WalletConnect, a prominent web3 communications protocol known for linking crypto wallets with decentralized applications, is set to launch its native Connect Token (WCT) on Optimism's Ethereum Layer 2 network. This move marks a pivotal step in the WalletConnect Network's journey toward decentralization and will introduce a new economic and governance model for the platform.
The WCT token will debut on September 24, with a significant airdrop planned to reward active users and contributors. According to WalletConnect, now rebranded as Reown, the airdrop registration will open on this date. The initial supply of WCT is capped at 1 billion tokens, with 18.5% of this supply—approximately 185 million tokens—allocated for the first airdrop season.
Jess Houlgrave, CEO of WalletConnect (now Reown), explained that the airdrop aims to include not just WalletConnect end-users but also wallets, apps, nodes, SDKs, and communities that have supported the network's growth. To qualify for the airdrop, users need to register by connecting their wallets, linking their GitHub accounts, and providing an email address. Eligibility criteria include having an active Ethereum address and engagement with WalletConnect, though wallets or IP addresses flagged for suspicious activity will be excluded.
The airdrop for Season 1 will close on October 11, after which the distribution of tokens will commence based on an evaluation of historical engagement. Unclaimed tokens will be reserved for future airdrop seasons. Those who do not qualify for Season 1 may have another chance to participate in subsequent distributions.
Initially, WCT tokens will be non-transferable. This decision is intended to ensure the focus remains on network functionality, stability, and ecosystem development. However, the potential for transferability may be considered in the future, subject to community governance. The tokens will be used for governance and staking within the network, but transfers between wallets will be disabled until full functionality is expected to be operational by 2025.
With the introduction of the WCT token, the WalletConnect Network will transition to a permissionless structure governed by the community. The newly established WalletConnect Foundation will oversee the protocol, focusing on its growth, security, decentralization, and ecosystem expansion.
Notable third-party node operators including Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes will play a role in this ecosystem. Pedro Gomes, the founder of WalletConnect, will join the foundation as its director, while Yessin Schiegg, former board member at the Ethereum Foundation and CFO of the Near Foundation, will serve as the foundation’s CFO.
Gomes highlighted the significance of the WCT launch, stating, “Since WalletConnect's inception in 2018, our goal has always been for it to become critical and decentralized infrastructure for the new internet. With the addition of WCT, we are making that goal a reality.” He also noted the network's impressive growth of 240% over the past year and its facilitation of 150 million connections since launch, suggesting that WCT will further drive growth and attract more partners.
The launch of the WCT token represents a major milestone for WalletConnect as it advances towards a more decentralized and community-governed structure. The airdrop and subsequent token use will play a crucial role in expanding the network’s reach and functionality, reinforcing WalletConnect’s position as a key player in the web3 ecosystem.
September 2024, Cryptoniteuae