WalletConnect Token (WCT) is the native utility and governance token of the WalletConnect protocol, a widely used open-source Web3 communications protocol that connects wallets and decentralized applications (dApps) securely.
Overview:
Launched in 2024, WCT is central to decentralizing the WalletConnect ecosystem. WalletConnect allows users to interact with dApps across blockchains using their mobile or desktop wallets without exposing private keys.
Key Functions of WCT:
1. Governance:
WCT holders participate in shaping the protocol’s future by voting on key proposals, upgrades, and community initiatives.
2. Utility and Staking:
WCT can be staked to secure services and operations in the WalletConnect network, particularly in areas like session relaying and message transmission.
3. Ecosystem Incentives:
The token is used to incentivize developers, node operators, and users, driving participation and growth within the WalletConnect ecosystem.
4. Decentralized Relay Network:
WalletConnect is transitioning from a centralized relay server model to a decentralized network. WCT plays a vital role in coordinating and rewarding nodes that relay encrypted messages between dApps and wallets.
Tokenomics:
Total Supply: 1 billion WCT
Distribution: Allocated among community treasury, core contributors, investors, ecosystem development, and airdrops.
Summary:
WCT is a governance and utility token powering the decentralization and expansion of the WalletConnect protocol. It ensures community control, incentivized participation, and secure, permissionless Web3 connectivity.
