WalletConnect (WCT)

• The WalletConnect Network is a decentralized infrastructure for wallets to connect to apps on any blockchain. This service is provided across all blockchains and platforms to enable the best user experience onchain without limitations to user preferences.

• The solution provided can be broken down into three parts: the network, which is distributed between multiple node operators to relay messages between them; the SDKs, which provide an easy developer experience; and the standards, which WalletConnect has led to making all apps, wallets, and chains compatible.

• Current Use Cases:

  • Staking:

    • Node Operators have to stake to participate in the network and token holders can stake to secure the network and participate in governance.

  • Governance participation

    • Token holders can vote on protocol proposals and changes to network parameters

  • Performance-based rewards for nodes and wallets

    • Nodes and wallets earn WCT based on uptime, connections processed, and service quality metrics

• Planned / potential Future Use Cases:

  • Network fee payments

  • Incentivizing community-driven UX improvements

  • Seasonal wallet selection voting

  • Beta testing program access

  • Early access partnerships with apps

  • Staking for participation in App Certified programme

    • Governance of WalletConnect Certified program criteria

• The WalletConnect Network provides a high-throughput and low-latency globally distributed network that relies on encrypted messages across different clients. These clients which are specifically apps and wallets are able to interface to create a session, expose wallet accounts and sign transactions.

• The network architecture at high level consists of Gateway nodes which are able to handle the load balancing and routing of these messages and Service nodes which are operated by 16 different entities globally are able to cache these messages and serve them in real-time.

• Fundraising

  • Reown issued Token Warrants to Investors during three financing rounds (Fb. 2022, Oct. 2022 and 2024). Token Warrants were fulfilled by WalletConnect Limited in November 2024.

  • Tokens issued via the Token Warrants are subject to a 4-year lock-up with a 1-year 25% cliff.

  • Currently, four token sale rounds are conducted and close to completion:

    • Private round (~ 10m WCT Token) to be sold to angels and institutional investors (1.25m WCT Token will be subject to a 4-year lock-up with 1-year cliff; the remainder are not subject to lockup schedules.

    • Bitget sale (20m WCT Token, not subject to lockup schedule).

    • CoinList sale (19,980,199 WCT Token, not subject to lockup schedule).

    • Echo private sale (2.5m WCT Token) sold to angel investors.

    • TheBlock Announcement of Token Sales: https://www.theblock.co/post/342588/walletconnect-foundation-10-million-usd-token-sales-bitget-coinlist-cobie-echo?utm_source=twitter&utm_medium=social

• Circulating and total supply data.

  • At the moment of writing all of total supply (1B) is on Optimism Mainnet.

  • The circulating supply is expected to hit c.186.2M tokens (18.6%) at transferability

Key metrics (as at April 2025):

1. What is WalletConnect?

• Project overview: 

WalletConnect enables users’ wallets and apps to connect and transact seamlessly. The WalletConnect Network provides developers with the interoperability and flexibility to support any app, wallet, and chain.

• Project mission:

Where wallets, apps, and users connect to drive UX innovation, expand the ecosystem, and guide the network toward a decentralized, permissionless future.

• Project value proposition

Apps need to support as many wallets as possible to get users. Wallets need to access apps to provide utility to users. However, bridging these two can be challenging and requires a lot of integration. WalletConnect provides that standard interface between them.The solution provided can be broken down into three parts: the network, which is distributed between multiple node operators to relay messages between them; the SDKs, which provide an easy developer experience; and the standards, which WalletConnect has led to making all apps, wallets, and chains compatible.

• Project Key Highlights:

  • ~ 275M Connections Facilitated

  • ~ 45M Users

  • ~ 100M WCT Staked 

  • ~ 61,500 Apps

  • ~ 600 Wallets

  • ~ 305,000 tokenholders 

  • Launched 7 years ago 

• Existing Products:

The WalletConnect Network is a decentralized infrastructure for wallets to connect to apps on any blockchain. This service is provided across all blockchains and platforms to enable the best user experience onchain without limitations to user preferences.

Besides the protocol being completely chain-agnostic it provides a high-uptime and low-latency service that is operated by multiple node operators that are incentivized by network rewards for their participation.

Right now Apps are not required to pay for this service but in the future they will be charged fees with WCT. Depending on the activity driven through the WalletConnect Network there will be proportional rewards being distributed to all Wallet partners.

Multiple upgrades are scheduled to improve the user experience with features such as Smart Sessions, Gas Abstraction and Chain Abstraction that will be set as standards for participants.

2. Technical Infrastructure: 

For the detailed Technical Infrastructure please read more through Technical Whitepaper (see below).

3. Token sales and economics:

Token Distribution:

Token Release Schedule

4.     Risk Analysis:

Initial Circulating Retail:Institution Ratio:

Airdrop Cluster Analysis:

Initial TGE Main Bucket On-chain Wallets Addresses:

Disclaimer: This report is written before spot opening to trade, the liquidity token in the liquidity pool may be transferred while opening.

5. Roadmap & Updates:

Completed Milestones:

Link to original whitepaper: https://whitepaper.walletconnect.network/WalletConnect%20Whitepaper.pdf

Link to technical whitepaper: https://github.com/WalletConnectFoundation/wcn-technical-whitepaper/blob/main/technical_whitepaper_v1.pdf

Current Roadmap:

Q2 2025:

• Enable WCT Transferability 

• Launch Token on Exchanges 

• Launch Token on new chains i.e. Ethereum & Solana 

• Solana Airdrop

• Staking Refresh (Multiple staking positions, Staking Partnerships)

• Wallet Rewards

Q3 2025: 

• Onboarding new batch of Node Operators 

• Network Fees Governance Vote

• Permissionless Technical Design

Q4 2025: 

• Permissionless Testnet

• Launching the Token with local Exchanges 

• Launch Token on new chains (Arbitrum and Base)

• Airdrop Season #2

• WalletCon 4.0 Event 

2026:

• Network Fees Introduction (pending governance approval)

• Permissioned Gateway Nodes Design

• Permissionless Mainnet

Commercial and Business Development Progress:

• 1. Okutrade - (https://oku.trade/) - Grant Agreement signed - Oku is the premier DeFi meta-aggregator offering the best swap and bridge rates across any chain

• 2. Peanut.to - (https://peanut.to/) - Grant Agreement signed - Seamless cross-chain payment infrastructure for sending and receiving digital assets

• 3. Anybody.gg - (Anybody.gg) - Grant Agreement signed

• 4. ChainGPT - (https://www.chaingpt.org/) - Grant Agreement signed - ChainGPT is an AI-powered platform designed to simplify blockchain and cryptocurrency concepts, making them accessible to everyone, from beginners to businesses.

• 5. CreatorBid - (https://creator.bid/) - Grant Agreement signed -  Create and Tokenize your AI Agents in under 1 minute.

• 6. Wolfswap - (https://wolfswap.app/) - Grant Agreement signed -  WolfSwap aggregates decentralized exchanges and DeFi services in one comprehensive interface. 

6. Community:

• Twitter - https://twitter.com/walletconnect

• Warpcast - https://warpcast.com/walletconnect

• Youtube - https://youtube.com/@walletconnectofficial

• Blog - https://walletconnect.network/blog

• Telegram: https://t.me/walletconnect

• Website: https://walletconnect.network

• Github: https://github.com/walletconnect