1. Core Positioning and Function
WCT is the native token of the WalletConnect protocol, which is an open-source infrastructure connecting crypto wallets and dApps. It enables secure cross-chain interactions through QR codes or deep links, without involving private key leaks. By 2025, it has supported over 600 wallets and more than 61,000 dApps, completing over 275 million connections cumulatively. The core functions of the token include: governance (holders voting on proposals such as protocol upgrades), staking incentives (with a staking amount reaching 120 million by May 2025, yielding an annualized return of about 85%), potential fee payments (may serve as a payment method for relay service fees in the future), and ecological incentives (distributing 17.5% of tokens as rewards to node operators, etc.).
2. Token Economics
Total supply of 1 billion tokens, with no inflation design. The distribution ratio is 27% for foundation reserves, 18.5% for the team (4-year linear unlocking), 18.5% for airdrops and community incentives, 17.5% for staking reward pools, and 11.5% for early supporters. The initial circulating supply is 18.62% (186.2 million tokens), mainly from exchange listings and airdrops.
3. Technical Foundation and Multi-Chain Expansion
Based on the Optimism OP mainnet, compatible with Ethereum's security and Layer 2 high-speed transactions. In May 2025, it will expand to Solana via the Wormhole NTT standard, becoming a cross-chain token (previously supported Ethereum and Optimism), with plans to transition to a permissionless model to enhance censorship resistance.
4. Latest Developments and Market Performance
Launched on platforms like Binance in April 2025, with Binance Launchpool distributing 40 million tokens. In May 2025, due to the Solana expansion, the airdrop price rose by 11.6% to $1.06, and as of June 19, 2025, the price is about $0.34 (24-hour trading volume of 137 million tokens). The airdrop plan covers over 160,000 users, and platforms like Bitget are launching staking lottery activities.
5. Future Challenges and Expectations
Current annual revenue is about $2 million, requiring the implementation of proposals such as “charging per connection” to enhance utility while competing with wallet protocols like MetaMask. If the fee mechanism transformation and collaboration with Web2 giants are realized, the market cap is expected to exceed the current $53 million (FDV $288 million).
Summary
As the core token of Web3 connection layer, WCT relies on WalletConnect's 45 million active users to promote multi-chain governance and staking economy. However, it needs to address the issues of excess circulation and delayed practical scenarios, with the core development focusing on transforming technology adoption into a sustainable token economic model.