$WCT, as the governance token of WalletConnect, the core infrastructure of Web3, has a large user base and technical accumulation, but needs to break through the transformation from 'tool attributes' to 'value capture'. Its success or failure depends on the implementation of the charging model, the positive realization of staking real returns, and the expansion of the cross-chain ecosystem. The current market value may be underestimated, with both long-term potential and risks coexisting.