The WalletConnect Token (WCT) is the WalletConnect Network's native utility and governance token. The WalletConnect Network is an important part of the Web3 ecosystem that makes on-chain connection possible. WCT, which runs on Optimism's OP Mainnet, combines the security of Ethereum with quick and cheap transactions. This makes it the engine of a more decentralized and user-friendly onchain experience.
WalletConnect has become the unseen power driving the Web3 world, with more than 300 million connections and 45 million users serviced by more than 700 wallets and 61,000 applications. Now that WCT is here, the network is changing from a basic protocol to an ecosystem run by the community.
๐ Usefulness and Functionality
WCT has four main roles that are meant to promote sustainability, decentralization, and performance:
Fees: WCT will ultimately be used to pay for services on the network. The network doesn't collect fees for now, but governance will decide how it will function in the future, maybe using a Monthly Active User (MAU) model. This makes sure that the network can grow and that its business model will continue.
Rewards: 17.5% of the token supply is set aside to reward those that help the network, such wallets, node operators, and community members. Rewards are based on performance, such as uptime and latency, which makes the system fair for improving infrastructure.
Staking: Users may stake their WCT to help keep the network safe and stable. Longer and bigger stakes pay you more, and features like auto-locking and manual re-staking let you choose how you want to participate. Staking is also important for influencing governance.
Governance: People who own tokens help decide what happens next with the WalletConnect Network. WCT holders will vote on and finance projects relating to fees, partnerships, technology, and more via voting and DAO governance. The way we govern will change over time, beginning with councils headed by the Foundation and ending with a completely decentralized DAO.
๐ Tokenomics and Distribution WCT has a set number of 1 billion tokens, which are given out in the following ways:
27% for the WalletConnect Foundation
18.5% of the time, airdrops happen.
Team: 18.5%
17.5% of the time, rewards
Supporters: 11.5%
Core Development: 7%
There are no plans for inflation right now, but the community may elect to add it via governance to keep long-term incentive models going if necessary.
๐ Transferability and Airdrops
Transferability will be added gradually, even though people might start using WCT in late 2024. At first, you can use tokens for staking and governance, but you can't move them. The WalletConnect Foundation and community will decide when transfers may happen via governance votes. This will keep the ecosystem safe, unified, and focused on its goals.
There will be many airdrop seasons that will reward prior donors, such users, wallets, and app developers that helped WalletConnect expand.
๐ Making Onchain UX Better in the Future
WCT gives people and businesses the tools they need to go beyond just using the Web3 and help create it. WCT encourages innovation, openness, and resilience by aligning the interests of all stakeholders.
Be a part of the movement that is developing Web3's backbone. Make your claim in the WalletConnect Network.
๐ Find out more and stake WCT at https://profile.walletconnect.network
