#TradingMistakes101

WCT stands for WalletConnect Token. It's the native utility and governance token of the WalletConnect Network.

Here's a breakdown of what that means:

* WalletConnect Network: This is a crucial piece of infrastructure in the Web3 space. It acts as an open-source protocol that securely connects crypto wallets to decentralized applications (dApps). Essentially, it allows you to use your preferred crypto wallet to interact with various dApps across different blockchain networks (like Ethereum, Solana, Bitcoin, etc.) through QR code scans or deep links, without exposing your private keys. It's designed to improve the "onchain user experience" (UX) by making it easier and more secure to connect.

* WCT Token Utility: The WCT token plays several key roles within the WalletConnect Network:

* Fees: While the network might start without fees, the community can introduce them through governance, and WCT would be used to pay for network services.

* Rewards: WCT incentivizes participants in the network, such as wallet providers and node operators, for their contributions and to maintain network security and efficiency.

* Staking: Holders of WCT can stake their tokens to earn rewards and participate in the network's governance.

* Governance: WCT holders have voting rights, allowing them to propose and vote on important decisions and changes to the WalletConnect Network's development and future direction. This moves the network towards a more decentralized, community-led model.

In essence, WCT is designed to fuel the WalletConnect ecosystem, encouraging participation, decentralization, and the ongoing development of seamless and secure connections between crypto wallets and dApps.