TL;DR
- WalletConnect will launch its native token, Connect Token (WCT), on the Optimism network and will conduct an airdrop of 185 million tokens, representing 18.5% of the total supply.
- Registration for the airdrop will start on September 24, with registration requirements including wallet connection, GitHub account linkage, and email address provision.
- WCT tokens will initially be non-transferable to focus on network functionality, with the potential for transferability enabled in 2025.
WalletConnect has announced the launch of its native token, Connect Token (WCT), on the Optimism mainnet, a Layer 2 solution for Ethereum.
The company will also conduct an airdrop of 185 million WCT tokens, which represents 18.5% of the total supply of 1 billion tokens. This airdrop is part of WalletConnect’s decentralization roadmap and aims to enhance the economic and governance structure of the network.
Introducing Connect Token (WCT), the native token of the WalletConnect Network.
The WalletConnect Network is the the onchain UX ecosystem enabling apps and wallets to bring better onchain experiences to 23M+ users.
As the network continues to decentralize, WCT will be key in… pic.twitter.com/S6EvvPmKAu
— WalletConnect (@WalletConnect) September 17, 2024
Registration for the airdrop will start on September 24, and interested users will need to register their wallets, link their GitHub accounts, and provide an email address. Eligibility to participate is based on active usage, with restrictions on Ethereum addresses and non-sanctioned wallets. The first season of the airdrop will end on October 11, after which the distribution of tokens will take place. Unclaimed tokens in this phase will be redistributed in future airdrop seasons.
WalletConnect Tokens Will Be Temporarily Non-Transferable
Initially, WCT tokens will be non-transferable to ensure focus on network functionality and ecosystem development. The ability to transfer tokens between wallets may be enabled later through a community governance process expected for 2025. Tokens can be used for governance and staking within the network. But their transfer between wallets will be restricted until full functionality is activated.
In addition to the token launch, following a rebranding process. The platform will be known as Reown and will continue to be led by Jess Houlgrave. The new WalletConnect Foundation will oversee the transition to a permissionless network structure and will be responsible for the security and expansion of the ecosystem. Pedro Gomes, the founder of WalletConnect. Will assume the role of director of the foundation. While Yessin Schiegg, former CFO of the Near Foundation, will be the CFO of the new organization.
WalletConnect has experienced a 240% growth in the past year and has facilitated 150 million connections since its launch. With the introduction of WCT, it hopes to drive further growth and attract new partners to the ecosystem.
