Binance announced the Launchpool event for the WalletConnect project, and the $WCT coin is scheduled for listing on April 15.

But before the listing, some are wondering about the project's details and the purpose of the coin.
In this article, we answer all these questions.

What is the WalletConnect project?

It is an infrastructure network aimed at facilitating the connection of cryptocurrency wallets to blockchain applications.
Initially, there is no doubt that you have used or benefited from the WalletConnect project in the past, as the project has been in the market since 2018. During its operation, it has helped simplify the use of blockchain for many people through mobile applications, while the use of blockchain applications before that was limited to traditional computers.

Since 2018, the project has continued as one of the main pillars of the infrastructure for blockchain applications, integrating with over 600 different wallets and being used on more than 60,000 different blockchain applications. Additionally, it has facilitated over a quarter of a million connections for wallets with ease and smoothness.

Details of the WalletConnect Network

Despite the WalletConnect project using the term 'network', it does not mean a blockchain network as we know it. The 'network' refers to an infrastructure network that provides a connection service to link the consumer, which in this case is the wallets, with the products, which are the projects and various blockchain applications.

In short, the idea of the project is that the WalletConnect network provides a unified infrastructure that supports multiple networks and wallets, making it easier for application developers to offer their services to a larger segment of consumers, and simplifies the usage process for the consumer as they do not need more than one application or wallet to use a specific application.
So, if you have used any blockchain application, you know that the presence of the WalletConnect icon means you can use this application easily and without complications.

Therefore, it is possible to say that the WalletConnect network is a data and information network. However, throughout this period, this network has been centralized under the management of the company, which contradicts the principles of decentralization recognized in the cryptocurrency sector, so the project decided to take a step towards decentralization and make this network available to the public, with the $WCT coin being the cornerstone of this ecosystem.

What is the WCT coin?

It is the main currency of the WalletConnect network, and the currency operates on several main axes of the network, most notably the following:

  • Transaction Fees: The team proposes the idea of using the currency for transaction fees of the services utilized on the network, but this has not been implemented yet; it will be under study by the governance.

  • Rewards: The currency is used to reward and incentivize participants on the network who maintain security.

  • Staking: Currency holders can stake their coins to earn staking rewards and participate in governance.

  • Governance: Currency holders can vote on governance decisions and determine the project's future.

Details of the WCT Coin

The total supply of the WCT coin is 1,000,000,000.
However, at the time of listing, the total supply available for trading will only be 186,200,000 WCT.
It is also worth noting that the economics of the currency distribution are as follows:

  • 27% allocated to the WalletConnect Foundation

  • 18.5% allocated for Airdrop

  • 18.5% allocated to the team

  • 17.5% allocated for rewards

  • 11.5% allocated for previous supporters

  • 7% for the main developers team

Listing of the WalletConnect coin

The WCT coin is set to be listed on the Binance platform on April 15 at 2 PM Mecca time.
It will be listed on five trading pairs, namely:

  • WCT/USDT

  • WCT/USDC

  • WCT/BNB

  • WCT/FDUSD

  • WCT/TRY

What is the price of the WCT coin?

Currently, Pre-Market markets are valuing the coin in the range of $0.5, which will give it a market valuation of $93 million.

However, considering this valuation and comparing it with other currencies and projects that have emerged from Binance, this valuation may be lower than previous ones.
Therefore, if the WCT coin can list with a market cap comparable to other projects we have seen from Binance recently, we may see the coin's price at listing between $1 and $2.