WCT Token Launch: WalletConnect Partners with Optimism for Major Airdrop Event

WalletConnect’s WCT Token: Key Details on Registration, Eligibility, and Future Plans

WCT Token Launch – WalletConnect, the Web3 communications protocol that bridges crypto wallets with decentralized applications, is preparing to launch its native Connect Token (WCT) on Optimism’s OP Mainnet. The company will also conduct an airdrop of a total of 185 million WCT tokens to users, as announced by CEO Jess Houlgrave.

Significance of the Connect Token

The introduction of WCT represents a significant milestone in WalletConnect’s decentralization strategy. According to WalletConnect, WCT will play a crucial role in the economic and governance structure of the network. The token’s airdrop registration is scheduled to begin on September 24, with eligibility based on the use of the WalletConnect Network.

Token Supply and Airdrop Details

The total supply of WCT will be capped at 1 billion tokens, with 18.5% of this supply, or 185 million tokens, allocated for Airdrop Season 1. This airdrop will include WalletConnect end users, as well as contributors such as wallets, applications, nodes, and software development kits. To participate, users must register by linking their wallets, GitHub accounts, and providing an email address. Eligibility requires an Ethereum address, active WalletConnect engagement, or contributions to open-source projects. Wallets or IP addresses with violations will be disqualified.

Airdrop Registration and Eligibility

The airdrop for Season 1 will end on October 11, with token distribution occurring afterward based on an evaluation of historical engagement. Any unclaimed tokens will be reserved for future airdrop seasons. Users not qualifying for Season 1 may have opportunities in subsequent seasons.

Initial Token Restrictions and Future Plans

Initially, WCT tokens will be non-transferable to focus on network functionality and stability. Transferability may be enabled later through community governance, with full functionality expected by 2025. Tokens can be used for governance and staking but cannot be transferred between wallets until the full feature set is activated.

Formation of the WalletConnect Foundation

With the launch of WCT, the WalletConnect Network will transition to a permissionless structure governed by the community. The newly established WalletConnect Foundation will oversee the protocol and ensure its growth, security, and decentralization. Initial third-party node operators include Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes.

Leadership in the WalletConnect Foundation

Pedro Gomes, the founder of WalletConnect, will join the foundation as director, with Yessin Schiegg serving as CFO. Schiegg, formerly a board member at the Ethereum Foundation and CFO of the Near Foundation, will bring extensive experience to the role.

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