As everyone knows, after my relentless efforts, the day before yesterday I finally made it onto the influence ranking of #WalletConnect . To celebrate, I bought some $WCT , just in time for the recent plunge, standing guard and keeping watch.
However, a closer look at the rankings reveals that I, a distinguished investment research player, am surprisingly lagging behind in 'professionalism'. Can I tolerate this? Isn’t this like hitting me at gunpoint?
So today I looked up some information on WCT to discuss some new things.
Friends who are new to web3 should have heard of concepts like DeFi and DApp. These applications in web3 are basically decentralized, so experiencing any web3 application requires a wallet to act as a passport.
But the problem is that a stable connection is needed between wallets and applications.
Imagine this: you just downloaded a game and want to experience it, but the wallet won't log in; or the wallet logs in, but keeps disconnecting and reconnecting. Do you still feel like playing the game?
WalletConnect is meant for this. In fact, now every public chain has its own wallet, but each public chain tends to focus on its own chain and may even exclude some competing chains. WCT, however, is a neutral pure intermediary, aiming to encompass all applications across all chains.
For developers of those applications, WalletConnect is very useful. They do not need to make their DApp compatible with all wallets; it is enough to be compatible with WalletConnect.
I first learned about WCT because the website I wanted to log into did not support Binance Wallet, and then I discovered that scanning WCT’s code with Binance Wallet also allowed me to log in.
This is the underlying infrastructure of web3 and has promising prospects. However, its future only materializes when web3 is adopted by everyone; for now, it is still a bit early, and there isn't even a decent game available. So, the current price of WCT is relatively low.
At present, web3 is mainly focused on investment, so only exchanges and public chains are thriving, which is also reflected in the token prices — if you look at the top 10 by market capitalization, they are either public chains or exchanges.
Returning to WCT, as of now, WalletConnect has linked over 38 million independent active wallets, facilitated over 240 million connections, and integrated over 57,000 applications. This data far exceeds that of the other two competitors.
Thus, the status of @WalletConnect is equivalent to a leading token in a sector that may have promising prospects in the future. But to be honest, no one can predict the future. It cannot rely on verbal hype; we still need to look at the current situation.
I checked WCT's current application scenarios, and to be honest, there aren't many. Some DeFi transactions, some NFT transactions, and some interactions in web3 games—basically that's it.
The application scope is broad, but it is not indispensable. Most websites support wallets like Phantom, MetaMask, OKX, and WCT is just one of them.
It neither has its own user base nor exclusive partnerships with any popular applications. Therefore, when it comes to connecting to web3, it is just one of the options. But the key point is that Phantom, MetaMask, Binance Wallet, etc., all have their own user bases.
So the biggest problem WCT faces is how to attract its own users and give them a reason to use it. Even a unique DEX like Hyperliquid needs to collaborate with others for traffic. But looking at WCT, it basically interacts with others without any actions to attract users on its own.
Looking forward to better days ahead.
