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WalletConnect will kickstart its airdrop campaign with the launch of Eligibility checker.Users, developers, and contributors to share in the 50 million token pool.Staking offering is available for vested tokens with defined rewards.WalletConnect, a widely used Web3 communication protocol, has launched an eligibility checker for its native token WCT airdrop. This feature allows users to participate in decision-making by staking their tokens. This launch is important in the platform’s efforts to reward its community and promote decentralized governance.
Details of the WalletConnect Airdrop Season 1
The first season of the airdrop will distribute 50 million tokens out of the 185 million WCT planned. This initiative will benefit over 160,000 eligible users, including contributors and builders.
Of the 50 million tokens, 30 million are reserved for registered users who meet the eligibility criteria for the specified period.
The remaining 20 million tokens are for prominent contributors to the WalletConnect network. These include but are not limited to node operators and early GitHub contributors.
Users cannot transfer the tokens they receive immediately, but they can stake them for governance decisions. Staking can last from one week to two years, allowing users to choose how long to participate.
By staking, users can earn extra rewards starting on December 19. This strategic incentivization scheme would encourage beneficiaries to stay engaged with the platform long-term.
Additionally, WalletConnect aims to distribute tokens fairly by using a scoring system. This system looks at how users have interacted with the network, their on-chain activities, and their contributions through platforms like GitHub. WalletConnect will also lower costs by subsidizing gas fees for users.
As a highly publicized airdrop campaign, the broader community is watching to see if its administration will differ from controversial high-profile drops from other projects. The Eligibility checker is its first step toward ensuring a smooth airdrop this Season 1.
Functions of the WCT Token
The WCT token is highly useful within the WalletConnect ecosystem. Token holders can propose new features to help shape the network’s future. Regarding governance, WCT holders have voting power to influence key decisions, ensuring the community guides WalletConnect’s development.
WCT also serves as an incentive for users who contribute to the network’s security and efficiency. Users can stake their tokens to earn rewards, making it a win-win for active participants.
Notably, the total supply of WCT is limited to 1 billion tokens. This includes allocations of 7% for core development, 17.5% for rewards, 18.5% for airdrops, 18.5% for the team, 11.5% for early supporters, and 27% for the WalletConnect Foundation.
Since 2018, WalletConnect has facilitated over 150 million connections for more than 23 million users, recording a 240% growth last year. Over $2 trillion has flowed through the network to date, with over 4 million monthly users.
Overall, the WCT airdrop marks an important step in WalletConnect’s journey towards decentralization. This airdrop rewards current contributors and also encourages more people to get involved.
As WalletConnect continues to grow, the WCT token will play a key role in creating an active and innovative community in the Web3 space.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
