What is WalletConnect: Get to know all about WCT

What is WalletConnect WCT?

The WalletConnect Token (WCT) is the native utility token of the WalletConnect Network, a decentralized infrastructure that connects wallets, decentralized applications (dApps), and users. Introduced in 2024, WCT plays a pivotal role in driving user experience (UX) innovation and advancing the network’s mission of creating a decentralized, permissionless ecosystem. But what is WalletConnect WCT, and why is it significant? This article delves into its background, utility, and future potential.

What is WalletConnect?

WalletConnect is a decentralized protocol established in 2018 to facilitate seamless connections between cryptocurrency wallets and dApps. By enabling over 150 million connections for more than 23 million users, WalletConnect has become a cornerstone of the web3 ecosystem. Its monthly activity now exceeds 4 million users and 15 million connections, underscoring its importance in the decentralized web.

The WalletConnect Network is designed to enhance user experience and expand the ecosystem by providing a secure, open-source infrastructure. It aims to guide the network toward a decentralized, permissionless future, where wallets, apps, and users collaborate to innovate and grow.

Who Founded WalletConnect?

WalletConnect was founded by Pedro Gomes in 2018. As one of the WalletConnect founders, Gomes envisioned a protocol that would simplify interactions between wallets and dApps, making the decentralized web more accessible to users. His leadership and vision have been instrumental in the WalletConnect trendin toward becoming a leading infrastructure in the web3 space.

WalletConnect Asset Name

The WalletConnect Token (WCT) is the official asset name of the network’s native token. WCT was introduced in 2024 as part of WalletConnect’s decentralization roadmap. It serves as a utility token that empowers the community to participate in governance, staking, and other network activities. By aligning incentives, WCT ensures that the network evolves in line with the collective vision of its participants.

WCT: Core Functions and Utility

WCT is integral to the WalletConnect Network, offering several key functionalities:

1. Fees: While the network currently operates without fees, WCT holders can propose and vote on the introduction of fees for services like relay usage. This ensures that any fee structures are community-driven.

2. Rewards: WCT tokens are distributed as rewards to contributors, including node operators, wallets, and applications, for their roles in maintaining and enhancing the network.

3. Staking: Participants can stake their WCT tokens to secure the network and earn additional rewards. Staking also grants voting rights in governance processes, with stake weight determined by the amount staked and lock-up duration.

4. Governance: WCT holders play a crucial role in shaping the network’s future by proposing, discussing, and voting on initiatives such as technical upgrades and fee structures.

WalletConnect Contract Address

The WalletConnect contract address for WCT is 0xeF4461891DfB3AC8572cCf7C794664A8DD927945. This address is essential for users looking to interact with the token on blockchain platforms. For more details on the token’s market performance, visit the WalletConnect price page.

Token Distribution and Community Engagement

The WalletConnect Foundation has actively engaged its community through initiatives like the Season 1 airdrop, which distributed 50 million WCT tokens to power users, independent contributors, and strategic partners. This approach not only rewards active participants but also fosters broader involvement in the network’s governance and development.

Additionally, the foundation raised $10 million through token sales on platforms such as Bitget LaunchX and CoinList. For example, the Bitget LaunchX community round raised $4 million within two hours, with approximately 40,000 investors committing over $170 million, far exceeding the allocation cap. This highlights the strong community interest in WalletConnect launch events and the token’s potential.

Advancements and Future Outlook

The introduction of WCT marks a significant milestone in WalletConnect’s journey toward decentralization. By empowering the community and aligning incentives, WCT is set to drive UX improvements across the web3 space. As the network continues to innovate and expand its ecosystem, WCT holders will play a crucial role in shaping its trajectory.

Conclusion

In summary, what is WalletConnect WCT? It is more than just a token; it is the backbone of a decentralized, user-centric web3 ecosystem. Through its multifaceted utility—encompassing fees, rewards, staking, and governance—WCT empowers the community to actively participate in the network’s evolution. With its strong foundation, visionary leadership from WalletConnect founders, and growing adoption, WCT is poised to remain at the forefront of onchain UX innovation.

For more information on WalletConnect and its token, explore the WalletConnect price page.

This article is intended for informational purposes only and should not be considered as professional advice; AI was used to assist in content creation.