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The WCT airdrop is an important step in WalletConnect’s journey toward decentralization.
Key Notes
WalletConnect is launching an airdrop of 50 million WCT tokens for users who register by October 17, 2024.Users qualify based on their activity in WalletConnect and contributions to Web3 projects.The WCT token allows users to propose and vote on network changes, promoting community engagement.WalletConnect has opened registration for the highly anticipated Connect Token (WCT) airdrop initiative. With this airdrop, WalletConnect aims to reward users and increase engagement within its growing Web3 ecosystem.
By distributing tokens, the platform will encourage users to participate in the decision-making process, giving them a more direct role in how the network evolves. Since 2018 WalletConnect has facilitated over 150 million connections for more than 23 million users, recording a 240% growth in the last year alone. Today over $2 trillion flows through the network, with more than 4 million monthly users.
Functions of the WCT Token
The WCT token has real utility within the WalletConnect ecosystem. Token holders can help shape the future of the network by proposing new features. When it comes to governance, WCT holders have voting power to influence key decisions, ensuring that WalletConnect’s development is guided by its community.
WCT also serves as an incentive for users who contribute to the security and efficiency of the network. Users can stake their tokens to earn rewards, making it a win-win for active participants.
The Connect Token (WCT) airdrop is here.
Register today ↓ pic.twitter.com/gHwsPkBzGu
— WalletConnect (@WalletConnect) September 24, 2024
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.
Details of the Airdrop
The first WCT airdrop will distribute 50 million tokens. To take part, users need to connect their Ethereum wallets through WalletConnect and complete their registration. Those who have worked on Web3 projects can link their GitHub accounts to improve their chances of receiving tokens.
Adding multiple wallet addresses can also increase potential rewards. The registration deadline is October 17, 2024, and results will be announced in November. Users can check their status and claim any WCT tokens they earn after the completion of the first phase.
Eligibility for the Airdrop
To be eligible for the airdrop, users must meet criteria in two areas. User Activity looks at connections, signatures, and on-chain actions in the WalletConnect Network. Both recent and past activities count, so users should add their wallet addresses to their profiles.
Contributor Activity assesses past contributions to WalletConnect, such as work on CAIPs, EIPs, and various SDKs. Contributions to open-source projects that help the on-chain ecosystem also matter, so contributors should link their GitHub accounts.
Users can qualify in both areas. Eligibility checks will include activities up to September 12, 2024. Meeting specific criteria does not guarantee eligibility, as users must reach certain thresholds.
Overall, the WCT airdrop marks an important step in WalletConnect’s journey toward decentralization. This airdrop not only rewards current contributors but 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.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Leon is a seasoned blockchain writer and reporter, dedicated to uncovering the stories behind decentralized technologies. He excels in providing in-depth analysis and thought leadership in blockchain media. His reporting sparks meaningful conversations and fosters a deeper understanding of the transformative potential of blockchain.
