WalletConnect Token (WCT)
Primary use: This is the most common currency currently known by the symbol WCT. It is the native currency of the WalletConnect Network.
What is WalletConnect Network?
It is an ecosystem that facilitates communication between cryptocurrency wallets and decentralized applications (DApps). In other words, it is a bridge that allows you to connect your digital wallet (such as MetaMask or Trust Wallet) to decentralized applications on the blockchain (such as decentralized exchanges, NFT marketplaces, or blockchain games) securely and seamlessly, often by scanning a QR code.
Function of WCT token:
Governance: Allows holders to participate in network governance and vote on proposals and changes in the WalletConnect protocol.
Rewards:
Used to reward active participants in the network and node operators who contribute to the network's security and improve its performance.
Staking:
WCT holders can stake their tokens to contribute to the network's security and earn rewards.
Transaction fees (in the future): May be used for transaction fees within the network in the future, after governance approval.
Network: The WCT token is launched on the Optimism network, which is a Layer 2 solution for the Ethereum network, helping to reduce fees and increase transaction speed.
Total supply: The total supply of WCT is one billion units.