What is WCT (Connect Token)?

Connect Token is the native token of the WalletConnect Network. According to the project, the WCT token will power the UX ecosystem on-chain and act as a reward and governance token. The WCT token will be minted on Optimism, an EVM Layer-2 equivalent network on Ethereum, leveraging the speed of Optimism and the security of Ethereum.

The supply of WCT is capped at 1 billion; 27% of the total supply will be reserved for the WalletConnect platform while 18.5% will be distributed via airdrop to users and contributors who meet the requirements. The remainder of the supply is allocated to the project team, reward programs, early supporters, and core development programs.

As the purpose of WCT is to support and enable network functionality and ecosystem development, WCT will be a non-transferable Token at launch. This is to ensure that the Tokens remain within the ecosystem to serve their intended purpose, fostering the growth and long-term stability of the WalletConnect Network. The non-transferability allows WalletConnect to test all functionalities of the Token before introducing transferability, while also minimizing other potential risks surrounding early transferability.

In the future, the WalletConnect Foundation will facilitate discussions around allowing transferability of the WCT Token, which will be decided by WCT holders with voting rights.

$WCT hashag #WalletConnect @WalletConnect