WalletConnect, a Web3 communications protocol that connects crypto wallets to decentralized applications, is launching its native Connect Token (WCT) on the Optimism OP Mainnet, with plans to distribute 185 million tokens.

Users can sign up for the free distribution starting September 24, and allocation will be determined based on interactions with WalletConnect or contributions to open source projects.
The total supply of WCT will be capped at 1 billion tokens, and 18.5% of those tokens will be allocated for free distribution in the first season that ends on October 11, when the tokens will be distributed, WalletConnect CEO Jess Holgrave told The Block.
Holgrave added that those who did not qualify for the first season's distribution may have opportunities to qualify in subsequent seasons.
However, WCT tokens will initially be non-transferable and will be used primarily for governance and storage until full functionality is enabled in 2025.
The protocol will be overseen by the new WalletConnect Foundation to support the growth of the protocol and its transformation into a decentralized, community-run structure.
Meanwhile, WalletConnect has rebranded itself to Reown with a focus on user experience, and will continue to be led by Holgrave.