In their most recent community update, the Shroud of the Avatar team expanded on the functionality of player-owned town signposts.
Some additional functionality includes the fact that any player who tries to enter such a signpost will see all the destinations available. This will allow you to travel to any area marked with such signposts. It doesn’t look like there’s any limit on the number of signposts a town can use.
Custom names for signposts are also enabled. You can right click on a signpost and rename it. You can also place the signpost as a decoration in the town. Custom colors are also enabled, allowing you assign primary and secondary dye colors.
The community update also touches on what’s new in the vault, August login rewards, the continuation of Double XP, the recent team live streams, and the upcoming events calendar. You can catch all that and more on the official community update here.