WalletConnect is an open-source protocol, born in 2018, that enables secure, seamless connections between cryptocurrency wallets and decentralized applications (dApps) across diverse blockchains. It has become foundational infrastructure for Web3, trusted by millions worldwide.
1. Purpose & Scope
WalletConnect streamlines how users interact with Web3 by removing friction from wallet-to-dApp communication. Whether you're scanning a QR code or clicking a deep link, the protocol ensures your private keys stay secure while granting seamless access to dApps.
As of 2025, its adoption is staggering:
Over 600 supported wallets
More than 65,000 dApps integrated
Facilitated more than 300 million secure connections for 47.5 million users
CoinMarketCap cites over 150 million connections, 23 million users, 70,000 apps, and an expanding chain ecosystem
2. How WalletConnect Works
Mechanism:
A dApp generates a QR code or deep link representing a connection request.
The user scans or clicks it via a supported wallet.
A secure, end-to-end encrypted session is established. All messages route via a decentralized network of service and gateway nodes, ensuring private key safety.
Advantages:
Cross-chain compatibility (Ethereum, Solana, Bitcoin, Cosmos, etc.)
Superior UX: no browser extensions needed—ideal for mobile-first interactions
Encrypted communication: the relay infrastructure doesn’t see sensitive wallet data
3. Evolution & Decentralization
Initially managed by a central entity (“WalletConnect Inc.”), the protocol has transitioned towards decentralization:
Foundation established to steward growth, security, and network decentralization
Transitioned to a permissioned decentralized database with node operators handling infrastructure
Supported by top-tier infrastructure partners: Consensys, Reown, Ledger, Kiln, Figment, Everstake, Arc, and Nansen
Introduced a slashing model to penalize underperforming nodes, ensuring network performance
4. WCT Token: Utility, Governance & Economics
@WalletConnect Token (WCT) powers the WalletConnect Network and plays several critical roles:
Staking: Helps secure the network and rewards participants
Governance: $WCT holders vote on network parameters (e.g., fees, rewards)
Fees & Rewards: WCT fuels fee structures and incentivizes wallets, SDKs, and node operators
Tokenomics Snapshot:
Fixed supply: 1 billion WCT
Circulating supply: ~18–19% (~186M WCT)
Allocation:
Foundation: 27%
Airdrops: 18.5%
Team: 18.5%
Rewards: 17.5%
Backers: 11.5%
Core development: 7%
Token Launch & Distribution:
Community Round was conducted in February 2025:
20M WCT offered at $0.20
No lock-up upon community vote
WCT became fully transferable in April 2025, unlocking liquidity and broader participation
Multichain Expansion:
Initially launched on Optimism (OP Mainnet)
Now extended to Solana (via token claims)
Integrated with Wormhole NTT, enabling seamless WCT transfers across Ethereum, Optimism, and Solana preserved as native tokens
5. Developer & Ecosystem Tools
WalletConnect supports developers through:
AppKit and WalletKit: Toolkits to create smooth wallet and app experiences
WalletGuide and WalletConnect Certified: Standards ensuring high UX/security in wallet integrations
SDK-based connections: SDKs power ~70% of all WalletConnect sessions; SDKs and node operators receive WCT incentives
6. Impact on the Web3 Ecosystem
Connectivity Backbone: With 220M+ connections, 35M+ users, and 54,000+ apps, WalletConnect is a staple in on-chain UX
Developer Efficiency: Developers integrate once and connect to wallets across chains—dramatically reducing engineering effort
Secure Adoption: Ensures even non-technical users connect safely, empowering widespread blockchain access
Final Thoughts
WalletConnect stands out as the trusted, chain-agnostic bridge between wallets and dApps. Its evolution from a simple open-source protocol to a decentralized, token-governed ecosystem showcases its transformative role in Web3.
With WCT enabling governance, rewards, and staking, and its expanding multichain support via Optimism, Ethereum, and Solana, WalletConnect is not just shaping UX—it’s building the connective tissue of the decentralized internet.
