WalletConnect, founded in 2018 by Pedro Gomes, is a leading open-source protocol that seamlessly connects non-custodial wallets to decentralized applications (dApps) across 300+ blockchains, including Ethereum, Solana, and Cosmos. Facilitating over 150 million connections for 30 million users and 65,000 dApps, WalletConnect is a cornerstone of Web3 interoperability. Launched in April 2025 on Optimism’s Layer-2 mainnet, the WCT token (not $WLT, as it seems there was a typo in the query) drives this ecosystem, enhancing user experience (UX) through decentralized governance and incentives.
The WCT token, with a 1 billion capped supply, serves four primary utilities. First, it supports governance, enabling holders to propose and vote on protocol upgrades, treasury allocations, and fee structures via a phased DAO transition. This ensures community-driven evolution, with councils like the UX Council shaping proposals. Second, $WCT incentivizes network participants through rewards, with 17.5% of the supply allocated to node operators, wallet providers, and developers for improving uptime, latency, and UX standards. Third, staking allows holders to lock $WCT for one week to two years, securing the network and earning rewards proportional to stake weight, capped to prevent centralization. Finally, while currently fee-free, $WCT will eventually facilitate service fees, such as for relay usage under a proposed Monthly Active User (MAU) model, ensuring long-term sustainability.
Backed by the WalletConnect Foundation and partners like Binance and Consensys, $WCT’s non-inflationary model and 18.5% airdrop allocation foster community engagement. With $10M raised via token sales and 240% session growth in 2024, $WCT empowers a permissionless, secure ecosystem, positioning WalletConnect as Web3’s connectivity backbone.
