WalletConnect, the most widely used wallet connection app in the Web3 ecosystem, has just announced the launch of its native token, named Connect Token (WCT).
This move is part of a broader effort to decentralise their network. Additionally, WalletConnect users will have the chance to earn these tokens through an airdrop. This plan also includes other major changes that will transform WalletConnect into a new project.
WalletConnect Plans Airdrop
With the launch of the Connect Token (WCT) on the horizon, WalletConnect is making a bold move by allocating 185 million WCT tokens, approximately 18.5% of the total token supply, for their first airdrop.
The airdrop will take place on the Optimism Blockchain, a Layer 2 solution built on top of Ethereum. To participate in this airdrop, users must start registering on 24 September 2024, fulfilling certain conditions, such as connecting their crypto wallets, linking their GitHub accounts, and providing their email addresses.
Eligibility for the airdrop will be based on users’ level of engagement within the WalletConnect network.
This includes those who frequently use WalletConnect to connect their wallets to decentralised applications, as well as those contributing to open-source projects related to WalletConnect. Users from blocked regions or IP addresses will be automatically disqualified.
WalletConnect has also clarified that this airdrop is just part of their efforts to strengthen the network by offering more incentives to active users.
During this first airdrop season, historical engagement will play a crucial role in determining who qualifies to receive WCT tokens. Once the evaluation process concludes on 11 October, tokens will be distributed to eligible users.
For those who do not claim their tokens during the first season, the unclaimed tokens will be reallocated for future airdrop seasons.
Interestingly, in the initial phase, WCT tokens will not be transferable. This measure is taken to maintain stability and focus on developing the WalletConnect network’s ecosystem.
Transferability of the tokens will gradually be enabled as the community assumes a larger role in network governance, expected to happen around 2025.
WCT tokens will be used in community governance and staking, allowing users to participate in strategic decision-making for the network in the future.
WalletConnect’s Plans After Token Launch
Alongside the WCT token launch, WalletConnect is also undergoing a major rebranding. The company will now be known as Reown. This name change is not merely cosmetic; it represents a significant step in aligning the company’s identity with its larger mission of enhancing user experience and reinforcing network decentralisation.
The rebranding will still be led by CEO Jess Houlgrave, who remains committed to steering WalletConnect towards a more user-centric and fully decentralised future.
Additionally, they have announced the formation of the WalletConnect Foundation, which will play a vital role in overseeing and developing the WalletConnect ecosystem moving forward.
The WalletConnect Foundation will be responsible for ensuring the growth of the blockchain, maintaining security, and supervising the decentralised activities taking place.
Several third-party node operators, such as Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes, will play a crucial role in the network’s operations.
With the support of these major blockchain industry names, WalletConnect is expected to expand its ecosystem further and strengthen its position as a key infrastructure in the Web3 world.
Meanwhile, Pedro Gomes, founder of WalletConnect, will join as a director at the WalletConnect Foundation. Gomes has stated that since its founding in 2018, WalletConnect was designed to be a critical and decentralised infrastructure for the new internet.
WalletConnect’s growth of 240% over the past 12 months, with more than 150 million connections, is clear proof that the network is continuing to expand and becoming increasingly important for the Web3 ecosystem. The launch of the WCT token is expected to fuel further growth by attracting more partners and new users.
Conclusion
The launch of the Connect Token (WCT) and the rebranding of WalletConnect to Reown mark important steps in the journey towards decentralised infrastructure. With an enticing airdrop, WalletConnect is committed to providing incentives to users and partners who contribute to their network.
