On-chain analysis suggests that GSR, a prominent cryptocurrency market making firm, is potentially acting as the market maker for WalletConnect (WCT). According to The Data Nerd, a GSR-linked address deposited 7.8 million WCT tokens, valued at roughly $3.82 million, into the Binance exchange on the 17th. This significant deposit raises speculation about GSR's involvement in managing WCT liquidity and price stability. Market makers play a crucial role in ensuring efficient trading by providing buy and sell orders, thereby narrowing the bid-ask spread. While GSR's explicit role hasn't been officially confirmed, the on-chain data provides compelling evidence of their potential market making activities for WalletConnect. Further observation of GSR's address and WCT trading patterns will likely offer more clarity. ```