In the internet age, whoever controls the entrance has the advantage—like the earliest browsers and later search engines, you had to go through them to access the web. With Web3, the entrance has transformed into 'how to connect wallets to applications, how to log in': whoever can set the rules for this first step will be able to establish a foothold in the industry.
WalletConnect is now one of the big brothers in this field, but there are plenty of competitors, like Web3Auth, Particle Network, and the new technology called 'account abstraction (AA)', all vying for this territory. Today, let's talk in simple terms about WalletConnect's advantages, shortcomings, and future opportunities.
Let's first discuss how robust WalletConnect's foundation is. By 2025, it has supported over 600 wallets, 66,500 dApps, and has facilitated a total of 309 million connections, with over 47.5 million users having used it. In simple terms: if you frequently use a wallet, it is likely that it connects to various dApps through WalletConnect; many developers also prioritize it for their connection features—this is the network effect of 'the more people use it, the more people are willing to use it.'
Its core benefits are very tangible:
- Usable across multiple chains: Whether it's EVM, Solana, or Cosmos ecosystems, it can connect, without being limited to any one chain;
- Security is guaranteed: Transaction information is 'end-to-end encrypted' from wallets to applications, and the nodes that help transmit the information in between cannot see the content;
- Supported by tokens: The WCT token can be staked, can participate in governance, and can incentivize everyone to improve the protocol together, rather than relying solely on the team.
But competitors also have their own strategies, and we will discuss them one by one.
The first is Web3Auth, which takes the 'simple route.' You don't need to remember the mnemonic phrase or install a plugin wallet; you can generate an on-chain account using your Google, Discord, or Telegram account—just as convenient as using Web2 software. This is very friendly for newcomers, allowing more people who have not been exposed to Web3 to join. But the drawbacks are also obvious: the core nodes still rely on others for hosting, which is not 'decentralized' enough; and its compatibility with mainstream native wallets is generally average, so long-time users who are used to wallets may not like it. It is competing with WalletConnect for 'new users,' while WalletConnect is more oriented towards serving those who already have wallets. Although their positioning is different, both are competing for 'application entry points.'
The second is Particle Network, which aims to be a 'one-stop service.' It not only helps wallets connect to applications but also manages identity login, transaction signing, and even cross-chain interaction, providing developers with a unified toolkit without the need to piece together multiple modules. This saves effort for developers but also increases dependency—if its services encounter problems, many applications will be affected. Moreover, compared to WalletConnect, there are still many fewer applications and wallets using it, making it very difficult to catch up in the short term.
The third is 'Account Abstraction (AA) Wallets,' which is a technology that could change the rules. In simple terms, it makes wallets easier to use: they can automatically pay gas fees, sign multiple transactions at once, and even eliminate the need to remember mnemonic phrases. It is inherently cross-application, meaning that in the future there might not be a need for connection protocols like WalletConnect, as wallets can connect directly to dApps. But right now it is still in the early stages, with many applications not supporting it, and users will have to relearn how to use it, leading to high migration costs. During the transition period, WalletConnect still serves as a bridge—whether it is AA wallets or old wallets, they can rely on it to connect to applications.
Let's talk about the core advantages of WalletConnect, which are the reasons it is hard to be replaced:
1. The number of users is too large and the applications are too wide: over 300 million connections and more than 60,000 dApps. If they want to change protocols, both developers and users will have to go through a lot of trouble, and no one is willing to change easily;
2. Impartial: Not bound to any specific wallet or chain, developers from any ecosystem are willing to use it;
3. Tokens can continue to exert force: The staking, governance, and buyback mechanisms of WCT can keep nodes and the community motivated to participate continuously, rather than a one-time transaction;
4. Early multi-chain layout: It laid out in ecosystems like EVM and Solana early on, and will not collapse just because one chain fails.
Of course, it also carries risks: for example, if the enthusiasm for voting with WCT is not high, the community will lack vitality; if connection fees become too high in the future, developers may leave; new users may be taken away by Web3Auth, and once AA wallets mature, they may further divert old users; and significant price fluctuations in WCT may also impact everyone's confidence.
In fact, whether it's WalletConnect or its competitors, they all ultimately aim to solve one problem: Web3 is too complex, with multiple chains, multiple wallets, and multiple rules, making it difficult for ordinary people to understand. They all want to lower the barriers and unify the entry standards. The value of WalletConnect lies in its demonstration that 'connection protocols' are useful, and it also aims to make this infrastructure decentralized—if successful, it would become a foundational protocol in Web3, similar to HTTP; even if it doesn't succeed, the industry will still seek other solutions to establish this standard.
Looking at it now, WalletConnect has already won the first round, but the competition ahead is still long. Whether it can maintain its lead depends on whether it can manage governance well, make its economic model healthy, and continue to collaborate with more applications and wallets. If you want to conveniently use various Web3 applications, connecting your wallet through @walletconnect is definitely the right choice; there's no need to switch tools back and forth, which is both convenient and safe.
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