WalletConnect, known for its seamless wallet connection via QR codes, is launching its own cryptocurrency, Connect Token (WCT), with an exciting airdrop starting in September 2024.
WCT will play a crucial role in the WalletConnect ecosystem, offering features such as governance, staking, and rewards. In addition, WalletConnect is rebranding to Reown, signaling a new chapter for the platform.
Discover how you can participate in the WCT airdrop and what it means for the future of decentralized applications.
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WalletConnect to Launch Connect Token (WCT) Airdrop
On September 17, 2024, WalletConnect, known for its QR code-based wallet connection service, announced an airdrop for its new cryptocurrency, Connect Token (WCT).
WalletConnect provides a service that allows users to easily connect cryptocurrency wallets from smartphones and tablets to decentralized applications (DApps) on computers by scanning QR codes.
WalletConnect has gained popularity among users of DApps, DeFi platforms, decentralized exchanges (DEXs), and NFT marketplaces.
In this latest announcement, WalletConnect revealed plans to distribute its new cryptocurrency, WCT, for free to users of the WalletConnect network.
What is Connect Token (WCT)?
Connect Token (WCT) is the utility token of the WalletConnect network, developed by the WalletConnect Foundation. It offers various functions related to rewards and governance within the ecosystem.
The four main functions of WCT are outlined below:
- Transaction Fees: Initially, the network will not charge any fees, but WCT holders will have voting rights on the introduction of fees for network services such as relay usage.
- Rewards: WCT tokens will be distributed as incentives to improve the security and efficiency of the network, encouraging user participation.
- Staking: Participants can stake WCT tokens to earn rewards and engage in governance decisions within the network.
- Governance: WCT holders can vote on proposals and changes, allowing them to influence the development of the network through decentralized governance.
The initial supply of WCT tokens will be 1 billion, distributed as follows to ensure network growth and sustainability:
- Core Developers (7%): For further development of the protocol and related modules.
- Rewards (17.5%): For staking and performance incentives.
- Airdrop (18.5%): For distribution to users, applications, wallets, and nodes.
- Team (18.5%): For prominent team members and the WalletConnect team.
- Early Supporters (11.5%): For individuals who provided resources or support in the network’s early stages.
- WalletConnect Foundation (27%): For partnerships, grants, ecosystem development, and operations.
Details of the Connect Token (WCT) Airdrop
The WCT airdrop is scheduled to occur in multiple seasons, starting at the end of 2024. Each season will focus on rewarding both users and developers who have contributed to the WalletConnect network.
The registration for the airdrop will begin on September 24, 2024, with the first season concluding on October 11, 2024, when WCT tokens will be distributed.
Eligibility criteria for participation include having an Ethereum wallet address, active participation in WalletConnect, and contributions to open-source projects. Wallets or IP addresses that have been subject to sanctions will be disqualified. Any unclaimed tokens will be redistributed in future airdrop seasons.
Initially, WCT tokens will not be transferable to encourage ecosystem development. While the tokens can be used for governance and staking, they cannot be transferred between wallets until 2025, when full functionality will be enabled. Community governance may later decide to allow token transfers.
WalletConnect Rebrands as "Reown"
In the same announcement, WalletConnect Inc. revealed plans to rebrand as "Reown". However, the WalletConnect network will continue to operate independently of Reown. WalletConnect will transition to a permissionless, community-governed structure, with the newly established WalletConnect Foundation overseeing the protocol.
The WalletConnect Foundation, alongside current node operators like Reown, Consensys, Kiln, Ledger, Luga Nodes, 1kx, Sensei Nodes, and Figment, will support the network’s growth, security, and decentralization.
Further details on WalletConnect, WCT, and its whitepaper can be accessed through the official WalletConnect website, with more information expected to be revealed gradually.
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