WalletConnect Token PriceWCT

What is WalletConnect Token (WCT)?

WalletConnect Token (WCT) is the native token of the WalletConnect Network, an open and decentralized network that connects users to apps onchain. The network describes itself as the connectivity layer for the financial internet, powering payments, trading, and compliance across the digital asset economy. WCT is built to fuel the onchain UX ecosystem by empowering users, apps, and wallets to contribute to a better onchain future through shared incentives. The token has an initial supply cap of 1 billion WCT. WCT entered its first release cycle in 2024, with an early token release in late 2024; transferability was implemented at a later date.

Key Specifications & Tokenomics

• Name: WalletConnect Token
• Ticker / Symbol: WCT
• Blockchain / Platform: WCT launches on Optimism's OP Mainnet, which inherits Ethereum's security while providing OP Mainnet's speed. The network is also listed as supporting Ethereum and Solana.
• Category: Wallet, Solana Ecosystem, Binance Launchpool
• Initial Supply Cap: 1 billion WCT
• Total Supply: 1,000,000,000 WCT
• Max Supply: 1,000,000,000 WCT
• Circulating Supply: 469,507,457 WCT (approximately 46.95% of total supply)
• Contract Address (Ethereum): 0x61cc6aF18C351351148815c5F4813A16DEe7A7E4 (verify on Etherscan)
• Allocations: WalletConnect Foundation 27%, Airdrops 18.5%, Team 18.5%, Rewards 17.5%
• Inflation Policy: Token inflation is not contemplated as a mechanism for token distribution or network sustainability in the initial design
• Explorer: etherscan.io
• Audits: The project's token contracts have been reviewed by CertiK; see the CertiK Skynet page for the audit scope and date.

Who created WalletConnect Token?

The WalletConnect Network was initially developed under WalletConnect Inc. and its founder, Pedro Gomes, who serves as founder of WalletConnect and director of the WalletConnect Foundation. The WalletConnect Foundation Board Members include Pedro Gomes and Yessin Schiegg. WalletConnect's CEO, referenced on the project's X account as @Houlgrave, is scheduled to speak at industry events. Contributors and node operators include the WalletConnect Foundation, Reown, Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes.

How does WalletConnect Token work?

WCT operates as the native token of the WalletConnect Network, which uses relay technology to enable seamless connections between wallets and applications across desktop and mobile. The token functions through four core mechanisms: fees, rewards, staking, and governance. The network's current fee proposal envisions the relay adopting a Monthly Active User model for its connection service, though initially the network will not employ a fee structure. The timeline for implementing fees is not currently fixed; the community may propose, discuss, and decide upon fees through governance. Staking allows holders to lock tokens for periods between one week and two years, with rewards based on stake weight capped to prevent over-concentration. Governance is designed to promote decentralization, with the WalletConnect Foundation stewarding growth and several councils responsible for different functions.

What makes WalletConnect Token unique and valuable?

The WalletConnect Network powers 150 million connections for over 23 million users across 600 wallets, 40K app projects, and all chains. According to the project, the network has grown by over 240% in the past 12 months (as of the project's latest published update). It plays a critical role in the $2+ trillion that flows throughout web3 today. The network is supported by 20 world-class node operators. Its unique value lies in being essential decentralized infrastructure moving billions in value monthly, including stablecoin payments and compliance. WCT holders have a true stake in the future of onchain UX and can participate in community-driven innovation that impacts all of web3 across all chains.

What is WalletConnect Token used for?

WCT has four main functions. First, fees play a role in long-term network sustainability, with the community defining how fees support economic flow. Second, rewards: 17.5% of initial token supply incentivizes participants, with 5% distributed in the first year and 12.5% reserved for subsequent years. Rewards are distributed to community contributors, including wallet providers through WalletGuide and WalletConnect Certified, and to node operators based on uptime and latency. Third, staking: holders can stake tokens to contribute to network stability and receive rewards from the general reward pool, with rewards increasing with longer commitments and larger stakes. Fourth, governance: holders participate in community-driven innovation and shape user experience standards of web3.

How Is the WalletConnect ecosystem developing?

The ecosystem includes the WalletConnect SDK, which allows wallets to connect to apps across the network, reducing integration overhead for wallet providers. It is trusted by custodians, self-custody, mobile, and hardware wallets. WalletGuide serves as the benchmark for digital wallets, an ultimate directory of onchain wallets adhering to high UX standards. WalletConnect Certified sets a new standard for onchain wallets, with performance reward mechanisms defined by consensus-based criteria. The network powers thousands of onchain projects. Key developments include the publication of the WCT explainer blog on September 16, 2024, and the airdrop blog on September 24, 2024. The network has expanded to Solana, adding it to the Ethereum and OP Mainnet networks it already supports.

How to mine WalletConnect Token?

WCT is not mined through traditional proof-of-work mechanisms. Instead, participants can acquire WCT through staking and rewards. Any holder of WCT can stake tokens to the network, contributing to stability and sustainability while receiving rewards. Staking rewards come from a portion of the general reward pool, with the percentage set by governance. Each staker's rewards are based on stake weight, capped to prevent over-concentration, and increase with longer commitments and larger stakes. The fixed staking system allows locking tokens for periods between one week and two years, with a 7-day unbonding process at the end. An auto-locking feature automatically renews staking positions, and manual re-staking is available. Node operators also receive rewards based on performance factors like uptime and latency.

How to keep your WalletConnect Token safe?

To keep your WCT safe, use reputable wallets that adhere to high security standards, such as those featured in WalletGuide and WalletConnect Certified. These directories list onchain wallets that excel in security, features, and quality. When staking, be aware that tokens cannot be withdrawn during the lock-up period, which ranges from one week to two years, and there is a 7-day unbonding process at the end. Always verify contract addresses and use official network channels. The network's governance and foundation support stakeholders through grants, application development, and partnerships, contributing to a secure ecosystem. Avoid sharing private keys and use hardware wallets for large holdings.

How to buy WalletConnect Token Coin?

WCT is listed on several major exchanges; check each venue's official listing page before trading. WCT can be swapped on decentralized venues or held in a self-custody wallet that supports the OP Mainnet network. Always verify the official contract address before transacting.