09.16.2024
Introducing the WalletConnect Foundation, the WalletConnect Token (WCT), and the decentralization of the WalletConnect network.
WalletConnect
Foundation
The WalletConnect network, powered by the WalletConnect Token (WCT), is a UX system on-chain.
Since its humble beginnings in 2018, the WalletConnect network has served as the backbone of a growing ecosystem for user experience on-chain, enabling millions of users to connect to thousands of applications and explore a digital world designed for ownership.
Since its inception, the WalletConnect network has facilitated over 150 million connections for more than 23 million users, and today, it hosts the monthly activity of over 4 million users making more than 15 million connections.
Over the past twelve months, the WalletConnect network has grown by more than 240%. In short, the WalletConnect network plays a pivotal role in the flow of over $2 trillion across web 3 today.
The WalletConnect network, which is a cornerstone of today's web 3 landscape, gradually seeks to achieve a well-established mission to become a fully open, decentralized, permissionless network that operates independently of any entity, paving the way for a future designed for interoperability, connectivity, and standardization. A future owned by everyone - and owned by no one.
The network began its journey towards decentralization in 2023, witnessing several pivotal milestones, including its transition from version 1 to version 2 in 2023 and the introduction of the first node operators earlier this year, including Reown, Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes.
As the critical next phase in this journey, the WalletConnect network will introduce the WalletConnect Token (WCT), the native currency of the network that supports the on-chain user experience system.
Introducing the WalletConnect Token (WCT) - the native token of the WalletConnect network.
The WalletConnect Token (WCT) is an important token for the WalletConnect network, launched by the WalletConnect Foundation.
The role of $WCT is pivotal in the network, contributing to enhancing user experience innovation across web 3, enabling a more usable environment on online trading platforms. WCT will enhance the user experience ecosystem on online trading platforms, enabling four key functionalities focused on empowering individuals and institutions to improve user experience standards in the digital landscape we are building together, ensuring that the evolution of online trading experiences is driven by actual user needs. The holders of this platform are committed to the future of user experience on online trading platforms, participating in community-driven innovation.
The four main functionalities of the token are:
Fees: License holders can propose, discuss, and set fees through governance mechanisms as a long-term economic model for the network. These fees will be used, for example, in projects to cover the costs of network services, such as using the relay.
Rewards: Tokens are distributed by the network as incentives to maintain the security and efficiency of the network.
Storage: Users can store tokens to earn rewards and participate in governance.
Governance: WCT holders can vote on proposals and changes, giving the community control over the network's development through decentralized governance.
To learn more about the WalletConnect Token, read "What is the WalletConnect Token (WCT)?" Everything you need to know about the native token of the WalletConnect network.
Empowering a chain-based future characterized by utility, ease of use, and unparalleled value.
The WalletConnect Foundation, along with node operators and community contributors, will play a crucial role in supporting the growth, security, and decentralization of the WalletConnect network and expanding the ecosystem.
About the WalletConnect Foundation
The WalletConnect Foundation was established in 2024, dedicated to building and facilitating a permissionless decentralized ecosystem, supported and empowered by a community of developers and users, ultimately working towards achieving an internet designed for choice, control, configurability, and ownership.
Today's web 3 technology cannot realize its full potential, as it is hindered by the constraints of poor usability and limited accessibility. With the decentralization of the WalletConnect network and the launch of the WCT, the WalletConnect Foundation believes that the next phase of the network will combine utility and ease of use to deliver unparalleled value in the wider web 3 space, by building new bridges to bring the benefits of decentralization to meet the needs of the broader global digital community, aligning blockchain incentives to prioritize a better user experience.
Pedro Gomez, Director of the WalletConnect Foundation, says: "Since the launch of WalletConnect in 2018, the goal has always been to become a vital and decentralized infrastructure for the on-chain ecosystem, and with the addition of WCT, we are achieving that goal. The WalletConnect network has grown by 240% over the past twelve months, and WCT will stimulate further growth and attract more partners. We are excited to see the evolution of the network and continue to play a pivotal role in a thriving on-chain future."
A thriving ecosystem designed for growth and prosperity
Despite being a cornerstone of a healthy ecosystem, the technology that supports the WalletConnect network alone is not sufficient to achieve a better future vision. With over 40,000 application projects based on the WalletConnect network to date, its community is rich with innovative, creative, and effective applications in the fields of decentralization and blockchain technology.
As the network, market, and technology evolve, the WalletConnect Foundation looks to build a robust suite of new functionalities and applications on the WalletConnect network. Developments in areas such as identity, payments, service fees on the network, permissions, and security are innovations that participants in the WalletConnect network are uniquely positioned to build and scale, serving the mission of enhancing user experience.
As the network continues on its ambitious path, those who value interoperability, connectivity, standardization, and consensus, and who truly believe in a thriving digital future supported by innovation on-chain designed to make a real impact, are invited to join and participate in building an on-chain UX system.
Changes with WalletConnect Inc.
WalletConnect Inc. has now become Reown. The network operates independently of Reown. For AppKit, WalletKit, and other features and products,
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