The WalletConnect Network has officially launched its native token, Connect Token ($WCT). This marks a significant development in its ongoing effort to decentralize and enhance its ecosystem. This announcement was made through the WalletConnect Network’s official X account.
Introducing Connect Token (WCT), the native token of the WalletConnect Network.The WalletConnect Network is the the onchain UX ecosystem enabling apps and wallets to bring better onchain experiences to 23M+ users.As the network continues to decentralize, WCT will be key in… pic.twitter.com/S6EvvPmKAu
— WalletConnect (@WalletConnect) September 17, 2024
$WCT Tokenomics and Usage
WalletConnect Foundation has announced the tokenomics of the coin. The initial supply of $WCT coin will be 1 billion coins. Out of this, 7% has been allocated for core development while 17.5% has been assigned for staking rewards. Moreover, the community will receive 18.5% through airdrops. The same percentage has been reserved for the network team. Backers will receive 11.5% while the largest portion (27%) has been allocated for the foundation itself. In other words, the to-be-launched $WCT coin will serve 4 main purposes. The purposes include fees, rewards, staking, and governance.
$WCT to Drive Future Decentralization of WalletConnect Network
The WalletConnect Network, which has already become an indispensable tool for the global Web3 industry worth over $2 trillion, has shown significant growth, having increased by more than 240% in the past year. This expansion highlights the importance of the network to provide decentralized, on-chain user interactions. As the network becomes more decentralized, WCT’s addition is expected to help the network progress significantly in its development.
The introduction of $WCT aims at contributing to the development of the WalletConnect Network as an open, permissionless, decentralized ecosystem. The goal of this project is the seamless connection and standardization of the future that will be built on the contributions of many instead of focusing on a centralized authority. The Wallet Connect Foundation that funds the network also collaborates with some node operators. These include Reown, ConsenSys, Kiln, Ledger, Luga Nodes, 1kx, Figment and Sensei Nodes.
$WCT Set to Transform Onchain User Experience and Network Dynamics
The Connect Token is primarily positioned to steer the future of on-chain user experiences as a major driver. It is designed to address four key areas within the network: rewards and penalties, reputation and staking, and fees. WCT holders will be able to put forward option and vote for the adoption of new network fees, which projects may use for the relay usage, for instance.
The Wallet Connect Network belongs to the WalletConnect Foundation and its partners, and their goal is to develop, secure, and decentralize the Network. That is why with the help of Connect Token, the network is arranged to form an environment that will be based on practicality, usefulness, and people’s endeavor. With the further development of the network, WCT will not only enhance the on-chain ecosystem, but also meet the user’s demand for functionality while maintaining decentralization.
