When you jump into a wormhole, do you move physically via coordinates, or is it more of a teleportation system?

Actually, that's what's really cool. The way the jumps are made, when you enter the jump there's a zone, imagine it's a big ship or a big train.

When the passage opens, all the players who enter the wormhole become part of this train, and as the players move through the passage, the zone moves with you. And the moment you fall into Pyro's authority, into its branch, that's when the zone and the players have arrived in Pyro, then the train/zone is destroyed. Think of it as a big bus haha. So it's really a change of coordinates: one universe.