WalletConnect is a vital open-source protocol that bridges the gap between decentralized applications (dApps) and crypto wallets. It enables users to securely connect their self-custody wallets to dApps by simply scanning a QR code or using deep linking, without ever exposing their private keys. This secure communication layer has become a cornerstone of the Web3 ecosystem, facilitating interactions across hundreds of crypto wallets and thousands of dApps on various blockchain networks, including Ethereum, Solana, Bitcoin, and Polkadot. It essentially provides a seamless and secure way for users to approve transactions and interact with decentralized services directly from their preferred wallet.

The $WCT (WalletConnect Token) is the native utility and governance token of the WalletConnect Network. Launched to further decentralize the protocol, $W CT plays several crucial roles. It is used for staking, allowing token holders to secure the network, earn rewards, and participate in governance. Through governance, $W CT holders can vote on proposals related to network upgrades, fee structures, and the overall direction of the WalletConnect ecosystem. Additionally, $WCT may be used for paying network service fees in the future, incentivizing network participants, and supporting the long-term sustainability of the protocol. The token's launch and subsequent airdrops have been significant steps in WalletConnect's journey towards a more permissionless and community-governed infrastructure.

You can find official updates and information from WalletConnect on their official Twitter handle, which is @WalletConnect nect.