[Asset Onboarding Application] - ETH (Wormhole)

[Asset Onboarding Application] - ETH (Wormhole)

Author(s): @susuwormhole
Tags: asset-onboarding
Asset Name: ETH (Wormhole)
Asset Code: ETH (Wormhole)
Submission Date: 2022-10-07
Ratification Date: 2022-10-25
Status: Active
Forum URL: https://forum.jetprotocol.io/t/asset-onboarding-application-eth-wormhole/1093

Application Profile

1. What is your motivation for submitting this application?

The purpose of this application is to provide JET token holders the information necessary to evaluate ETH(Wormhole) use as a collateral on Jet Protocol, and conclude the series of confirmation votes before welcoming new assets to the protocol.

2. What is your association to the proposed asset?

I am a community manager for Wormhole. Wormhole is a cross-chain interoperability protocol which has an application built on top of it called the Portal Bridge. The Portal bridge enables tokens such as ETH to be sent cross-chain to supported networks such as Solana, Polygon, Binance chain and more!

3. What are the key benefits to the Jet Protocol for onboarding the asset?

ETH(Wormhole) creates an opportunity for users of Jet Protocol to utilize this asset as the foundation for their defi strategy, while also welcoming new, multi-chain defi users to Solana. Jet Protocol gains an asset that may help support growing the protocol’s TVL.

4. What are the known limitations of the asset?

ETH(Wormhole) does not have the same amount of liquidity as the native Ethereum network. There is also risk introduced anytime an asset is bridged from their native blockchain to Solana.

Project Profile

1. Please provide a brief, high-level description of the asset’s native ecosystem (project), including protocol’s type (peer-to-peer/ peer-to-liquidity/ etc.).

In its native ecosystem, ETH works as a peer-to-peer payment system, as well as a token to pay fees within the transactions.

2. Who are the founding members? What is their current involvement with the project?

You can see the Wormhole core contributors here.

3. Please indicate the ICO date, initial price and valuation of the token and total capital raised (in USD and crypto terms).

ETH(Wormhole) did not have an ICO.

4. How much of the capital raised via the ICO was converted into FIAT (in terms of FIAT currency and amount of tokens)?


5. What was the way of issuing and distributing the tokens? Were there pre-ICO investors?


6. What is the current token distribution (project team vs. investors vs. public)?


7. Are there any fees generated by the protocol? If yes, please provide details and amounts.


8. Is the protocol audited? By what firms? Please provide link(s) to the audit documentation.

Yes. To see audits visit here.

9. Is the protocol open source? If yes, please provide links to the repository.

Yes - Repository.

10. Other relevant project data or comments:


Asset Profile

1. Asset name:


2. Asset type (native/ wrapped):


3. One-sentence description of the asset:

ETH(Wormhole) is an SPL token minted when ETH is bridged from the native Ethereum network to the Solana Ecosystem.

4. What’s the purpose of the asset within its native ecosystem?

Within its native ecosystem, ETH is used to fuel network fees.

5. Does the asset have any use outside of its native ecosystem (integrated protocols)?

Yes. Serum - Jupiter Aggregator - Raydium - Orca - among others.

6. Please provide all Smart Contract address. If the project is open source, detail how the Smart Contracts are implemented.

Token contract address: 7vfCXTUXx5WJV5JADk17DUJ4ksgau7utNKj4b963voxs

Asset Liquidity

1. What exchange(s) support the asset?

FTX supports withdrawals/deposits ETH(Wormhole) from Solana.

2. Does the asset have liquidity on Serum? What is the liquidity depth (resting orders)?


3. Please provide 7-day asset trading history (daily aggregated trading volumes for trading pair of asset with USDC).

ETH(Wormhole) had 12.25M 7 day trading volume during the week of September 25.

4. Which oracles monitor the asset? How many feeds are available?

Pyth Oracle.

5. How often does the asset drop significantly in price? Please provide a link to the price history.

ETH(Wormhole) is pegged to the price of ETH, therefore it has drop significantly in price once since launching in 2021.

6. For stablecoins only : Has the asset ever lost the peg? If yes, for what reason?


7. For algorithmic stablecoins only : Please provide details on the risks associated with the design.


8. For wrapped assets only : Which bridges are used? Are they custodial or non-custodial? Are they audited?

Portal bridge is a non-custodial bridge. Audits can be viewed here.

9. What amount of asset’s liquidity exists in the integrated protocols (if applicable)?

See liquidity here.
Image taken on 9/25/22.

10. List any parties interested in taking part in liquidations for the proposed asset type.

Potentially, any DeFi user due to ETH’s blue chip status.

Key Mechanics

1. How many active addresses/ users currently hold the asset?

7288 active addresses. Source: Solscan

2. Please provide a brief overview of the tokenomics.

3. Is the asset supply expected to increase or decrease over time? Is there a token burn mechanism? Is the project able to mint more tokens in the future?

ETH(Wormhole) is a wrapper for ETH. If a user desires to use ETH on the Solana network, they can mint ETH(Wormhole) using Wormhole’s contracts to lock up ETH on Ethereum and mint ETH(Wormhole) on Solana. A user can swap back ETH(Wormhole) for ETH on a 1-1 basis.

4. Please explain the staking mechanism (if any).


5. Please explain the slashing mechanism (if any).


6. Are there tokens on vesting schedule? If yes, what is that schedule and related vesture limitations?


7. Are any tokens allocated for specific purposes or issuance schedules (e.g. liquidity mining)?


Legal Profile

1. Is the project or the asset owned by any incorporated organization?

ETH(Wormhole) is created by the Portal bridge. Portal Bridge is an open source, permissionless bridge used to mint ETH(Wormhole). No organization owns ETH(Wormhole).

2. In which jurisdictions was the token issued?

ETH(Wormhole) is minted using Wormhole’s Portal bridge. Portal bridge operates as a permissionless solution, meaning the token was issued under no jurisdiction.

3. Was the token issued as part of regulatory process (e.g. securities offering)?


4. Was the token issued as part of fundraising process?


5. Has the project or the asset obtained any legal opinions on the regulatory standing of the token? If yes, please provide links to the relevant documentation.


6. Has the project or the asset had any legal interactions? If so, describe and provide documentation.



Link to project’s white paper:

  • N/A

Link(s) to active communities related to the project:

Link(s) to project’s documentation portal/ source code for the system(s) that interact with the proposed asset:

Link(s) to audits - both procedural and Smart Contracts:

Link(s) to legal opinions:

  • N/A

Link(s) to other legal material:

  • N/A

Other relevant links:

  • N/A

List all relevant Solana addresses here:

  • Token authority account: BCD75RNBHrJJpW4dXVagL5mPjzRLnVZq4YirJdjEYMV7
  • Token contract code: 7vfCXTUXx5WJV5JADk17DUJ4ksgau7utNKj4b963voxs

Marketing / Campaign Material

If you have additional marketing material, recorded discussions, or collateral onboarding campaign material, link here:

  • No

The poll below has been added by the JetDAO Governance Committee and is solely for signaling purposes to showcase the sentiment of the community.

Should $ETH be included as an asset type on Jet Protocol?
  • Yes
  • No

0 voters


Hello @susuwormhole and welcome to the forum!
We appreciate your contribution and proposal to include wETH as a collateral asset in Jet Protocol. We have reviewed your application and can confirm that it is fully completed and done correctly. This post is under review by the Governance Committee, which will follow up in a maximum of 7 days where the Off-Chain voting will then begin, or provide additional comments on the blockers that need to be corrected to continue with the process.


The JetDAO Governance Committee has completed a high-level review of this Asset Application and determined the asset as acceptable to continue with the Onboarding Application. This is not an endorsement of the asset from the Governance Committee.

To continue the onboarding process, we have launched a 7-day off-chain community sentiment poll (see original application post) to gauge the interest of onboarding this asset, as well as help facilitate the community discussion.

Following the conclusion of the Poll, the Governance Committee will publish a summary of the CODEC assessment with a formal decision of allowing the Asset to move forward with the On-chain governance vote and potentially onboarding.

This Poll will run 7 days, and is used to gauge the interest of the Jet Protocol Community on Onboarding this asset as a collateral to Jet Protocol

1 Like

Dear Community Members:

Below are the detail results of the Off-chain community sentiment poll for the $ETH (Wormhole) proposal. Along with this, we attach a summary of the CODEC Evaluation that the $ETH (Wormhole) asset has received from the Governance Committee.

We invite those users who have staked JET tokens to cast their vote in this On-Chain vote. Remember that in order to execute your vote you must have at least 1 (One) JET token deposited.

The $ETH (Wormhole) On-Chain voting will be executed via the governance platform starting on 10/18/22 and will be live for the following 7 (Seven) days.

We appreciate your collaboration and invite you to participate in the upcoming proposals! For the latest information, visit our sites:

[Summary of CODEC Assessment ] - $ETH (Wormhole)

The following summary exposes the key points from the $ETH (Wormhole) Collateral Onboarding Domain Evaluation Criteria (CODEC).

Overall, the Jet Governance Committee endorses $ETH (Wormhole) to move forward with an On-Chain vote.

The full CODEC Evaluation Summary can be found here.

Click this link for the full version of the asset’s application.

Community Discussion Summary:

Community members have shown enthusiasm and motivation in bringing $ETH Wormhole to On-Chain voting.

Community Vote Summary:

The $ETH (Worhole) collateral sentiment off-chain community poll has concluded with a 100% favorable vote.

1 Like

Dear Community:

The on-chain governance vote for $ETH (Wormhole) has concluded.
We thank all those who have chosen to vote and help both build Jet’s future and support the use of the asset.

With 100% of voting stakers “in favor” of JDAP-14, the vote has concluded to include $ETH (Wormhole) as a collateral type in Jet starting at the next protocol update.

In case you want to review the $DAI application, community discussion, and CODEC Summary, please go to this link.

We look forward to your participation in the next governance vote!

1 Like