WalletConnect, a web3 communications protocol that connects crypto wallets to decentralized applications, is set to launch its native Connect Token (WCT) on Optimism's OP
-0.30%
Mainnet, an Ethereum Layer 2 network. The token will also be airdropped to users.
"WCT marks a significant milestone in the WalletConnect Network's decentralization roadmap and will be the driving force behind the economic and governance structure of the Network," WalletConnect said Tuesday. "Registration for the WCT airdrop will open on September 24. The airdrop eligibility structure is based on use of the WalletConnect Network."
WalletConnect Inc. has rebranded to Reown, focusing on user experience, and will continue to be led by CEO Jess Houlgrave.
The WCT token will have an initial supply capped at 1 billion, with 18.5% — or 185 million tokens — allocated for airdrop season 1, Houlgrave told The Block. The airdrop will include WalletConnect end users, as well as wallets, apps, nodes, software development kits and communities that have contributed to WalletConnect's success, Houlgrave said.
To participate in the WCT airdrop, users must register by connecting their wallets, linking their GitHub accounts and providing an email address, Houlgrave said. Eligibility requires an Ethereum address, active WalletConnect engagement or contributions to open-source projects, with sanctioned wallets or IP addresses disqualified, Houlgrave added. The airdrop for season 1 will conclude on Oct. 11, at which point token distribution will occur, following an evaluation of historical engagement. Any unclaimed tokens will be reallocated to future airdrop seasons. Those not qualified for Season 1's airdrop may have opportunities to qualify in subsequent seasons, Houlgrave added.
Initially, WCT tokens will be non-transferable to ensure focus on network functionality, stability and ecosystem development, according to Houlgrave. Transferability might be enabled later through community governance. While tokens can be used for governance and staking, they cannot be transferred between wallets until full functionality is activated by 2025, Houlgrave added.
Start your day with the most influential events and analysis
happening across the digital asset ecosystem.
WalletConnect Foundation's formation
With the launch of the WCT token, the WalletConnect Network will begin transitioning to a permissionless structure governed by the community. The newly formed WalletConnect Foundation will oversee the WalletConnect protocol and ensure the network's growth, security, decentralization and ecosystem expansion.
Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes are part of the initial third-party node operators, WalletConnect said.
Pedro Gomes, the founder of WalletConnect, will join the foundation as director, accompanied by Yessin Schiegg, who will serve as CFO of the WalletConnect Foundation. Schiegg was previously a board member at the Ethereum Foundation and most recently the CFO of the Near Foundation.
"Since WalletConnect's inception in 2018 the goal was always for it to become critical and decentralized infrastructure for the new internet, with the addition of WCT we are making that goal a reality," Gomes said in a statement. "The WalletConnect Network has experienced 240% growth in the past 12 months [and facilitated 150M connections since launch], WCT will incentivize even more growth and bring in even more partners."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.