The WalletConnect Token (WCT) is the native utility token of the WalletConnect Network, a crucial infrastructure layer for Web3. WalletConnect itself is a protocol that enables secure connections between cryptocurrency wallets and decentralized applications (dApps), facilitating seamless interaction across various blockchains.
WCT plays a vital role in decentralizing and incentivizing the WalletConnect ecosystem. Its primary use cases include:
* Governance: WCT holders can participate in voting on key decisions regarding protocol upgrades, fee structures, and the overall direction of the project.
* Staking: Users can stake their WCT tokens to contribute to network security and stability, earning rewards in return.
* Fees: While initial services may be free, WCT is designed to be used for paying for network services as the ecosystem matures, ensuring long-term sustainability.
* Rewards: WCT tokens are distributed to network participants, including wallet providers and node operators, as incentives for their contributions.
By empowering its community through these mechanisms, WCT aims to foster a robust, community-led infrastructure for Web3 connectivity.