WalletConnect has officially launched its first token airdrop. The first distribution season will allocate 50 million WalletConnect Tokens (WCT) to over 160,000 users.
Users who receive the tokens can stake them for governance and earn rewards. This marks a major milestone for the widely used open-source protocol for connecting crypto wallets to decentralized applications (dApps).
Eligibility and Distribution Details
With the airdrop eligibility checker live, users can confirm their participation. Of the 50 million tokens allocated for this round, 30 million are reserved for users who have registered and met specific engagement criteria. The remaining 20 million tokens are reserved for contributors to the WalletConnect ecosystem. This also includes node operators and early GitHub participants.
Eligibility is now live! Check if you qualify, claim your WCT, and start staking your tokens, WalletConnect said.
Eligibility criteria required users to create a profile, connect a wallet through WalletConnect, and actively engage with the network by the cutoff date. Additionally, the company utilized a scoring system based on past network usage, on-chain activity, and contributions to ensure fair distribution.
To further encourage participation, the company subsidized gas fees, reducing user losses amid variable network costs.
To help with gas costs during the claiming process, WalletConnect provided ETH in Optimism to eligible profiles via the contract address, the announcement said.
Meanwhile, while the distributed tokens are initially non-transferable, recipients can stake them for governance purposes. Staking periods range from one week to two years, with rewards expected to begin on December 19. This mechanism incentivizes long-term engagement within the ecosystem and empowers users to influence WalletConnect’s development through governance proposals.
As a protocol, WalletConnect aims to simplify interactions between crypto wallets and dApps. It also enables seamless connections via QR codes or direct links.
Mixed reactions from the community
Airdrop farmers remain ecstatic about the free tokens. The announcement has generated excitement among some community members, particularly due to WalletConnect’s efforts to facilitate the claiming process by subsidizing gas.
Very impressive! Some people made us pay for airdrop claims, one user noted.
However, some have criticized the project over eligibility concerns. Specifically, some longtime users question the fairness of the selection criteria.
Will WalletConnect accept appeals? I have been using WalletConnect since 2020, but why don't all wallets meet the requirements? I still remember logging in via Trust Wallet. Why are all new wallets eligible?, they said.
Another user shared a similar sentiment, noting that the seed phrase for his airdrop wallet was created using Trust Wallet in 2020. He claimed to have also used the wallet for nearly two years but is still ineligible.
My airdrop wallet seed phrase was created using Trust Wallet in 2020. I used Trust Wallet for almost 2 years since I didn’t have a PC at the time. The only option to connect dApps to this wallet was through WalletConnect, the user lamented.
Additionally, some participants reported that they initially received gas fee subsidies during the eligibility period. However, they have now been deemed ineligible. These inconsistencies have left users confused about the evaluation process and how to check their allocations.
The company has yet to address the appeals or clarify whether the eligibility criteria will be reevaluated. As such, the project’s approach reflects broader challenges within the cryptocurrency space. Determining eligibility for rewards programs often sparks debate over fairness and transparency.
However, WalletConnect may have opportunities to refine its distribution process, given the 185 million total tokens reserved for future airdrops out of a maximum supply of 1 billion WCT. Responding to community feedback can also strengthen its relationship with its user base and reinforce its commitment to inclusivity.
The article WalletConnect Airdrop Sparks Debate Over Eligibility appeared first on BeInCrypto.
