WalletConnect, the leading onchain UX platform which enables applications and wallets to give users satisfactory onchain experiences, has announced plans to launch its native token — Connect Token.
This move is a significant step in the platform’s push toward decentralization and community-driven innovation. Represented by the ticker WCT, Connect Token is set to go live by late 2024 on Optimism’s OP Mainnet, employing the security of Ethereum and the speed of the OP Mainnet.
However, the transferability of the token will be enabled at a later date, according to the team. WCT is designed to play key roles in both the economic and governance structures of the WalletConnect ecosystem. Particularly, WCT’s core functions comprise staking, governance, fees and rewards.
WalletConnect airdrop
As part of its native token launch, the project has planned an airdrop of 185 million WCT tokens for eligible users. Accounting for 18.5% of the token’s total supply of 1 billion, the airdrop will occur in batches starting from late 2024.
“WCT will be distributed across multiple airdrop seasons beginning the end of 2024, each focused on rewarding both users and builders for their historical contribution towards the WalletConnect Network,” part of the announcement read.
WCT airdrop Season 1 will begin on September 24, 2024. Users have until October 11, 2024—the airdrop distribution date—to register for participation, WalletConnect CEO Jess Houlgrave said in a report.
The eligibility for the airdrop will depend on users’ past activity on the WalletConnect network, rewarding those who have contributed significantly to its growth, such as developers, node operators, and frequent users.
Tokens airdropped in this round will initially be non-transferable, with transfer functionality set to be enabled in 2025, pending community governance decisions.
Read more: Crypto Airdrops Explained
Moreover, 17.5% of the initial WCT supply has been earmarked to incentivize WalletConnect Network participants. That is, for staking and performance rewards. While 5% will be distributed in the first year of the token launch, the team has reserved 12.5% for subsequent years.
Overall, WalletConnect, which recently rebranded as “Reown,” aims to further its mission of enhancing Web3 usability and accessibility. The WCT token and its governance structure are expected to drive the network’s expansion, giving users a stronger role in decision-making processes.
This exciting development comes after WalletConnect secured $25 million in funding from major investors like Coinbase, which underscores the growing importance of decentralized communication protocols in the blockchain ecosystem.
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