WalletConnect Token (WCT) is the native utility token of the WalletConnect ecosystem. It's an ERC-20 token deployed on the Optimism network and serves multiple functions, including governance, staking, and network participation rewards.

Here's a more detailed breakdown:

Key Functions:

Governance:

WCT holders can participate in the governance of the WalletConnect protocol by voting on proposals related to protocol upgrades, fee structures, and other important decisions.

Staking:

Users can stake WCT tokens to earn rewards and contribute to the security and stability of the network.

Network Rewards:

WCT is used to reward node operators and service providers based on their performance metrics, ensuring the network runs smoothly and efficiently.

Potential Future Use:

WCT may also be used for transaction fees in the future, pending governance approval.

Tokenomics:

Total Supply: 1 billion WCT tokens.

Circulating Supply: 186.2 million WCT tokens