WalletConnect Set to Airdrop 185 Million WCT Tokens

The total supply of WCT tokens is set at 1 billion, with 18.5% – or 185 million tokens – allocated for the Season 1 airdrop.

Key Notes

WalletConnect launching native token WCT on Optimism Mainnet, with 185 million tokens airdropped to users for governance and economic influence.Airdrop registration starts on September 24, 2024, with eligibility determined by previous WalletConnect activity, and distribution concludes on October 11, 2024.Tokens won’t be transferable until 2025, with a focus on governance and network stability over speculation.

In a significant step towards decentralization, WalletConnect, a widely-used Web3 communications protocol, is set to launch its native token, WCT (WalletConnect Token), on the Optimism Mainnet. This Ethereum Layer 2 network launch is accompanied by a massive airdrop of 185 million WCT tokens, offering WalletConnect users more control over governance and bringing economic influence to its ecosystem.

Starting September 24, 2024, users can register for the airdrop. Eligibility depends on how they’ve used WalletConnect in the past. CEO Jess Houlgrave explained that this launch supports the platform’s plan for decentralization. Houlgrave noted that WCT will be central to both the governance and economic operations of the network.

WCT Airdrop Structure and Participation

The total supply of WCT tokens is set at 1 billion, with 18.5% – or 185 million tokens – allocated for the Season 1 airdrop. WalletConnect users, developers, and node operators who have contributed to the network’s growth will receive these tokens. Wallets, apps, and development tools that helped WalletConnect’s rise will also benefit from the airdrop.

In order to participate in the airdrop, users must register their wallets, link their GitHub accounts, and provide an email. However, wallets or IP addresses under sanctions are excluded, as are wallets that don’t meet eligibility. Houlgrave announced the airdrop will close on October 11, 2024, after which tokens will be distributed to eligible participants. Those who miss this round may have future chances in upcoming airdrops.

Initially, WCT tokens won’t be transferable, keeping the focus on network stability rather than speculation. Transferability may begin in 2025, subject to community governance decisions. Until then, tokens will be used for governance and staking, giving holders a voice in shaping the network.

Major Players in the Ecosystem

Several major third-party node operators, including Consensys, Ledger, Kiln, 1kx, and Figment, are already part of the WalletConnect ecosystem. Their participation, along with the planned token distribution, highlights the network’s expansion and its growing importance in the Web3 space.

Pedro Gomes, the founder of WalletConnect, reflecting on WalletConnect’s progress since its inception in 2018, shared his vision: 

“Since WalletConnect’s inception in 2018 the goal was always for it to become critical and decentralized infrastructure for the new internet, with the addition of WCT. The WalletConnect Network has experienced 240% growth in the past 12 months [and facilitated 150M connections since launch], WCT will incentivize even more growth and bring in even more partners.”

WalletConnect’s journey from a simple connection tool to a major decentralized network is now accelerating with the launch of WCT. This airdrop represents a key step in engaging the community and building a more resilient and decentralized future for blockchain-based communications.

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