Since its launch in 2018, WalletConnect has been a vital component of the Web3 ecosystem, enabling smooth and secure interactions between wallets and decentralized applications (dApps). Over time, it has facilitated more than 309 million secure connections for over 47.5 million users, spanning 66,500+ apps and more than 700 wallets.
In a major step towards decentralization, WalletConnect introduced the Connect Token ($WCT), signalling a shift in how the network is governed and operated. Deployed on Optimism's OP Mainnet, $WCT acts as the native utility token for the WalletConnect Network. It allows users to engage in staking, participate in governance, earn rewards, and pay for network services.
The total supply of $WCT is fixed at 1 billion tokens, allocated as follows:
27% to the WalletConnect Foundation
18.5% for community airdrops
18.5% to the founding team (with a 4-year vesting period)
17.5% for staking incentives and performance-based rewards
11.5% to early investors
7% for core development
Initially, $WCT was non-transferable to ensure the stability and growth of the ecosystem. However, as of April 2025, the token became transferable, unlocking its full functionality and enabling wider participation in governance and utility.
WalletConnect is also enhancing its decentralization through the launch of Service Nodes. While these nodes began as permissioned, they are on track to become accessible to all stakers, promoting a more open, community-powered infrastructure.
Industry leaders like Consensys, Ledger, and Nansen have publicly supported WalletConnect’s decentralization efforts, recognizing its impact on the broader Web3 space.
In essence, the introduction of $WCT and the network’s move toward decentralization mark a significant milestone in building a more open, community-driven Web3 ecosystem.
