New entry tool on-chain: In-depth analysis of the core of Web3 connectivity #WalletConnect
Wallets are essential tools for entering the Web3 world, and @WalletConnect is like the 'on-chain Visa' connecting this world, serving as a key link for the secure and smooth flow of value across chains. Let's take a closer look at this critical infrastructure:
🔐 WalletConnect: An indispensable connection layer
• Wide adoption: Since its launch in 2018, WalletConnect has become the core protocol for Web3 connectivity. It enables secure communication between wallets and applications through a standardized approach.
• Large network: Serving over 45 million global users, with a cumulative total of over 300 million secure connections, over 5 million daily active users, and over 660,000 daily connections.
🔄 Moving towards a decentralized future
• Ecological evolution: WalletConnect is accelerating its development into a permissionless ecosystem.
• Core driver: Based on the native token $WCT and a large community user base.
• Node support: The node network is maintained by top operators like Consensys, Reown, Ledger, Kiln, enhancing security and decentralization levels.
• Community goals: Aiming to establish a community-driven decentralized infrastructure that reshapes connection paradigms and enhances on-chain user experiences.
✅ Core values and technical highlights
1. Seamless integration and cross-chain compatibility:
• Protocol standardization greatly simplifies interactions between wallets and dApps.
• Developers only need to integrate the SDK once to adapt to all wallets compatible with WalletConnect. Users do not need to configure repeatedly.
• Wide compatibility: Supports mainstream public chains such as Ethereum, Polygon, and BNB Chain, covering various application scenarios including DeFi, NFT, and DAO.
2. End-to-end encryption and privacy security:
• Establishing communication channels using a symmetric encryption mechanism with shared keys.
• User private keys are always stored only on local devices. When making transactions, only local encrypted signature authorization is needed, fundamentally eliminating the risk of private key leakage.
• For example, when connecting to MetaMask, users only need to confirm the authorization in the mobile app (usually after scanning a QR code), and the private key does not leave the local device.
3. Function expansion and scenario evolution:
• WalletConnect V2 offers richer features, such as push notifications and multi-session management.
• Future potential: Can be combined with decentralized communication layers (like October) or integrated with technologies such as AI to continuously optimize the Web3 interaction experience.
💰 $WCT token: Ecological incentives and network security
• Staking ensures security: Currently, over 106.5 million $WCT have been staked, with over 142,661 holders jointly ensuring the security of the WalletConnect network.
• Token empowerment and use:
○ Pay fees: Pay for network service fees (core purpose).
○ Economic incentives:
·18.5%: Allocated for seasonal airdrops to users, applications, wallets, nodes, etc.
·17.5%: Allocated for staking and node performance rewards.
○ Governance participation: Holders may participate in the governance of the future network.
• Empowerment model: Through multi-dimensional design including staking, governance, and rewards, $WCT aims to ensure the long-term sustainability of the network.
• How to participate in staking:
Go to stake.walletconnect.network
1. Connect your wallet.
2. Enter the amount of $WCT to stake.
3. Sign to confirm the transaction.
4. Complete the staking.
WalletConnect, as a core protocol for building secure and seamless on-chain interactions, is striving to grow into a crucial, resilient infrastructure in the Web3 ecosystem, leveraging its user base, technical capabilities, and ecological incentive mechanisms around $WCT.