Introduction to WalletConnect (WCT): The native token of the Web3 connection network
WalletConnect is a leading open-source protocol that enables connection between non-custodial wallets and decentralized applications (dApps). Thanks to this protocol, users can interact with blockchain ecosystems securely without sharing private keys, ensuring security and control over their assets. With diverse support from various wallet types, WalletConnect provides flexibility and a smooth experience in the Web3 space.
What is WCT?
WalletConnect Token (WCT) is the native token launched to promote governance, community rewards, and economic activity within the WalletConnect ecosystem. Built on the Layer-2 blockchain of Optimism, it leverages scalability and low transaction costs to enhance the user experience. The token has a limited supply of 1 billion, with 18.5% allocated for the first airdrop season, marking WalletConnect's commitment to rewarding early adopters and contributors.
Utility and role of WCT
1. Decentralized governance
WCT holders have the right to participate in governance by voting on proposals to shape the development direction of the WalletConnect ecosystem.
2. Staking rewards
Encouraging long-term participation, WCT provides staking opportunities to earn additional rewards. This not only enhances security but also encourages community loyalty. Staking rewards will begin to accumulate from December 19, 2024.
3. Service fees and voting rights
Currently, WalletConnect does not charge service fees. However, in the future, WCT holders will have the right to decide on these fees, helping to shape the economy of the ecosystem.
4. Community incentive rewards
A portion of WCT is allocated to reward active participants who contribute to the stability and efficiency of the network.
5. Inflation control
The initial design of WCT does not include inflation. To maintain sustainability, the network may implement service fees to support the operation and maintenance of the infrastructure.
Token allocation and release schedule
• Total supply: 1 billion WCT
• Allocation:
• WalletConnect Fund – 27%
• Airdrops – 18.5%
• Team and Development – 7%
• Rewards and Staking Incentives – 17.5%
• Investors and Strategic Partners – Remaining ratio
• Release schedule:
• Initial circulating supply (Q4 2024): Approximately 150 million WCT
• Airdrop distribution (2024-2025): 185 million WCT
• Staking rewards (starting Q4 2024): 17.5% of total supply
• Team unlock & development: 7% WCT
Founding and executive team
WalletConnect was founded in 2018 by Pedro Gomes, a visionary developer aiming to simplify the connection between cryptocurrency wallets and decentralized applications (dApps). Pedro currently serves as the Fund Director of WalletConnect Foundation. Additionally, Jakub Zakrzewski holds the position of Chief Executive Officer (CEO), playing a crucial role in managing and developing the organization's strategy.
By 2024, WalletConnect has facilitated over 150 million connections for 23 million users across 600 wallets and 40,000 projects, spanning various blockchain networks.
Funding rounds and investors
WalletConnect has gone through several successful funding rounds, attracting interest from many prestigious investors in the technology and blockchain fields:
Seed Round (2021)
• Amount raised: 1.25 million USD
• Typical investors: 1kx
Series A Round (March 2022)
• Amount raised: 11 million USD
• Lead investors: Union Square Ventures, 1kx
• Participating investors: Coinbase Ventures, Semantic Ventures, Zerion, along with individual investors like Alex Svanevik, Eric Conner, Arjun Bhuptani, Viktor Bunin, Mara Schmiedt, Anna Rose, and Ajit Tripathi.
Ecosystem Round (November 2022)
• Amount raised: 12.5 million USD
• Notable investors: Shopify, Coinbase Ventures, ConsenSys Ventures, Circle Ventures, Polygon, Uniswap, Union Square Ventures, 1kx, Gnosis, Hashkey Capital.
Series B Round (January 2025)
• Amount raised: 13 million USD
• Lead investors: Union Square Ventures, 1kx
• Participating investors: Shopify Ventures, Kraken Ventures, among others.
• Governance fund allocation (from 2025 onwards)
Summary
With an experienced leadership team and strong backing from top investors, WalletConnect is on a strong growth trajectory within the Web3 ecosystem. The combination of strategic vision and solid financial resources promises to position WalletConnect as one of the leading wallet and dApps connection protocols in the future.