$WCT WalletConnect is an open-source protocol designed to securely connect cryptocurrency wallets to decentralized applications (dApps) across multiple blockchains, addressing the challenge of seamless and secure cross-chain interoperability in Web3. Its core technology enables users to link their wallets to dApps without exposing private keys, using methods like QR code scanning or deep linking. The system is built on a decentralized database that leverages rendezvous hashing—a technique used in scalable databases like Cassandra and DynamoDB—to manage connections efficiently. This is supported by a network of service nodes and gateway nodes, primarily developed in Rust for performance and security, with RocksDB handling lower-level tasks. End-to-end encryption ensures user data privacy during interactions.
The WalletConnect Token (WCT) is the native token of the WalletConnect Network, launched on Optimism’s OP Mainnet to benefit from Ethereum’s security and Optimism’s scalability. WCT powers the ecosystem through several key functions:
• Staking: Users can stake WCT to secure the network and earn rewards proportional to their stake and lock-up period, with caps to prevent concentration.
• Governance: WCT holders can vote on network proposals, such as protocol upgrades or fee structures, transitioning toward a Decentralized Autonomous Organization (DAO) model for community-led decision-making.
• Rewards: WCT incentivizes network participants, like node operators and wallet providers, based on performance metrics such as uptime and latency.
• Fees: While currently fee-free, the network may introduce usage-based fees (e.g., Monthly Active User fees) in the future, payable in WCT, as decided by community governance.
WCT’s total supply is capped at 1 billion tokens, with allocations designed to support ecosystem growth: 27% to the WalletConnect Foundation, 18.5% for airdrops, 18.5% to the team, 17.5% for rewards, 11.5% to backers, and 7% for core development. Recent posts on X indicate WCT has become natively multichain, using Wormhole’s NTT framework to enable frictionless transfers between Ethereum and Optimism, enhancing onchain connectivity.
This technology positions WalletConnect as a critical infrastructure for Web3, facilitating over 150 million connections for 23 million users across 600 wallets and 40,000 app projects, while WCT drives its decentralized, community-governed evolution.
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