#WalletConnect , and the WalletConnect Token ($WCT ), and the decentralization of the @walletconnect network
The WalletConnect Network, powered by the WalletConnect Token (WCT), is an on-chain UX system.
Since its humble beginnings in 2018, the WalletConnect Network has served as the backbone of a growing ecosystem for on-chain user experience, enabling millions of users to connect with thousands of applications and explore a digital world designed for ownership.
Since its inception, the WalletConnect Network has facilitated over 150 million connections for more than 23 million users, and today, it hosts monthly activity for over 4 million users making more than 15 million connections.
Over the past twelve months, the WalletConnect Network has grown by more than 240%. In short, the WalletConnect Network plays a pivotal role in the flow of over $2 trillion across web3 today.
The WalletConnect Network, a cornerstone of the web3 landscape today, is gradually striving to fulfill a steadfast mission to become a fully open, decentralized, permissionless network, operating independently of any entity, paving the way for a future designed for interoperability, connectivity, and standardization. A future owned by everyone — and owned by no one.
The network began its journey towards decentralization in 2023, witnessing several pivotal milestones, including its transition from version 1 to version 2 in 2023 and the introduction of the first node operators earlier this year, including Reown, Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes.
As the critical next phase in this journey, the WalletConnect Network will introduce the WalletConnect Token (WCT), the native currency of the network that supports the on-chain user experience system.
Introducing the WalletConnect Token (WCT) - the native token of the WalletConnect network
The WalletConnect Token (WCT) is an important token for the WalletConnect Network, launched by the WalletConnect Foundation.
WCT plays a pivotal role in the WalletConnect Network, contributing to enhancing user experience innovation across web3, enabling a more usable environment on online trading platforms. WCT will enhance the user experience ecosystem on online trading platforms, providing four main functions focused on empowering individuals and institutions to improve user experience standards in the future digital landscape we are building together, ensuring that the evolution of online trading experiences is driven by actual user needs. Holders of this platform are committed to the future of user experience on online trading platforms and participating in community-driven innovation.
The four main functions of the token are:
Fees: WCT license holders may propose, discuss, and determine fees through governance mechanisms as a long-term economic model for the network. These fees will be used, for example, in projects to cover network service costs, such as the use of relays.*
Rewards: Tokens are distributed by the Network as incentives to keep the Network secure and efficient.
Staking: Users can stake tokens to receive rewards and take part in governance.
Governance: WCT holders can vote on proposals and changes, giving the community control over the network’s development through decentralized governance.*
To learn more about the WalletConnect token, read What is WalletConnect Token (WCT)? All you need to know about the native token for the WalletConnect network
Empowering an onchain future of utility, usability, and unparalleled value
The WalletConnect Foundation, alongside node operators and community contributors, will play a critical role in supporting the growth, security, and decentralization of the WalletConnect Network and the expansion of the WalletConnect ecosystem.
About The WalletConnect Foundation
Formed in 2024, the WalletConnect Foundation is dedicated to building and facilitating a permissionless, decentralized ecosystem that is both powered by and rewarding toward its community of builders and users, ultimately working towards the realization of an internet designed for choice, control, composability, and ownership.
Today’s web3 is simply unable to reach its full potential, blocked by the restraints of poor usability and limited accessibility. With the decentralization of the WalletConnect Network and the introduction of the WCT token, the WalletConnect Foundation believes this next phase of the network will blend utility and usability to deliver unparalleled value to the wider web3 landscape — building new bridges to bring the benefits of decentralization to meet the needs of the wider global digital community and align onchain incentives to prioritize better UX.
Pedro Gomes, Director of the WalletConnect Foundation says “Since WalletConnect’s inception in 2018, the goal was always for it to become critical and decentralized infrastructure for the on-chain ecosystem. With the addition of WCT, we are making that goal a reality. The WalletConnect Network has experienced 240% growth in the past 12 months, WCT will incentivize even more growth and bring in even more partners. We're excited to see the evolution of the Network and continue to play a pivotal role for a thriving on-chain future.”
A thriving ecosystem built to grow and flourish
Though a vital element of a healthy ecosystem — the technology behind the WalletConnect Network cannot enable the vision for a better future alone. With over 40K+ app projects already having built upon the WalletConnect Network to date, its community is in an abundance of innovative, creative, and impactful applications for decentralization and on-chain utility.
As the network, market, and technology evolve, the WalletConnect Foundation seeks to build a strong suite of new functionalities and applications on the WalletConnect Network. Developments in areas such as identity, payments, service fees on the network, permissions, and security are innovations for which participants in the WalletConnect network have a unique position to build and scale, serving the mission of enhancing user experience.
As the network continues along its ambitious path, those who value interoperability, connectivity, standardization, and consensus, and who truly believe in a thriving digital future powered by on-chain innovation designed to make a real impact, are invited to join and participate in building an on-chain UX ecosystem.
Changes with WalletConnect Inc.
WalletConnect Inc. has now become Reown. The WalletConnect Network operates independently of Reown.
