WalletConnect: Making it easy for wallets and applications in Web3 to connect
Cryptocurrency wallets and various applications (like platforms for buying and selling NFTs, decentralized exchanges) in Web3 are like different mobile phones, and it used to be quite troublesome to make them interoperate. WalletConnect is like a universal Bluetooth, and since its launch in 2018, it has helped over 600 wallets and 65,000 applications connect.
Now, over 47.5 million people use it, with a total of over 300 million connections. For example, if you use the Trust wallet and scan the QR code for the Uniswap exchange, they connect instantly, making it very convenient to swap tokens on Ethereum. If you use the Coinbase wallet on your phone and scan the code for the Axie Infinity game, the pet assets in the game will sync to your wallet.
The connection process is also simple: the application first generates a password-protected QR code, the wallet scans it, and a dedicated channel is established through an intermediary "relay." The entire process is encrypted, like putting the information in a privacy-protecting bag, so you don't have to worry about being seen while on the go. Whether it's a fast-paced trading scenario like Ethereum Layer 2 or a crowded game on Solana, it can connect smoothly.
There is also a token called WCT, which acts like a battery powering this "universal Bluetooth." On the Optimism and Solana networks, those holding this token can vote on whether to add new features. Storing the token can yield returns of 4%-6%, and developers wanting to use more advanced services must also use it. Its connectivity is expanding, covering everything from borrowing money, buying and selling NFTs, to on-chain chatting and the metaverse. This indicates that the future of Web3 is about allowing everyone to seamlessly navigate various applications without any hassle.
