WalletConnect has long been a cornerstone in the Web3 ecosystem, facilitating seamless connections between wallets and decentralized applications (dApps). Since its inception in 2018, it has enabled over 309 million secure connections for more than 47.5 million users across 66,500+ apps and 700+ wallets.
In a significant move towards decentralization, WalletConnect introduced the Connect Token ($WCT), marking a pivotal shift in its governance and operational model. Launched on Optimism's OP Mainnet, $WCT serves as the native utility token of the WalletConnect Network. It empowers users to participate in staking, governance, earning rewards, and paying for network services.
The total supply of $WCT is capped at 1 billion tokens, distributed as follows:
27% to the WalletConnect Foundation
18.5% allocated for airdrops
18.5% reserved for the founding team (subject to a 4-year vesting schedule)
17.5% designated for staking and performance rewards
11.5% for previous backers
7% allocated to core development
Initially, $WCT was non-transferable to ensure network stability and focus on ecosystem development. However, as of April 2025, the token became transferable, unlocking its full utility and enabling broader participation in the network's decentralized governance.
The transition to a decentralized model is further supported by the introduction of Service Nodes. These nodes, initially permissioned, are set to become accessible to any staker, fostering an open and community-driven network infrastructure.
Prominent industry players such as Consensys, Ledger, and Nansen have endorsed WalletConnect's move towards decentralization, highlighting the significance of this evolution in the Web3 landscape.
In summary, WalletConnect's launch of the token and its commitment to decentralization signify a major advancement in creating a more open, community-governed Web3 ecosystem.