👀WALLETCONNECT TOKEN (WCT): PURPOSES AND APPLICATIONS

The WalletConnect Token (WCT) is the native utility and governance token of the WalletConnect Network, a decentralized protocol facilitating secure interactions between crypto wallets and decentralized applications (DApps). Launched on the Optimism Layer 2 network, WCT plays a pivotal role in the network's decentralization and sustainability.

🔑 Key Functions of WCT:

1. Governance: WCT holders can participate in on-chain governance, voting on proposals related to protocol upgrades, fee structures, and ecosystem funding. This ensures that the community has a direct say in the network's evolution.

2. Staking: Users can stake their WCT tokens for periods ranging from one week to two years. Longer staking durations yield higher rewards, incentivizing long-term commitment. Staking also grants voting rights in governance decisions.

3. Rewards: A portion of WCT's total supply (17.5%) is allocated for rewarding network participants, including node operators and wallet providers, based on performance metrics like uptime and latency.

4. Fees: While WalletConnect currently does not charge fees, future implementations may introduce a fee structure governed by WCT holders. These fees would support network services such as relay usage.

💡 Recent Developments:

Exchange Listings: As of May 2025, WCT is listed on major exchanges including Binance, Upbit, and KuCoin, enhancing its accessibility and liquidity.

Staking Participation: Over 106 million WCT tokens are currently staked, with more than 142,000 holders participating in the network's growth and security.

Transferability: Initially non-transferable, WCT became transferable in April 2025 following a governance vote, allowing holders to move their tokens freely.

✅ Conclusion:

WCT is integral to the WalletConnect Network, enabling decentralized governance, incentivizing participation through staking and rewards, and potentially facilitating fee-based services in the future. Its role is central to fostering a user-driven, secure, and scalable Web3 ecosystem. $WCT

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