1. Introduction and Background @WalletConnect $WCT #WCT
#WalletConnect is an open-source protocol that enables secure and user-friendly communication between dApps (decentralized applications) and user wallets in the Web3 space.
Originally developed by Pedro Gomes in 2018, this protocol has significantly simplified dApp integration for mobile users.
2. Root Causes and Rationale for Use
Initially, only browser-based wallets (e.g., the MetaMask plugin) or mobile in-app browsers were used to connect to dApps, but these approaches were limited in terms of security and user experience.
WalletConnect overcomes these challenges by establishing a secure connection via QR code scanning or deep linking, significantly improving the user and developer experience (DX).
3. Technical Infrastructure and Architecture
The protocol is built on encrypted messaging, relay servers, and end-to-end encryption. Thus, users' private keys are never shared with the protocol.
The WalletConnect Network's architecture consists of the following components:
Service Nodes: Runs on a distributed database system (rendezvous hashing).
Gateway Nodes: Route traffic between the dApp and the wallet.
Relay Service: Transmits messages encrypted; relay server connections cannot see the data.
The protocol's current v2 architecture includes Sign, Notify, and Chat APIs, as well as various server modules (Relay, Keys, Push, Verify, and Blockchain API) for communication.
4. Ecosystem and Usage Scale
WalletConnect offers cross-chain support; It is compatible with many networks, including Ethereum, Solana, Cosmos, Polkadot, and Bitcoin.
Today, more than 600 wallets and 40,000 dApps are connected through WalletConnect, with over 150 million connections established.
According to official sources, the current figures are much higher: 700+ wallets, 70,000+ applications, 50 million users, and over 300 million total connections.
5. Corporate Structure and Governance
The project began in 2018 as WalletConnect Inc., later rebranded as Reown. The core of the protocol is managed by the WalletConnect Foundation.
As of 2023, the network entered a transition from v1 to v2, and node operations began to become decentralized. For example, various enterprise node operators such as Kiln, Ledger, and ConsenSys contribute to the network.
6. WCT Token and Future Approach
WCT (WalletConnect Token) is a utility and governance token that incorporates network governance, staking, rewards, and potential fee functions.
The token is issued in the ERC-20 format on the OP (Optimism) main chain, with a total supply of 1 billion WCT.
WCT's primary uses are:
Governance: Participating in community decisions (e.g., network fees).
Staking: Earning rewards for supporting network security.
Rewarding node operators based on performance (e.g., uptime, number of connections)
Detailed token economics (token supply, distribution, excess supply, etc.) include data such as a circulating supply of 187 million, a total supply of 1 billion, and approximately $50.5 million in funding.
7. Evaluation and Conclusion
WalletConnect is a project that centers the user experience within the Web3 ecosystem, significantly increasing integration power and flexibility for developers.
Its technical infrastructure is robust, scalable, and secure. The network aims to transition to a fully permissionless model over time.
The WCT token is at the core of this ecosystem, playing a key role in decentralizing the network and encouraging user participation.
All these elements make WalletConnect a critical infrastructure project in the Web3 world.
