In the robust development process of Web3, developer Xiao Zhao has been dedicated to creating a decentralized application with an excellent user experience. He understands that efficient and secure connections between wallets and applications are the key link in the Web3 ecosystem. However, reality is full of challenges, as users often hesitate due to complicated connection processes. The compatibility issues between different blockchains act like barriers, obstructing the promotion of applications. Xiao Zhao has often stayed up late, troubled over the code: "Is there no solution that can make the connection between wallets and applications simple and secure, helping my application shine?"
By chance, Xiao Zhao first encountered WalletConnect and its native token WCT at the Web3 developer summit. After gaining a deeper understanding, he felt as if he had found a light illuminating the path ahead in the darkness, and a brand new Web3 development world gradually unfolded before him.
WalletConnect is the world's leading Web3 communication protocol. Since its inception in 2018, it has been dedicated to solving the interaction difficulties between wallets and decentralized applications (DApps). It acts like a solid and smooth bridge, establishing a secure and seamless connection channel through end-to-end encryption technology across more than 50 public chains, such as Ethereum, Solana, Cosmos, and Bitcoin, achieving seamless docking between wallets and DApps. Today, WalletConnect has successfully served over 40 million users, processing up to 240 million connection requests, covering over 600 wallets and more than 61,000 applications, and has become an indispensable "connection hub" in the Web3 ecosystem.
As the native token of the WalletConnect ecosystem, WCT serves as an energy core, playing a crucial role in Xiao Zhao's development journey. For developers like Xiao Zhao, WCT is the "universal key" to unlocking infinite possibilities. On one hand, when using advanced services on the WalletConnect network, Xiao Zhao needs to pay WCT as a fee. For example, when an application requires large-scale cross-chain data interaction or uses high-performance connection acceleration services, paying WCT can obtain higher quality and more efficient services, significantly enhancing application performance and user experience. This mechanism not only ensures the stable operation of the platform but also allows Xiao Zhao to flexibly allocate resources based on the actual needs of the application.
On the other hand, WCT grants Xiao Zhao the right to participate in the governance of the WalletConnect network. He can vote on important decisions regarding the network's upgrade direction, fee model adjustments, and new feature development based on his holdings of WCT. This allows Xiao Zhao to truly become a participant and decision-maker in the Web3 ecosystem construction, contributing his wisdom and strength to the cause he loves. For instance, when discussing whether to launch a new cross-chain communication protocol, Xiao Zhao can cast a valuable vote based on his development experience and market judgment.
In practical applications, WCT has brought many conveniences and opportunities to Xiao Zhao. He can stake WCT to become a validator on the WalletConnect network. This way, he can provide stable and reliable connection services for other developers and users while earning staking rewards. This not only brings him extra income but also enhances his visibility and influence in the Web3 developer community. Moreover, as the usage of Xiao Zhao's application on the WalletConnect network continues to rise, the demand for WCT also grows correspondingly. This not only drives up the value of WCT but also attracts more attention and users to Xiao Zhao's application, forming a virtuous cycle.
From the perspective of token economics, the design of WCT is scientific and reasonable. Its total supply is 1 billion tokens, with an initial circulation of 18.62%. The tokens held by the core development team and early supporters will be unlocked linearly over four years, effectively reducing the risk of selling pressure and providing a solid guarantee for the stability of WCT's value. Additionally, 30% of the protocol's revenue will be used to buy back and burn WCT, continuously reducing the circulation of WCT in the market as the ecosystem develops, thus forming a value-supporting flywheel that promotes the steady increase of WCT's value.
To encourage users and developers to actively participate in ecosystem construction, WalletConnect has innovatively introduced a gamified governance mechanism. Users can unlock different levels of rights based on the amount and duration of WCT they stake. For example, bronze-level users can obtain basic voting rights and airdrop probability bonuses; gold-level users have exclusive nomination qualifications for the governance committee and access to high-yield pools; diamond-level users can participate in cross-chain ecosystem cooperation decisions and receive limited edition NFT badge rewards. At the same time, WalletConnect has set up daily tasks and seasonal challenges. Completing daily tasks such as cross-chain transactions and connecting to new DApps can earn "contribution points" that can be redeemed for WCT or tokens from ecosystem cooperation projects; those who meet the cumulative staking duration requirements in quarterly seasonal challenges can share a prize pool of 5 million WCT and have the opportunity to unlock cross-border benefits like LPL esports co-branded skins. Additionally, users who participate in proposal discussions, voting, or development contributions can mint Soulbound NFTs to record their on-chain governance footprints, enhancing their future airdrop weight.
In terms of cross-chain yield, WalletConnect also provides users with a variety of choices. After staking assets such as ETH and BNB through WalletConnect, users can mint standardized tokens rsETH and perform secondary staking on platforms like Aave and Compound, achieving a threefold combination of basic staking yields, DeFi mining yields, and WCT airdrops. At the same time, WalletConnect has integrated the Gain platform, which uses machine learning algorithms to scan APR data from public chains like BNB Chain and Solana in real-time, automatically allocating assets to the optimal strategy pool, allowing users to achieve annualized returns 3 to 5 times higher than the average from single-chain staking. For native users of BNB Chain, WalletConnect has also opened a dedicated pool for BNB staking, supporting direct conversion of BNB into yield-bearing assets like stBNB. During the staking process, users can earn WCT token rewards while also receiving dividends from the BNB chain.
Now, Xiao Zhao has successfully integrated WalletConnect and WCT into his decentralized application. The connection efficiency of the application has greatly improved, user experience has significantly enhanced, and costs have been notably reduced. The number and activity of users are continually increasing, and Xiao Zhao's application is gradually standing out in the Web3 market. Xiao Zhao expressed with emotion: "WCT is like my development magic tool, allowing me to race ahead on the Web3 track."
In the Web3 industry, WalletConnect has successfully broken the bottleneck of wallet and application connectivity with its innovative communication protocol and unique WCT token economic model. It has created a more open, efficient, and trustworthy ecosystem for developers, users, and investors, addressing core challenges in Web3 development and promoting innovative applications of blockchain technology in the field of application connectivity. In the future, as the WalletConnect ecosystem continues to improve and grow, WCT is expected to become an important asset in the Web3 connectivity economy, leading more people to embark on an exciting Web3 innovation journey and injecting new vitality into the development of Web3.