- WalletConnect, an integral protocol for connecting crypto wallets to decentralized applications (dApps), is set to launch its native token, Connect Token (WCT), on the Ethereum Layer 2 network known as Optimism Mainnet.
- The WCT token will be distributed via an airdrop to eligible users.
- A WalletConnect representative explained, “WCT marks a significant milestone in WalletConnect’s decentralization roadmap and will be foundational to the economic and governance structure of the network.”
WalletConnect is enhancing its network through the introduction of Connect Token (WCT) on Optimism Mainnet, with a targeted airdrop to reward active users.
Launch of Connect Token (WCT) on Optimism Mainnet
WalletConnect, renowned for its seamless integration of crypto wallets with dApps, is preparing to roll out its Connect Token (WCT) on the Ethereum Layer 2 network, Optimism Mainnet. This move aims to decentralize the network further and empower its community with governance and economic functionalities through the WCT token.
Distribution Mechanism: Airdrop Details
The initial supply of WCT tokens is capped at 1 billion, with 18.5% (185 million tokens) allocated for the first season of the airdrop. Users, wallets, applications, nodes, software development kits, and community members who have contributed to WalletConnect’s success will be eligible for the airdrop. To participate, users must connect their wallets, link their GitHub accounts, and provide an email address. Eligibility criteria include active use of WalletConnect, having an Ethereum address, or contributing to open-source projects. Sanctioned wallets and IP addresses will be excluded from the airdrop.
Timeline and Future Prospects of WCT
The registration for the WCT airdrop will commence on September 24th, with the first season concluding on October 11th. Tokens will be distributed after evaluating the historical interactions of eligible participants. Any unclaimed tokens will roll over to subsequent airdrop seasons, providing future opportunities for users who miss the initial round.
Utility and Governance of WCT Tokens
Initially, WCT tokens will be non-transferable to ensure network stability and functionality. However, by 2025, the community may enable token transferability through governance decisions. The primary purposes of WCT tokens will include governance and staking, allowing participants to have a say in the network’s direction and earn rewards for their involvement.
Conclusion
WalletConnect’s introduction of the Connect Token (WCT) is a strategic step towards decentralizing its network and rewarding its active community. As the airdrop process unfolds, participants will have the opportunity to engage more deeply with the platform, contributing to its growth and stability. The anticipation of community governance and staking by 2025 underscores WalletConnect’s commitment to evolving with its user base.
