In the current rapid development of blockchain technology, various cryptocurrencies and tokens are emerging one after another. As a prominent member of the Web3 ecosystem, the WCT token offers unique functionalities and diverse application scenarios, providing users with new experiences and opportunities. Next, we will delve into the origins of the WCT token and recent activities worth participating in.
Origins of the WCT token
The WCT token, fully known as WalletConnect Token, is the native token of the WalletConnect network, playing a core role in the entire ecosystem, powering the on-chain user experience ecosystem, and serving as both a reward and governance token.
WalletConnect is an open-source security protocol established in 2018, aimed at solving the long-standing connection issues in the Web3 ecosystem, allowing users to connect their crypto wallets to decentralized applications (dApps). It connects through deep linking and encrypted QR codes, enabling users to scan the WalletConnect QR code to link their wallets to dApps, with all interactions encrypted throughout the process, ensuring the security of user accounts. Since its launch, WalletConnect has facilitated hundreds of millions of wallet-to-dApp connections, serving over 23 million users across 600 wallets, 40,000 application projects, and all major blockchains, becoming an indispensable infrastructure in the Web3 world.
With the continuous development of the ecosystem, WalletConnect has decided to issue the native token WCT to further promote decentralization. The WCT token will be launched on the Ethereum Layer 2 network Optimism mainnet in 2024, combining the security of Ethereum with the high transaction capability of the Optimism mainnet. The initial supply cap is set at 1 billion tokens, of which 18.5% (185 million tokens) will be allocated to the first season airdrop, aimed at rewarding users, wallets, applications, nodes, and communities within the WalletConnect ecosystem, thanking them for their significant contributions to the growth of the protocol.
Recent activities worth participating in
Solana Blockchain Airdrop Event
A significant recent event for the WCT token is its official expansion to the Solana blockchain, with plans to airdrop 5 million WCT tokens to active Solana users. This integration makes Solana the third blockchain to support WCT tokens, following Optimism and Ethereum.
This airdrop is part of the total of 185 million WCT reserved by the foundation for the airdrop in September 2024, and it is the second major WCT airdrop event following the airdrop of 50 million tokens to the WalletConnect community in November 2024. The airdrop will be distributed through partners such as Phantom, Jupiter, Backpack, and Solflare. For users in the Solana ecosystem, this is a rare opportunity to obtain WCT tokens, and participating in the airdrop could not only yield economic benefits but also further integrate into the vast Web3 ecosystem built by WalletConnect.
Earnings from staking activities and participation in governance
In addition to the airdrop activities, WCT token holders can also participate in staking activities. By staking WCT, users can contribute to the stability and security of the WalletConnect network while earning transaction fee dividends or newly issued tokens as rewards. The staking lock-up period is relatively flexible; users can choose to stake WCT for a few weeks to several months, and generally, the longer the lock-up period, the higher the rewards, with the system regularly distributing rewards based on the amount and duration of the stake, typically settled weekly.
Moreover, the staked WCT tokens grant users voting rights on protocol proposals (such as fee adjustments, new feature launches, etc.), and users can even directly submit community proposals to collectively promote project optimization, genuinely participating in the governance of the WalletConnect network and shaping the future development direction of this ecosystem alongside Web3 enthusiasts worldwide.