Introducing WalletConnect Token (WCT) — the native token of the WalletConnect Network

The WalletConnect Token (WCT) is an important utility token of the WalletConnect Network, launched by the WalletConnect Foundation.

WCT plays a key role within the WalletConnect Network, helping to fuel UX innovation across web3 and enable a more usable onchain landscape. Powering the onchain UX ecosystem, WCT will have four key functions focused on providing both individuals and organizations with the ability to better shape the user experience standards of the future digital landscape we are collectively building, and ensure that the evolution of onchain experiences is driven by real user needs. Holders have a stake in the future of onchain UX and to participate in community-driven innovation.

The four key functions of the token are:

  1. Fees: WCT holders may propose, discuss, and decide upon the introduction of fees through governance mechanisms as a long-term economic model of the network. These would be used, for example, by projects to pay for network services like relay usage.*

  2. Rewards: Tokens are distributed by the Network as incentives to keep the Network secure and efficient.

  3. Staking: Users can stake tokens to receive rewards and take part in governance.

  4. Governance: WCT holders can vote on proposals and changes, giving the community control over the network’s development through decentralized governance.*