WalletConnect is an essential open-source protocol that allows users to easily link their crypto wallets with decentralized applications (Dapps). Essentially, it acts as a secure bridge between non-custodial wallets and Web3 applications, enabling cryptocurrency transactions directly on mobile devices.
How does WalletConnect work?
#WalletConnect is not an application or software that you need to download. Instead, it is a built-in integration protocol. When users want to connect to a Dapp, that Dapp will create a connection request in the form of a QR code. Users simply need to use their crypto wallet (such as Trust Wallet, MetaMask, Rainbow Wallet) to scan this QR code. After scanning, you will need to approve the connection on your wallet. Once approved, an encrypted and secure connection will be established between the wallet and the Dapp, allowing you to interact and conduct transactions safely.
Important notes when using WalletConnect
To ensure safety, users need to pay attention to the following points when using @WalletConnect :
Security: Always carefully check the Dapp and URL to avoid phishing sites. Never share your seed phrase or private key as Dapps will never ask for this information. Always verify transaction details on your wallet before approving. To enhance security, restart your wallet app and refresh the browser when connecting.
Compatibility: Ensure that your crypto wallet and the Dapp you want to use both support WalletConnect.
Not an application: Remember that WalletConnect is a protocol, not an application, so you don’t need to download it.
WCT Token and its role in the WalletConnect ecosystem
WalletConnect has raised $24.75 million from major investors such as Coinbase Ventures and Circle Ventures. The project also has its own token, $WCT (on the Optimism blockchain with a total supply of 1 billion).
The WCT token has several main uses:
Service fees: WCT holders have the right to vote on future service fee charges.
Rewards: WCT is used to incentivize contributors to the network.
Staking: Users can stake WCT to receive rewards and participate in governance.
Governance: WCT allows holders to vote on proposals and changes within the ecosystem.
Inflation control: WCT is designed to be non-inflationary, focusing on managing the existing supply.
Currently, WCT is publicly sold on Coinlist from February 4, 2025, to February 11, 2025, at a price of $0.20/WCT.