'Mouth-typing' is also a highly risky track

In the crypto community, 'mouth-typing' refers to the act of bragging about projects by tapping on keyboards, waiting for returns. It is most prevalent on X, where AI will track the number of posts, views, interactions, and other statistics to allocate rewards based on participation points.

Recently, there was a mouth-typing project with 20,000 participants, but only the top 500 received rewards, which were minimal, and those who didn't receive any ended up losing significantly.

Yesterday, my timeline on X was full of complaints.

This month, the square also launched its first 'mouth-typing' project $WCT . Interested parties can participate.

WalletConnect Token (WCT) is the native token of the WalletConnect network, launched on the Optimism mainnet in September 2024, with a total supply cap of 1 billion tokens. WalletConnect is an open-source protocol designed to connect cryptocurrency wallets and decentralized applications (dApps) in a secure and decentralized manner, supporting cross-chain operations across mainstream blockchains like Ethereum, Solana, and Cosmos. It enables secure connections between wallets and dApps through QR codes or deep links, protecting user private key privacy, having supported over 300 million on-chain connections, serving 45 million users and over 60,000 applications, and is the foundational infrastructure for the 'on-chain entry' in the Web3 ecosystem.

Functions of WCT

Governance: WCT holders can participate in decisions regarding network upgrades, fee structures, and other matters, promoting decentralized governance.

Staking: Users can stake WCT to support network security and earn rewards, with staking periods ranging from 1 week to 2 years.

Rewards: 17.5% of tokens are used to incentivize the community, node operators, and wallet providers, based on performance metrics like connection success rate.

Future Fees: Plans to introduce a fee structure based on Monthly Active Users (MAU), using WCT to pay for network service fees.

Market Trust Level

Ecosystem Influence: WalletConnect is hailed as the 'on-chain Visa', supporting mainstream dApps like Uniswap and OpenSea, with extensive ecosystem integration (600+ wallets, 40,000+ applications), demonstrating strong industry recognition.

Technical Reliability: End-to-end encryption and decentralized databases (like rendezvous hash-based) are employed to ensure data security and network resilience, enhancing trust among users and developers.

Community Support: In 2024, 18.5% of tokens will be distributed to early users and contributors through airdrops, attracting significant community participation. User discussions on the X platform are active, viewing it as having strong 'practicality' rather than being a 'storytelling' project.

Market Performance: The current price of WCT is approximately $0.33, with a 24-hour trading volume of $58.97 million and a market cap of about $61.68 million (ranked #608). Despite significant price fluctuations (down 12.45% in 7 days and 51.17% in 30 days), its long-term growth potential is viewed positively, with some forecasts suggesting it could reach $3.24 by the end of 2025.

Risks and Challenges: Market trust is affected by the volatility of the cryptocurrency market, competition (e.g., Web3Auth, Chainlink CCIP), and potential security vulnerabilities. Continuous innovation is required to maintain a leading position.

Summary

WalletConnect (WCT) has gained a high level of market trust due to its core infrastructure position in the Web3 ecosystem, extensive ecosystem integration, and technical reliability. Community activity and airdrop incentives further enhance its appeal. However, market volatility and competitive pressure require continuous innovation to maintain trust.

Staking Preparation:

① Buy WCT on an exchange

② Prepare some OPT chain ETH Gas

③ Choose OPT chain when withdrawing

Staking Process:

① Open the WalletConnect app in the wallet

② After linking to Binance wallet, select the Stake menu

After setting the amount and time, simply submit to complete.

Square essay collection, not investment advice #WalletConnect @WalletConnect