WalletConnect: The Universal Power Strip in Web3 ⚡️
If we compare cryptocurrency wallets in Web3 to various electrical appliances, then the diverse applications (like NFT marketplaces and decentralized lending platforms) are like different sockets. In the past, these appliances and sockets were not compatible, making it particularly challenging to connect them, but WalletConnect emerged in 2018 like a universal power strip, solving this major problem.
Now, this “power strip” can connect over 600 types of “appliances” (wallets) and 65,000 “sockets” (applications), with over 47.5 million users having powered on over 300 million times. For example, if you have a MetaMask wallet, this “mobile phone,” and want to connect to Uniswap, this “charging socket,” just connect it with WalletConnect, and you can immediately transfer and swap coins on Ethereum. If you use the imToken wallet, this “tablet,” and want to connect to OpenSea, this “NFT display socket,” just scan a code to showcase and trade your digital artworks on the platform.
Its connection method is also very simple: the application first presents an interface with a “password lock” (QR code), the wallet scans it, and through the “junction box” (relay service) in between, a dedicated line can be established. There’s a “protective shield” (encryption) throughout the process, allowing information to flow inside while outsiders see nothing. Whether it’s Ethereum Layer 2, a “high-speed circuit,” or Solana, a “shared circuit,” it can connect steadily without tripping.
Its WCT token acts like a “battery” supplying power to this “power strip.” In the “power supply areas” of Optimism and Solana, those with “batteries” can vote to determine how many new interfaces (function upgrades) to add to the power strip, and storing the “battery” can earn a 4%-6% “electricity subsidy.” Developers wanting to improve their “sockets” also need to use this “battery” to exchange for services.
Now, this “universal power strip” can connect to more and more places, making it easy to link up for borrowing money, purchasing digital collectibles, chatting on-chain, or exploring virtual worlds. This tells us that Web3 will become increasingly convenient, with various applications resembling sockets in different rooms, as we carry our wallet, this “appliance,” and use WalletConnect to power up anytime.