The #WalletConnect# is designed around three key elements:

Network: A system of nodes that transmits messages between your wallet and the application you are using, managed by different groups to maintain decentralization.

Software Development Tools: Developers use the software development tools provided by the #WalletConnect# protocol to add the feature of connecting their wallets to decentralized applications. The software development tools handle all the technical aspects in the background.

Standards: #WalletConnect# uses standard rules for how messages are sent and received, making it easier for applications and wallets to work together seamlessly.

WCT Token

WalletConnect has its own unique token, WCT, which is an ERC-20 token with a total supply of 1 billion tokens. WCT was launched on the Optimism network and is used for multiple purposes within the WalletConnect ecosystem:

Governance: WCT token holders can help determine how the network evolves, from protocol upgrades to fee structures.

Staking: Users can stake their WCT tokens to help secure the network and earn rewards. The staking duration ranges from one week to two years, with incentives increasing the longer the commitment.

Performance-based Rewards: Node operators and wallet providers are rewarded with WCT tokens based on metrics such as uptime, latency, and the number of successful connections.