In 2024, WalletConnect launched WCT (WalletConnect Token), the utility and governance token that serves as the main driver of the Web3 ecosystem. As an open-source protocol that connects crypto wallets with decentralized applications (dApps) via QR codes or deep-linking without compromising private keys, WalletConnect has become the backbone of Web3 infrastructure. With over 275 million connections and 45 million active users by April 2025, WCT now plays a crucial role in driving decentralization and community participation.
What is WCT?
WCT is the native utility and governance token of the WalletConnect Network, enabling secure connections between crypto wallets and dApps across more than 300 blockchains, including Ethereum, Optimism, and now Solana. Launched in 2024 on OP Mainnet (Optimism), WCT has a capped total supply of 1 billion tokens and is designed to support governance, staking, incentives, and potential network fees in the future.
Latest Developments of WCT in 2025
Expansion to Solana
On May 26, 2025, WalletConnect announced the launch of WCT on the Solana blockchain through the Wormhole Native Token Transfers (NTT) standard. This move marks WCT as a multichain token, having previously been available on Ethereum and Optimism. This expansion is supported by major names like Phantom, JupDAO, Backpack, and Solflare, allowing Solana users to claim 5 million WCT tokens through airdrop. This announcement triggered an 11.6% price increase of WCT, reaching $1.06 on May 29, 2025, according to CoinGecko data.
Enhanced Staking
As of May 31, 2025, more than 47,439 stakers have locked 120 million WCT in the network, with 119,839 WCT distributed as weekly rewards. Staking WCT not only enhances network security but also provides incentives for users and node operators to maintain network performance.
Listing on Major Exchanges
WCT is officially listed on various major exchanges such as Binance, Bybit, OKX, Gate.io, KuCoin, and Crypto.com on April 15, 2025. Binance Launchpool allocates 40 million WCT (4% of total supply) for farming rewards over four days, starting from April 11, 2025. Other exchanges like MEXC also offer airdrops totaling 273,000 WCT and 50,000 USDT as rewards for new and existing users until April 25, 2025. This move enhances the liquidity and accessibility of WCT in the global market.
Community Campaigns
Bitget Wallet launched a 24-hour on-chain campaign on April 14, 2025, inviting users to submit 5 USDT or 1 BGB for a chance to win WCT. This campaign successfully increased early user engagement ahead of the Token Generation Event (TGE) on April 15, 2025.
Key Functions of WCT
WCT plays a crucial role in the WalletConnect ecosystem, with key functions including:
1. Governance
WCT holders can vote on protocol upgrade proposals, fund allocations, and network policies. This decentralized governance ensures the community has control over the future of WalletConnect.
2. Staking and Incentives
WCT supports a staking system for users and node operators. Service Nodes, responsible for storing and retrieving messages, must stake WCT to maintain network performance and earn rewards based on metrics such as uptime and latency.
3. Network Fees (Potential)
Although the use of the WalletConnect network is currently free, the community may decide to implement service fees (such as for relay usage) through governance, with WCT as the payment tool.
4. Ecosystem Incentives
WCT is used to incentivize developers, early users, and node operators, driving the growth of the ecosystem and adoption of dApps across various blockchains.
Token Distribution (Tokenomics)
The total supply of WCT remains at 1 billion tokens with a non-inflationary model for the next 3-4 years. The token distribution is as follows:
• WalletConnect Foundation (27%): For partnerships, reward programs, infrastructure grants, and network operations.
• Development Team (18.5%): Allocated with a one-year lockup period and linear release over four years.
• Staking and User Incentives (17.5%): For staking rewards and operational performance, released gradually each year.
• Early Supporters (11.5%): For initial resource providers, with a one-year lockup and a four-year release.
• Development Fund (7%): Supporting protocol and SDK improvements.
• Airdrops and Community (18.5%): Including large-scale airdrops in December 2024 for over 160,000 users and airdrops for Solana in May 2025.
The initial circulation at the time of listing on Binance was 186.2 million tokens (18.62% of total supply).
Roadmap and Future Vision
WalletConnect has a five-phase roadmap to achieve full decentralization:
1. TGE Launch (2024): WCT launched on Optimism with a focus on governance and early staking.
2. Full Transferability (April 15, 2025): WCT becomes fully transferable, marked by listings on major exchanges.
3. Multichain Expansion (May 2025): Launching on Solana, with plans to support more blockchains.
4. Open-Sourcing Code (April 7, 2025): The source code of the WalletConnect Network has been open-sourced, enhancing transparency and developer participation.
5. Full Decentralization: Transition to a permissionless model for network resilience and resistance to censorship.
In January 2025, WalletConnect developer, Reown, raised $13 million through Series B funding, increasing total funding to $23.5 million. These funds will be used to accelerate protocol development and WCT expansion.
Price Projections and Market Sentiment
The price of WCT has shown positive momentum since its listing in April 2025. Following an 11.6% increase on May 29, 2025, several analysts predict WCT could reach $3.99 by the end of 2025 if adoption continues to rise. Factors influencing the price include:
• Ecosystem Adoption: With 38 million active wallets and 57,000 dApps, WalletConnect has a strong user base.
• Partnerships: Integrations with major projects like Solana and prominent exchanges increase visibility.
• Market Sentiment: Airdrops and campaigns like those on Binance and MEXC drive investor interest.
However, potential short-term price corrections may occur due to liquidations from airdrop participants or early investors.
Conclusion
WCT (WalletConnect Token) is a cornerstone in WalletConnect's vision to create a decentralized, secure, and inclusive Web3 ecosystem. With expansion to Solana, listings on major exchanges, and a commitment to community governance, WCT has the potential to become one of the leading utility tokens in Web3. For users, developers, or investors looking to engage in the future of blockchain connectivity, WCT is a project worth watching.
