WalletConnect originated in 2018, founded by Pedro Gomes, initially aimed at solving the connection challenges between mobile wallets and desktop DApps. Through QR code scanning and relay servers, it achieved seamless interaction, and WCT, as its native token, was officially launched in 2023, marking the protocol's upgrade to a decentralized network. The total supply of WCT is 1 billion tokens, employing a deflationary mechanism that burns a portion of the tokens through transaction fees, ensuring long-term value appreciation. Currently, WCT is circulating on the Binance Smart Chain and Ethereum mainnet, supporting cross-chain bridging.
From a professional perspective, WCT's core function lies in network security and governance. Users can participate in network validation by staking WCT, similar to the PoS mechanism but with a greater focus on practicality: stakers can earn rewards while preventing 51% attacks. In terms of governance, WCT holders vote to determine protocol upgrades, such as the recent V2 version which introduced multi-signature support, enhancing security. Data shows that the WalletConnect network processes transactions worth hundreds of billions of dollars annually, and WCT's circulating market value has surpassed 500 million dollars, proving its professionalism and market recognition.
Creatively speaking, WCT is like the 'neuron' of Web3 – it connects everything but does not control everything. Unlike traditional tokens, WCT innovatively introduces a 'dynamic reward pool' that adjusts the reward rate based on network activity. For example, when the number of DApp connections surges, the staking APY can exceed 15%. This is not just an economic incentive but also an ecological adaptive mechanism. The novelty lies in its integration of 'zero-knowledge proofs', allowing users to connect their wallets without exposing their private keys, thus preventing phishing attacks. At the same time, WCT supports NFT binding, enabling users to combine tokens with exclusive NFTs to unlock dedicated DApp access. Imagine, your WCT becomes a ticket to the metaverse! WCT perfectly fits into the Binance ecosystem. As one of the Binance Launchpool projects, WCT users can seamlessly use it within the Binance Wallet, supporting DeFi applications on the BSC chain like PancakeSwap. In the future, WCT plans to expand to Layer 2 solutions, such as integration with Optimism, to reduce gas fees and achieve millisecond-level connections. Professional analysts predict that by 2026, WCT's market value will double, benefiting from the explosive growth in Web3 adoption.
