WalletConnect Launches Native Token on Optimism Mainnet, Plans 185M Token Airdrop
WalletConnect, a protocol that facilitates connections between crypto wallets and decentralized applications, is set to launch its native Connect Token (WCT) on Optimism’s OP Mainnet, an Ethereum Layer 2 network.
The company plans to airdrop a total of 185 million WCT tokens as part of its initiative to decentralize the WalletConnect Network.
Registration for the WCT airdrop will open on September 24, with eligibility based on user engagement within the WalletConnect ecosystem. Users must connect their wallets, link their GitHub accounts, and provide an email address to participate.
An Ethereum address and active engagement with WalletConnect or contributions to open-source projects are required for eligibility, while sanctioned wallets or IP addresses will be disqualified.
The airdrop is designed to include not only end users but also wallets, applications, nodes, software development kits, and communities that have supported WalletConnect.
The airdrop season will conclude on October 11, after which token distribution will begin based on historical activity. Any unclaimed tokens will be allocated to future airdrop seasons.
Initially, WCT tokens will be non-transferable to prioritize network stability and functionality. However, transferability may be enabled later through community governance.
While the tokens can be utilized for governance and staking, they will remain non-transferable until full functionality is achieved, expected by 2025.
In conjunction with the token launch, WalletConnect has rebranded to Reown, maintaining leadership under CEO Jess Houlgrave. The newly established WalletConnect Foundation will govern the protocol, focusing on its growth and decentralization. Notable third-party node operators involved in this initiative include Consensys, Ledger, and Figment.
Pedro Gomes, the founder of WalletConnect, and Yessin Schiegg, former CFO of the Near Foundation, will play key roles in the foundation.
Gomes emphasized the importance of WCT in advancing the network's goals of becoming a decentralized infrastructure for the evolving internet.