Understanding the WalletConnect Token (WCT) and the WCT Airdrop
WalletConnect, a decentralized solution for connecting wallets to DApps, has announced the launch of its native token, the WalletConnect Token (WCT). The WCT will be used for various utilities such as fee structures, reward structures, staking abilities, and governance in the WalletConnect ecosystem.
## What is WalletConnect?
WalletConnect is an onchain UX ecosystem that enables users to connect their crypto wallets to DApps, regardless of whether users are on web or app. It connects user wallets to DApps through deep linking and encrypted QR codes, ensuring user data protection with end-to-end encryption and enabling seamless transactions.
## The WalletConnect Token (WCT)
The WCT is the native token of the WalletConnect Network. It will be minted on Optimism, a Layer 2 EVM-equivalent network on Ethereum, and will have a total supply of 1 billion. The WCT token will be non-transferable at launch to ensure that the tokens remain within the ecosystem to serve their intended purpose, driving the long-term development and stability of the WalletConnect Network.
The WCT will serve several purposes, including:
- **Fees**: Although WalletConnect does not currently charge applications or SDKs fees for using the relay services, a future implementation of a fee structure based on community governance may be introduced.
- **Rewards**: WalletConnect will introduce a continuous reward program powered by the WCT token.
- **Staking**: WCT token holders can participate in network governance and earn rewards by staking their tokens.
- **Governance**: WCT token holders can participate in governance and shape the direction of the project by staking their WCT tokens, proposing changes, and voting on key issues.
## The WCT Airdrop
WalletConnect aims to reward its users through the Connect Token airdrop, with 18.5% of the total supply dedicated to airdrops across multiple seasons. In the Season 1 airdrop, 50 million WCT (5% of the distribution) will be distributed to eligible users and contributors.
To register for the WCT airdrop, users should follow these steps:
1. Use a wallet that supports WalletConnect.
2. Connect to the airdrop page via WalletConnect.
3. Complete the registration process.
Please note that registration does not guarantee eligibility. Always cross-check the website link for authenticity. The registration program for the airdrop event commenced on September 24
The WCT airdrop is designed to reward users and contributors who have been part of the WalletConnect ecosystem. The airdrop will be distributed across multiple seasons, with the first season (Season 1) distributing 50 million WCT tokens. Out of these, 40 million tokens will be distributed to users, and the remaining 10 million tokens will be distributed to contributors.
To be eligible for the airdrop, users should register using a wallet that supports WalletConnect. If you're connecting to the airdrop page via WalletConnect, you might find this guide helpful for using WalletConnect.
The airdrop registration program started on September 24, 2024, and will continue until further notice. However, it's important to note that registration does not guarantee eligibility. Always ensure you're on the official WalletConnect website when registering for the airdrop.
The WCT token, once launched, will serve several important functions in the WalletConnect ecosystem:
- **Fees**: Although WalletConnect currently does not charge applications or SDKs for using the relay services, a future implementation of a fee structure based on community governance may be introduced. These fees will be paid for by the apps and SDKs, not the users.
- **Rewards**: WalletConnect will introduce a continuous reward program powered by the WCT token. This program will incentivize service node providers and wallets that use the WalletConnect protocol.
- **Staking**: WCT token holders can participate in network governance and earn rewards by staking their tokens. Staked tokens are locked up for a selected period, and longer commitments yield higher rewards.
- **Governance**: WCT token holders can participate in governance and shape the direction of the project by staking their WCT tokens, proposing changes, and voting on key issues.
The WCT token is a significant step towards a fully open, permissionless, and decentralized state for the WalletConnect Network. It will power the onchain UX ecosystem, act as a reward and governance token, and enable fee structures, reward structures, staking abilities, and governance mechanisms for the WalletConnect ecosystem.
