WCT is the main focus of Onchain UX, and WalletConnect's bold decentralization effort raised $10 million.
WalletConnect is a fully integrated protocol that connects Web3's parts. It stands out in a world full of fads and fake tokens. The project has entered a new phase of community-driven development, tokenized utility, and unstoppable momentum with the launch of its native token, WalletConnect Token (WCT).
$10 million raised as demand grows
WalletConnect was able to raise more than $10 million with four rounds that were oversubscribed. This shows that the market has a lot of faith in the company.
The CoinList Community Round had 18,000 participants from more than 100 countries. It was four times oversubscribed and raised $15.5 million.
The Bitget LaunchX Round was a big success, bringing in approximately $326 million in less than two hours from over 67,000 people.
Sold $500,000 in 11 seconds during an Echo private auction.
Important members of the community gave an extra $1.5 million in assistance.
These numbers illustrate that the market believes in the infrastructure that WalletConnect is building; they are not just hollow claims.
The Base of Web3
Since its inception in 2018, WalletConnect has been a stealthy force propelling the on-chain economy. It is an open-source protocol that links wallets and decentralized apps (dApps) without any problems. 700+ wallets and 61,000+ apps service over 45 million users, and it is currently responsible for over 300 million connections. There is a good chance that WalletConnect is concealed in MetaMask, Trust Wallet, or Jupiter.
In Chapter 2 of the WalletConnect Network's growth, it will become decentralized, powered by tokens, and open to everyone.
Tokenomics that make things easy
The WCT token is not just a tool for governance; it also fuels an entire ecosystem. It has a limit of 1 billion and may be utilized to open up a lot of different features:
Prices: WCT will employ an MAU model for Monthly Active Users (MAUs) to keep the protocol going.
The power to "stake" WCT lets those who own tokens preserve the network and get rewards that grow with the size and time of the stake.
Payouts: Contributors and node operators that do a great job each get 17.5% of the entire supply.
Governance: WCT holders have a say in the future by setting fees, appointing councils, and authorizing spending on development.
You can't say this is just a theory. There is already a proposal for a tiered system of governance, with the Foundation in charge at first and the DAO taking control as the network grows.
The Way Ahead
WalletConnect started its journey to decentralization in 2023 when it switched to protocol version 2. It began bringing on worldwide node operators in 2024 to ensure decentralization, scalability, and robustness. These included Consensys, Ledger, Figment, Everstake, and Nansen.
The infrastructure is moving from a protocol to a community-owned network standard, which is a blueprint for how on-chain UX should be constructed. WCT is now transferable or will be soon, and there are staking mechanisms in place.
WalletConnect is neither a meme or a hype-chaser. The infrastructure that is constructed is important to the ecology every day. The project is also now asking users to own a part of the network they utilize via WCT.
WalletConnect is making the future of onchain connection possible by being open, composable, and driven by the community.
🌐 For additional details, go to profile.walletconnect.network
