Wormholes
Wormholes are space anomalies that are like rifts in space, connecting two separate locations. Like stargates, they allow the travel of ships from one system to another. Unlike stargates, wormholes are not permanent. They connect two systems for only a short time, and collapse when too much time has passed, or too much mass has passed through them. Wormholes can connect two systems quite far from each other, and can provide temporary shortcuts to areas that would otherwise take many jumps to get to. Wormholes can also connect to uncharted space, or wormhole space. These systems are uncharted, and do not operate like normal systems do. Take all precautions when exploring wormholes and the space beyond, as what might wait on the other side is a mystery.
Where to find Wormholes
Wormholes can be found through the exploration system by probing for them with scan probes. Much like exploration sites, wormholes can be found by probing for Cosmic Signatures.
Where Wormholes Lead
Even though the exact destination of each wormhole remains a mystery (before you jump through and take a look), there are some visual pointers which can be used to roughly determine what you might encounter on the other side of the wormhole. It is possible to see a part of the nebula the wormhole will lead to before entering through the wormhole itself.
When entering a wormhole located in “known space” (all Empire systems and regular 0.0 space), there are two possibilities for where your ship might be taken.
First, it is possible that the wormhole will simply lead to another area in known space (or what is coloquially known as “k-space”). This can be a system with a different security status than the system you are in, so it pays to be careful when deciding whether to go through a wormhole or not. For example, if you enter a wormhole in a 0.8 system, you might be taken into a system deep in 0.0 space, and the same thing can apply for going through a wormhole in 0.0. Depending on your own security status, you might be entering a system where you are not welcome.
Secondly, the wormhole might lead to an area of undiscovered and uncharted wormhole space (or “w-space”). There are six levels of wormhole space, graded from 1 to 6. Class 1 to Class 3 wormhole space can connect to known, or k-space, as well as other w-space. Class 4 to Class 6 wormhole space usually connects to w-space areas, however, there are some cases known where Class 4 to Class 6 wormholes connect to k-space. So far, no one has found w-space extending more than five wormholes from an exit wormhole to k-space.
Polarization
Jumping into a wormhole has a nasty little effect. Wormhole jump range is 5,000m. You tend to end up anywhere from 200 to 7000 meters from the wormhole when you load system. What then is in place to prevent constant jumping in the face of a hostile fleet? Polarisation. If you jump the same wormhole twice within 5 minutes, you are polarised and cannot jump that wormhole any more until 5 minutes after the initial jump.
source: wiki.eveonline.com/en/wiki/Wormholes