Web3 communication protocol WalletConnect, known for its structure that connects crypto wallets to decentralized applications, is now preparing to launch its own token, Connect Token (WCT), on the Ethereum Layer 2 network Optimism Mainnet.
Additionally, WCT tokens will be airdropped to users.
“WCT is an important step in the WalletConnect Network’s decentralization roadmap and will be the cornerstone of the network’s economic and governance structure,” WalletConnect said in a statement.
Registration for the WCT airdrop will open on September 24, and the criteria for participating in the airdrop will be based on usage data from the WalletConnect Network.
Airdrop details
The initial supply of the WCT token is capped at 1 billion, and 18.5 percent of this supply, or 185 million tokens, is reserved for the first season of the airdrop.
The airdrop will include WalletConnect users, wallets, applications, nodes, software development kits, and the communities that contribute to WalletConnect’s success.
Users who want to participate in the airdrop will need to connect their wallets, link their GitHub accounts, and provide an email address. Eligibility will include an Ethereum address, active WalletConnect usage, or contributing to open source projects. Sanctioned wallets or IP addresses will be disqualified.
The first season of the airdrop will end on October 11th, and tokens will be distributed after reviewing past interactions. Unclaimed tokens will be transferred to subsequent airdrop seasons. Users who were unable to participate in the first season will have the chance to participate in subsequent seasons.
The future of the WCT
Initially, WCT tokens will not be transferable, allowing the focus to be on network functionality, stability, and ecosystem development. However, transferability of tokens may be enabled through community governance by 2025. WCT tokens will be available for governance and staking purposes.
Stay tuned for new information.
