transfers on EVM and non-EVM chains.C3: Self-custodial exchange combining decentralization with centralized exchange performance.Hashflow: Multichain DEX enabling native trading across Ethereum, Arbitrum, Avalanche, BNB Chain, Optimism, Polygon, Solana, and more.Jupiter: Leading Solana liquidity aggregator offering optimal token swap routes.Mayan: Cross-chain swap auction protocol built on Solana and Wormhole.Portal Bridge: xLabs’ asset and NFT bridge across 30+ chains powered by Wormhole.Synonym: Multichain decentralized money market integrated with Circle’s Cross-Chain Transfer Protocol (CCTP).Threshold Network: Decentralized threshold cryptography suite including tBTC for multichain Bitcoin transfers.Wombat: BNB Chain-native DEX focused on stablecoin swaps with minimal slippage.
Institutional clients such as BlackRock and Apollo utilize Wormhole’s Native Token Transfers framework to tokenize assets across blockchains, showcasing broad real-world adoption.
The W Token and MultiGov
The native governance and staking token “W” is deployed multichain across Solana, Ethereum, Arbitrum, Optimism, and Base via Wormhole’s Native Token Transfers. W has a max supply of 10 billion tokens, with approximately 4.8 billion circulating as of October 2025.
W powers the Wormhole DAO’s cross-chain governance through the MultiGov framework, which employs a “hub-and-spoke” model combining token transfer, cross-chain messaging, timelock, and governor modules for decentralized decision-making. MultiGov is live on Ethereum, Solana, and Layer 2s, enabling:
Active, inclusive governance across chainsAccessible participation at low and inclusive gas costsDecentralized voting for token holders regardless of their blockchain of choiceFlexible DAO expansion to new networks
W token holders can stake tokens to earn yields targeting a 4% base return and influence protocol upgrades, including fee models, chain integrations, and security parameters.
Closing Thoughts
Wormhole is a cross-chain interoperability protocol that enables asset transfers, data sharing, and governance across more than 30 blockchains. Its architecture combines on-chain contracts with a decentralized Guardian Network to ensure security and scalability. 
The platform supports a range of products, including Native and Wrapped Token Transfers, Wormhole Settlement, and developer tools for bridging and data retrieval. The W token facilitates multichain governance through the MultiGov framework, allowing token holders to participate in decision-making and staking.
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Bitcoin’s supply is famously capped at 21 million coins, and we are now in the final stretch of the mining era. But what happens when the last Bitcoin is mined? Let’s break it down.
1. Mining Rewards Will Shift
Currently, Bitcoin miners earn block rewards in two forms:
Newly minted BTC
Transaction fees
Once all 21 million BTC are mined, miners will no longer receive newly created coins. Their income will rely entirely on transaction fees. This could make the network slightly more expensive to use if demand spikes, but it also ensures miners continue securing the blockchain.
2. The Security of the Network
Bitcoin’s security is directly tied to miners. High transaction fees will incentivize miners to keep validating blocks, maintaining network security. Some analysts predict fees could increase, but a healthy and active network will continue to support Bitcoin even without block rewards.
3. Scarcity Could Impact Price
Bitcoin’s capped supply is one of its strongest value propositions. As miners transition from receiving new coins to only transaction fees, the supply rate will effectively drop to zero, making Bitcoin even scarcer. Historically, scarcity has been a major driver of price growth.
4. Transaction Fee Market Dynamics
When block rewards disappear, miners will compete to include transactions with higher fees. Users who want faster confirmations may need to pay higher fees, creating a self-regulating fee market. This market could also promote layer-2 solutions like Lightning Network, which helps scale Bitcoin transactions efficiently.
5. Mining Evolution
By the time the last Bitcoin is mined (around 2140), mining technology and energy usage could be vastly different. Innovations in renewable energy and efficient ASICs will likely dominate, keeping the network decentralized and secure while relying solely on transaction fees.
✅ Key Takeaways
Miners will rely fully on transaction fees.
Bitcoin scarcity could increase its value.
Transaction fees will drive a new market dynamic.
Layer-2 solutions will play a bigger role.
Bottom Line: Even after the last Bitcoin is mined, the network will continue running, miners will still earn revenue, and Bitcoin’s role as a scarce digital asset will remain intact.