WalletConnect (WCT): The technical pillar of Governance (Web 3)

1. Introduction to WalletConnect and the challenges of connection in Web 3**

WalletConnect is an open-source protocol that facilitates secure communication between **digital wallets** (like MetaMask) and **decentralized applications** (dApps) across different blockchains. Since its launch in 2018, it has solved a key issue: **lack of interoperability** between web 3 tools, allowing users to interact with any application by scanning a QR code or with a single click. Today, its network supports:

- 600+ wallets and 40,000 applications.

- 24 million users and 150 million connections.

- Multiple chains such as Ethereum, Solana, Bitcoin, and their second layers.

2. What is the WCT token? Functions and goals**

WCT is the native token of the WalletConnect network, launched on the **OP Mainnet** (combining Ethereum's security with layer two speed). It aims to:

- **Transitioning the network to a fully decentralized ecosystem** (DAO).

- **Rewarding participants** in ecosystem development.

- **Empowering users** to control the development of the protocol.

**Core functions of the token:**

- **Governance**: Voting on network updates (such as fee structure).

- **Incentives**: Rewards for node operators and developers.

- **Staking**: Securing the network and earning rewards for up to two years.

- **Fees**: May be charged in the future for services (suggested: 'Monthly Active User' MAU model).

3. Token Economics**

- **Total Supply**: 1 billion tokens.

- **Distribution:**

| Category | Percentage | Purpose |

|---------|---------|---------|

| Foundation | 27% | Development and Partnerships |

| Airdrop Distribution | 18.5% | Users and Developers |

| Team | 18.5% | Developer Compensation |

| Rewards | 17.5% | Incentives for Participants |

| Early Supporters | 11.5% | Initial Investors |

| Core Development | 7% | Protocol Updates |

- **Unlock Key**: WCT recently became tradable after meeting conditions such as depositing 100 million WCT.

4. Price Performance and Market Data (currently: June 2025)**

- **Price**: ~$0.296 (down ~78% from peak of $1.37 in May 2025).

- **Market Value**: $55.12 million.

- **Circulating Supply**: 186.2 million tokens (18.62% of total supply).

- **Warning**: Prices are experiencing sharp fluctuations, with upcoming token unlock events that may affect the market.

5. How is WCT used? Wallet and Management**

The best way to manage the token via the **Gem Wallet** (available for iOS/Android):

- Supports multiple chains: Ethereum, Solana, BNB Chain.

- Features: Card purchase, in-app exchanges, secure storage.

- Usage steps: Download the wallet, create an account, buy or receive WCT.

6. Challenges and Future Prospects**

- **Challenges:**

- Fierce competition from Web 3 connectors (like Web3Modal).

- Reliance on community adoption of the governance model.

- **Prospects:**

- Developing a fully decentralized system (DAO).

- Support for new blockchains (like Cosmos, Polkadot).

- Innovative fee models for network funding.

7. Conclusion: Why is WCT important?**

WCT is not just an investment token, but a tool for **empowering users** to shape the future of Web 3 infrastructure. Despite market volatility, its role in **simplifying blockchain communications** makes it a strategic project in the fintech space. Its success depends on its community's ability to lead the decentralized transformation and achieve the vision of 'one connection for all chains.'

$$WCT

> ⚠️ **Note**: Price data is based on the market situation in June 2025. It is recommended to check direct sources.