WCT is the native token of the WalletConnect Network, a decentralized protocol that enables secure connections between crypto wallets and decentralized applications (dApps). It serves as a utility and governance token, with functions like fees, rewards, staking, and governance voting.
Here's a more detailed breakdown:
Key Functions of WCT:
Governance:
WCT holders can participate in the network's governance by voting on proposals and changes, influencing the direction of the WalletConnect Network's development.
Rewards:
WCT is used to reward participants who contribute to the security and efficiency of the network, including node operators and wallet providers.
Staking:
Users can stake their WCT tokens to help secure the network and earn rewards.
Fees:
While not currently used for fees, WCT is designed to potentially be used for transaction fees in the future, if the community votes for it.
WalletConnect Network:
The WalletConnect Network is a decentralized platform that allows users to connect their wallets to dApps across various blockchains.
It uses a decentralized database and service nodes to facilitate secure and privacy-preserving connections between wallets and dApps.
WalletConnect aims to be a core component of the Web3 ecosystem, enabling seamless interaction between wallets and decentralized applications.