1. Overview of WCT Token
1. Project Background and Core Value
WCT is the governance token of the cross-chain protocol WalletConnect, aimed at transitioning it from a 'connection tool' to a 'value gateway.' Since its establishment in 2018, WalletConnect has completed over 275 million wallet and DApp connections, covering 600+ wallets and over 61,000 applications, making it an interoperability protocol with over 90% penetration in the Web3 ecosystem. Its token will be launched on exchanges such as Binance on April 15, 2025, built on the Optimism OP mainnet, and plans to expand to multi-chain ecosystems like Solana.
2. Token Economic Model
Total supply: 1 billion tokens, initial circulating supply of 186.2 million tokens (18.62%), of which 44% comes from Binance Launchpool mining releases, and 32% from early institutional holdings.
Allocation structure: 27% for ecological construction, 18.5% for airdrop incentives, 30% for the team and early supporters.
Core functions: Currently, staking and trading functions have been activated, and future plans include enhancing token utility through a 'connection fee tiering' model (charging based on MAU) and governance mechanisms.
3. Current Price and Market Performance
As of May 26, 2025, WCT is currently reported at $0.624 on Binance, with an 18.4% premium over OKX, a circulating market value of approximately $53 million, and an FDV (Fully Diluted Valuation) of $288 million. Compared to the private placement cost of $0.2, the increase is about three times, but there is still a gap compared to the initial listing forecast range of $2.5-4.5, reflecting the market's cautious sentiment towards infrastructure tokens.
2. Market Trend Analysis
1. Short-term Volatility and Long-term Potential
Challenges: The main reason for the lackluster performance on the first day is low circulation (only 18.62%), high inflation of staking rewards (50% of APY 85% comes from issuance), and the market bearish environment.
Positive factors: Recently, WalletConnect expanded to Solana and airdropped 5 million WCT, promoting multi-chain ecological integration; Binance continues to launch trading incentive activities, which may enhance liquidity and user participation.
2. Competition and Valuation Benchmarking
A horizontal comparison with wallet tokens (such as TWT with a market value of $350 million) and infrastructure projects (such as Chainlink), WCT's current valuation is relatively low. If 'connection fees' are commercialized in the future (annual revenue expected to be $30 million), the FDV/revenue ratio may drop to a reasonable range of 10 times.
Premium trading on Binance shows the market's liquidity preference for WCT, which may attract arbitrage and short-term speculative funds.
3. Ecological Expansion and Catalysts
The multi-chain process (such as Solana integration) and collaboration expectations with Web2 giants are key growth points for the future.
Optimizing the staking mechanism (such as achieving positive real yields) and token burn proposals may alleviate inflationary pressures.
