WCT stands for WalletConnect Token.
What is WalletConnect?
WalletConnect is a fundamental communication protocol in the Web3 world, connecting cryptocurrency wallets to decentralized applications (dApps). Simply put, it is a secure bridge that allows you to interact with various Web3 applications using your preferred wallet. It has facilitated millions of connections between wallets and different applications, making it a vital part of the Web3 ecosystem.
Role of the WCT token:
WCT is the native token of the WalletConnect network, designed to enable a more interconnected and integrated ecosystem. Its main functions include:
* Paying network service fees: WCT is used to pay for transaction fees and services within the WalletConnect network.
* Incentivizing users and node operators: WCT is used to reward and incentivize active participants in the network who contribute to its security and stability.
* Staking: Token holders can stake their tokens to earn rewards and participate in network governance.
* Governance: WCT gives its holders the ability to vote on governance proposals that shape the future and development of the project.
In short, WCT represents the new backbone of the WalletConnect network, not only as a technical and financial tool but as a means to empower the community to lead and develop the project in a decentralized manner.