The WalletConnect Token (WCT) is being launched on Solana, with 5 million WCT tokens scheduled to be distributed via airdrop to active users of the blockchain.
The launch of WCT as a multichain token aims to open WalletConnect to new users, liquidity, and applications across the Solana ecosystem.
The WCT token will be used for staking and governance on the WalletConnect network, as well as to cover fees and rewards in the future. It is estimated that around 145,000 people already own WCT — a number that is expected to increase with the expansion to a blockchain that has over 100 million active wallets per month.
In a statement sent to Decrypt, the founder and director of the WalletConnect Foundation, Pedro Gomes, stated that the platform has transformed into a 'blockchain-agnostic protocol' after starting as something 'very Ethereum-centric.'
'It makes sense that the WCT, the native token, is also a multichain token,' said Gomes. 'WalletConnect has been working closely with the Solana teams in recent months, and I have been constantly impressed with the developers, the community, and the energy of the S ecosystem.'
The commercial director and co-founder of the Wormhole Foundation, Robinson Burkey, stated that the expansion of WCT 'is a clear sign that developers and users want a smooth and secure transfer of value between ecosystems.'
A multichain journey
New integrations with other blockchains 'are already in development' as WalletConnect builds its roadmap — and as its native token becomes more accessible, new governance features and token-based incentives will be implemented to give the community a more active role in its future.
This new airdrop comes shortly after the distribution of 50 million WCT to WalletConnect users last year.
Several prominent Solana applications already utilize WalletConnect's infrastructure — including the lending platform Save, the perpetual futures exchange Drift, and the DeFi protocol Kamino Finance.
According to WalletConnect, since its launch in 2018, the protocol has facilitated over 278 million connections and has 45 million unique active wallets.
In a statement, WalletConnect stated that its arrival on Solana 'marks the beginning of a multichain journey,' expanding its history of providing 'secure and seamless' connections between apps and wallets.