- WalletConnect’s new Connect Token (WCT) will drive network growth and decentralization, boosting usability and innovation.
- WCT will enable fees, rewards, staking, and governance, giving users a stake in shaping the WalletConnect Network’s future.
- With more than 40K apps and 240% annual growth, WalletConnect’s WCT seeks to improve web3’s usability and encourage additional advancements.
WalletConnect has unveiled its native token, Connect Token (WCT). The WalletConnect Network, a cornerstone of on-chain UX, serves over 23 million users. It facilitates millions of connections monthly, supporting a growing ecosystem of decentralized applications. As the network transitions to full decentralization, WCT will play a pivotal role in powering this shift.
Key Functions of Connect Token (WCT)
With its 2018 launch, WalletConnect has enabled over 150 million connections. It is remarkable that the network has expanded by 240% in just the past year. Enhancing web3 usability and accessibility is WalletConnect’s primary aim. The network hopes to spur further innovation and decentralization with the launch of WCT.
The Connect Token (WCT) is a crucial utility token for the WalletConnect Network. It will enable four key functions: fees, rewards, staking, and governance. Firstly, WCT holders can propose and decide on network fees. These fees will support services such as relay usage.
Secondly, tokens will be distributed as rewards to maintain network security and efficiency. Thirdly, users can stake WCT to earn rewards and participate in governance. Lastly, WCT holders will have voting power on network proposals, influencing future developments.
Foundation’s Role and Future Prospects
The WalletConnect Foundation, alongside key node operators like Reown, Consensys, and Ledger, is integral to supporting the network’s growth. The foundation, established in 2024, is dedicated to fostering a decentralized, permissionless ecosystem. This initiative aims to create a web3 environment designed for choice, control, and ownership.
Pedro Gomes, Director of the WalletConnect Foundation, highlighted the importance of WCT in realizing the network’s goals. He stated that since WalletConnect’s beginning, the vision has been to become a crucial part of the onchain ecosystem. The introduction of WCT will accelerate growth and attract new partners, further advancing the network’s impact.
The WalletConnect Network has seen substantial innovation and growth, with over 40,000 app projects utilizing its infrastructure. The foundation anticipates new advancements in identity, payments, and onchain services. These developments will improve user experience and contribute to a thriving digital future.
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