#WalletConnect WalletConnect's innovations in technological infrastructure and user experience (such as payments and cross-chain support) have built a competitive moat. If it can optimize the fee tiering model in the short term (with a target annual revenue of $30 million) and activate token utility, its valuation may recover to a reasonable range. However, in the long term, it must address three major challenges: **insufficient token economic conversion rate** (90% of connections are free), **competitive protocol squeeze** (such as the closure of the MetaMask ecosystem), and **security and trust crises** (historical flash crashes and phishing risks). If breakthroughs such as "fee revenue accounting for over 30%" are achieved in the next six months, it may complete the leap from a tool to a value gateway; otherwise, it may be trapped in a valuation pitfall of high FDV and low liquidity.