#wallconnect

WalletConnect Token (WCT) is the native utility token of the WalletConnect ecosystem. It's an ERC-20 token deployed on the Optimism network, and it plays a key role in the network's functionality and governance. WCT is used for governance, staking, and rewarding network participants. 

Here's a more detailed breakdown:

Core Functions:

Governance:

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

Staking:

Users can stake WCT to earn rewards and contribute to the network's security and stability. 

Rewards:

WCT is used to incentivize node operators and service providers for maintaining reliable connections and providing quality services. 

Network Fees:

While not yet implemented, WCT may also be used for transaction fees in the future, subject to governance approval. 

Tokenomics:

Total Supply: 1 billion WCT. 

Circulating Supply: Approximately 186.2 million WCT (at the time of this response). 

Network: Optimism (a Layer 2 network on Ethereum). 

Transferability: While initially non-transferable at launch to ensure stability, discussions are ongoing within the WalletConnect Foundation to enable transferability based on community voting. 

Key Aspects:

Decentralized Governance:

WCT enables a community-driven approach to the development and management of the WalletConnect network.

Ecosystem Incentives:

WCT acts as an incentive for users and service providers to contribute to the network's growth and maintenance.

Security:

Staking WCT strengthens the network's security and incentivizes reliable performance.