Alibaloch76 IB

1. What is the Project?
WalletConnect is a decentralized infrastructure designed to support the web3 ecosystem, enabling secure and seamless connections between decentralized applications (dapps) and cryptocurrency wallets across multiple platforms and devices. The project was created to tackle user experience (UX) and developer experience (DX) challenges in the web3 space, such as connecting mobile wallets to desktop dapps, supporting various extension wallets, and simplifying login processes like Sign-in With Ethereum (SIWE).
The WalletConnect Network is chain-agnostic, meaning it operates independently of specific blockchains and supports a wide range of ecosystems, including Ethereum Virtual Machine (EVM) and its Layer 2 solutions, Solana, Cosmos, Polkadot, Bitcoin, and more. To date, the network has facilitated over 150 million connections for 24 million end users, linking more than 600 different wallets to 40,000 applications. The next phase of WalletConnect focuses on decentralizing its infrastructure to enhance censorship resistance, security, and privacy, governed by the WalletConnect Token (WCT)—a utility token aimed at aligning priorities within the web3 ecosystem to prioritize UX.
The project is led by the WalletConnect Foundation and the company Reown (formerly WalletConnect Inc.), with a vision to make WalletConnect a critical component of the "new internet"—a decentralized ecosystem where users own their data and digital assets.
2. Key Highlights
WalletConnect stands out due to the following features:
- Decentralized Infrastructure: Transitioning from a permissioned to a permissionless model, enhancing decentralization and user control.
- Chain-Agnostic Support: Operates across multiple blockchains (e.g., EVM, Solana, Cosmos, Polkadot), boosting interoperability.
- End-to-End Encryption: Ensures privacy and security for user data during communication between wallets and applications.
- Community Governance: The WCT token enables holders to participate in governance, shaping the network’s future.
- Focus on UX: Addresses common web3 UX issues (e.g., understanding "gas," managing multi-chain assets, and security), aiming to bring web3 to mainstream users.
- Scalability: Designed for high traffic with low latency, ideal for real-time applications.
- Proven Track Record: Supported over 150 million connections, serving millions of users globally, from retail to institutional traders.
3. Project Team
Detailed information about specific team members is not provided in the whitepaper or the given content. However, the project is managed by two key entities:
- WalletConnect Foundation: A non-profit organization responsible for promoting the development, security, and decentralization of the WalletConnect Network, as well as expanding the ecosystem.
- Reown (formerly WalletConnect Inc.): The company that pioneered the WalletConnect protocol since 2018, now focused on developing products like AppKit and WalletKit to enhance onchain user experiences on top of the WalletConnect Network.
Given the project’s scale and impact, the team likely includes experts in blockchain, software development, and UX design. For specific team member details, refer to the official website or external sources.
4. Products
WalletConnect offers a suite of products and services to support the web3 ecosystem:
- WalletConnect Network: The core infrastructure connecting wallets and dapps via an end-to-end encrypted protocol.
- Relay Service: An intermediary service enabling encrypted communication between wallets and apps, ensuring privacy by not storing sensitive data like wallet addresses or transactions.
- Service Nodes: Database nodes that store encrypted messages and facilitate efficient data retrieval.
- Gateway Nodes: Web services that maintain network state, optimizing connection speed and scalability.
- SDKs (Software Development Kits): Tools simplifying WalletConnect integration into applications, currently driving approximately 70% of network connections.
- WalletKit and AppKit: Reown-developed products built on the WalletConnect Network, offering solutions for wallets and apps to deliver smooth, intuitive, and secure onchain experiences.
5. Funding
Updating – Information not yet available in the provided materials.
6. Backers
Updating – Information not yet available in the provided materials.
7. Tokenomics
The WalletConnect Token (WCT) is the backbone of the WalletConnect ecosystem, with the following details:
- Total Supply: 1 billion WCT.
- Allocation:
- Core Development: 7% – For protocol and module development.
- Rewards: 17.5% – For staking and performance incentives.
- Airdrops: 18.5% – For periodic distributions to users, apps, wallets, nodes, etc.
- Team: 18.5% – For Reown and WalletConnect team members.
- Previous Backers: 11.5% – For early investors.
- WalletConnect Foundation: 27% – For partnerships, grants, ecosystem growth, and operations.
- Functions:
- Fees: Initially free, but the community can vote to implement fees for network services (e.g., relay).
- Rewards: Distributed to encourage participation and network security.
- Staking: Users stake WCT to earn rewards and participate in governance.
- Governance: WCT holders can propose and vote on network changes.
- Transferability: At launch (**TGE**), WCT is non-transferable to prioritize network functionality and long-term growth, with transferability to be enabled by community decision.
8. Binance Launchpool
Details of the WCT Launchpool:
- Token Name: WalletConnect (WCT)
- Total Token Supply: 1,000,000,000 WCT
- Maximum Token Supply: 1,000,000,000 WCT
- Launchpool Token Rewards: 40,000,000 WCT (4% of total supply)
- Learn and Earn Campaign (distributed in batches): 10,000,000 WCT
- Initial Circulating Supply (upon Binance listing): 186,200,000 WCT (18.62% of total supply)
- Research Report: WalletConnect (WCT)
- Hourly Hard Cap per User:
- 35,416 WCT (BNB pool)
- 2,083 WCT (FDUSD pool)
- 4,166 WCT (USDC pool)
Learn more https://www.binance.com/en/support/announcement/detail/5a1eedebf6e54c418c326e44df8775b2
9. Token Unlock
The token unlock (vesting schedule) ensures gradual release to avoid sudden selling pressure:
- Core Development: Linear vesting over 3 years, with a 6-month cliff.
- Rewards: Linear vesting over 5 years, with a 6-month cliff.
- Airdrops: Linear vesting over 2 years, with a 3-month cliff.
- Team: Linear vesting over 3 years, with a 6-month cliff.
- Previous Backers: Linear vesting over 3 years, with a 6-month cliff.
- WalletConnect Foundation: Linear vesting over 5 years, with a 6-month cliff.
This structure supports network stability and long-term stakeholder commitment.
10. Roadmap
WalletConnect’s development roadmap focuses on decentralization and UX enhancement:
- Current Status: The network operates in a permissioned environment, with Service Nodes managed by Reown and partners.
- Short-Term Goals:
- Transition to a permissionless model for Service Nodes.
- Introduce Auditor Nodes to monitor performance.
- Implement a fee mechanism for apps/SDKs.
- Deploy Accounting Nodes to distribute rewards to wallets.
- Long-Term Vision:
- Multiple Gateway operators to enhance decentralization.
- Community-driven initiatives like Seasonal Wallet Selection (voting for wallets) and Early Access Partnerships (early access for WCT holders).
- Continuous UX improvement through community feedback and governance.
The roadmap emphasizes a gradual shift to full decentralization, with the community shaping the network’s future.
Conclusion
WalletConnect is a pivotal project in the web3 ecosystem, delivering a secure, multi-chain infrastructure that connects wallets and dapps while prioritizing user experience. Supported by the WCT token and a clear decentralization roadmap, it has the potential to become a foundational platform for the "new internet." However, a complete evaluation of the team, funding, and backers requires additional external data. WalletConnect is poised to play a significant role in bringing web3 to mainstream adoption.
This article is for informational purposes only. The information provided is not investment advice
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