- Distribution and Circulation: Total supply of 1 billion tokens, initial circulation of 18.62%. Token distribution includes foundation, airdrops, teams, etc. Early institutional holdings and private placement costs are low, with concentrated selling pressure on the first day. Although the circulation rate appears low, it becomes a factor for price suppression, and there is inertia in the selling pressure from private placements.

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- Valuation and Profitability: After going live, the circulating market value and FDV (Fully Diluted Valuation) reflect the market's complex emotions towards infrastructure-type tokens. WalletConnect has low annual revenue but a high market-to-sales ratio, far exceeding competitors. However, if the planned "tiered connection fee" model is implemented, it may optimize valuation.

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- Functionality and Mechanism: The token's functions include governance, staking, fees, and rewards. Currently, only staking and trading are activated, while fee scenarios await community voting. The market-making mechanism stabilizes prices but exacerbates volatility. The staking APY is high, but part of it comes from inflation, creating a "mine, withdraw, sell" closed loop, with low airdrop claim rates. #WalletConnect $WCT @WalletConnect