A Guide to Wormhole Staking: Monad Airdrop

So what is Monad? TL;DR:

• Monad is a new EVM-compatible layer 1 network aiming to enhance Ethereum.
• It offers 10,000 transactions per second with a one-second block time, processing parallelised transactions (which is a big deal)
• Raised a whopping $225M led by Paradigm, Coinbase Ventures, and a number of big names.
• In development for 2 years. One of the founders also developed Pyth.

Why Does Staking $W Matter?

• Robinson Burkey, co-founder of Wormhole is an angel investor of Monad.
• The development team includes Jump Trading which helped Wormhole in the 2022 hack of 120K ETH.
• Wormhole was airdropped to the Monad community, and it is expected that Monad will return the favor.

How to Stake?

1. Go to: https://www.tally.xyz/gov/wormhole
2. Click on Stake for Governance and Sign in with your EVM Wallet.
3. Choose a delegate or delegate to yourself.

Notes:

• To qualify for the Monad airdrop, make sure to complete the full airdrop checklist on One Click Labs.

• Don’t worry you are not transferring your tokens to anyone. The tokens stay in your wallet.
• Delegation means you delegate the voting power of your tokens to people that know what they are doing.
• You can delegate to yourself, but you will need to remember to vote because sometimes the airdrop qualifier includes whether you voted with your tokens or not (this was the case for Optimism).
• This means, if you are delegating $W, you have to monitor whether they have been voting (they usually do).
• The next step is to bridge your tokens from Solana to ether Mainnet, Arbitrum, OP, or Base (I recommend Arbitrum or Base). You can skip if your $W tokens are already on the desired chain.
• Confirm the staking/delegation by signing a gasless transaction

Other Ways to get $Monad Airdrop (unconfirmed):

• Staking $PYTH
• Getting discord roles on the Monad Discord server by being active etc.
• Participating in Testnet which might open in July
• Bluechip NFT holder such as Pudgy Penguins

Now you might be thinking, how much $W should I stake?

Hard to answer, but ideally you will want to be in at least the top 10K Stakers.

As of recently, these are the stats:

Top 1K Staker (Top 1.1%): 10,710 $W
Top 5K Staker (Top 5.5%): 4,793 $W
Top 10K Staker (Top 11%): 2,121 $W
Top 20K Staker (Top 22%): 1,005 $W

Note that this might change over time, keep checking this Dune Dashboard to monitor this over time.

Btw $W Stakers could also get Mayan → Curvance → Backpack.

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