Understanding WalletConnect Token (WCT) and WCT Airdrop in one article

Key Points:

• WalletConnect connects networks through Open Source, simplifying the process for users to connect any encryption wallet to Decentralization applications. All interactions are processed through encryption, ensuring the security of the user's account.
• The WalletConnect network is moving towards Decentralization. WalletConnect will launch the Connect Token (WCT), which will help users, applications, and the Wallet community together build a better on-chain future through incentive mechanisms and governance functions.
• WCT will be launched on Optimism's OPMainnet, which combines the security of Ethereum with the high speed of OPMainnet.
• The registration for the first season of WCT Airdrop is now open until October 18, 2024, and the Airdrop qualification review will be conducted in November, 2024. The second season and subsequent Airdrops will start from 2025.

This article is provided by WalletConnect.

Since its launch in 2018, WalletConnect has provided the encryption community with a convenient way for users to connect supported wallets with any decentralized application on-chain. According to project data, WalletConnect has provided 150 million connections for over 23 million users, covering 600 wallets, 40,000 application projects, and all blockchain.

The WalletConnect Foundation and other node operators and contributors in the network are moving forward according to the established roadmap with the goal of achieving a fully open, permissionless, and decentralized WalletConnect network. The WalletConnect Token (WCT), as the native token of the network, has multiple uses such as fee structure, reward mechanism, stake function, and serves as a governance tool for the WalletConnect ecosystem.

What is WalletConnect?

(http://walletconnect.network/) is an on-chain user experience ecosystem that allows users to connect their encryption wallet to decentralized applications, whether through a web or application interface. Launched in 2018, it addresses the long-standing connectivity issues in the web3 ecosystem and has become an integral part of the current on-chain infrastructure. WalletConnect links user wallets to decentralized applications through depth connections and encryption QR codes. Users only need to scan the WalletConnect QR code to establish a connection between their wallet and dApps. WalletConnect retrieves application requests and forwards them to the user's wallet for approval, enabling transactions to be completed. Throughout this process, the user's data is protected by end-to-end encryption, ensuring a secure and seamless transaction experience.[WalletConnect]

WalletConnect network supports multi-chain, and as it continues to expand, it is gradually transitioning towards a completely permissionless mode. The native TokenConnect Token (WCT) will provide momentum for governance, stake, rewards, and fee structure after the launch of the WalletConnect network.

What is WCT (Connect Token)?

WCT is the native Token of the WalletConnect network. According to the project description, WCT will serve as a reward and governance Token, providing incentives for the on-chain user experience ecosystem. WCT in[Optimism]Minted on the network, this is a Layer 2 EVM equivalent chain based on Ethereum, which combines the high speed of Optimism with the security of Ethereum.

The total supply of WCT is limited to 1 billion, of which 27% is reserved for the WalletConnect Foundation, and 18.5% is distributed through Airdrops to eligible users and contributors. The remaining Tokens will be allocated to the project team, reward programs, early supporters, and core development team.

WCT is designed to support network functionality and promote ecosystem development, so WCT is non-transferable at launch. This design ensures that the Token will stay within the ecosystem, play its role, and drive the long-term stable development of the WalletConnect network. Prior to the introduction of transferability, WalletConnect will test all Token functions and avoid potential risks that may arise from premature transfers.

In the future, the WalletConnect Foundation will conduct discussions to decide whether to enable the transferability of WCT tokens, and this decision will be determined by the vote of WCTholder.

The use of WCT tokens

The WCT token has multiple functions, mainly including:

Fees

At the time of writing this article, WalletConnect does not charge applications or SDKs for using the Relay service. However, due to the cost of providing privacy protection and anti-censorship services, as well as WalletConnect not selling data or controlling the system, a fee structure may be implemented based on community governance in the future.

According to the protocol information, the fees will be paid by the applications and SDKs, as they are the primary beneficiaries of the connection. Users do not need to pay any connection fees, as WalletConnect always ensures that the user experience comes first.

Reward

WalletConnect will launch a long-term reward program based on WCTToken. 17.5% of the Token supply will be used for reward allocation, of which 5% will be distributed in the first year. The goal of this program is:

• Incentivize users to actively participate in network activities;
• Encourage participants to commit for the long term;
• Ensure the security and efficient operation of the network;
• Promote the overall development and sustainability of the WalletConnect ecosystem.

The reward program covers key parts of the network, such as Node and Wallet.

Node Rewards

Node rewards are incentives for network service Node providers based on their performance. Service Nodes are responsible for maintaining the data storage layer of the network, managing a distributed database for storing and transmitting network data. Through the reward program, Service Nodes will receive WCT tokens based on their operational performance and online time. In the initial stage, 100,000 non-transferable WCT tokens will be distributed to Service Nodes, with subsequent rewards provided based on Node activity.

Wallet Performance Reward

Wallets using the WalletConnect protocol can also earn rewards for good performance. To participate in the Wallet Performance Rewards program, the Wallet needs to stake a certain amount of Tokens in the protocol, and complete at least 100,000 successful connections and signatures per month. Wallet Performance Rewards may be adjusted according to community resolutions.

stake

WCT Token holders can participate in governance and earn rewards by staking tokens. The stake period can range from one week to two years, and the longer the stake period, the greater the rewards. After staking, the tokens will be locked until the end of the stake period, followed by a 7-day waiting period before they can be returned to the holder.

The manual stake function is currently supported. WalletConnect plans to launch an automatic stake function in the future, making it convenient for holders to automatically stake their rewards to earn more profits.

Governance

In order to ensure the transparency, decentralization, and community participation of the project, WalletConnect will launch a Decentralized Autonomous Organization (DAO) supported by the WCT Token. WCT Token holders can participate in governance by staking tokens, proposing proposals, and voting on key issues to influence the direction of the project's development.

In the early stages of governance, the WalletConnect Foundation will be responsible for project management. As the project develops, the foundation will gradually transfer governance to a committee elected by the community, which will be responsible for various matters such as partnership relations and technical development.

How to Participate in WCT Airdrop Registration

WalletConnect hopes to reward users through the Connect Token Airdrop, with 18.5% of the total supply being used for Airdrop distribution over multiple seasons. In the first season Airdrop, 50 million WCT (5% of the total supply) will be distributed to eligible users and contributors, with the remaining Airdrop to follow in subsequent seasons. In the first season, 40 million tokens (4% of the total supply) will be distributed to users, while contributors will receive a 1% share.

Next, let's see how to register for the WCT airdrop.

Please note that registering does not necessarily mean that you are eligible for the Airdrop.

1. First, visit the Airdrop page: https://airdrop.walletconnect.network/

Be sure to verify the authenticity of the website and ensure that you are entering the official page.

2. On the bottom left corner of the Airdrop page, click "Register Here" to continue.

3. Click "Connect Now" to proceed to the next step.

4. Choose your Wallet or connection method and connect your Wallet as instructed.

It is recommended to connect using a Wallet that supports WalletConnect protocol.

After completing the Wallet connection, sign the message to confirm that you are the owner of the Wallet.

6. After completion, your Airdrop information will be generated.

7 You can also click 'Link GitHub' or 'Add Address' to associate your GitHub account or add other wallet addresses.

If you connect to the Airdrop page via WalletConnect, please refer to the WalletConnect User Guide for instructions on how to operate.

The Airdrop registration for this time will start on September 24, 2024, and end on October 18, 2024. Participants will be able to check their Airdrop eligibility in November 2024.

Qualifications for WCT airdrop

WCTAirdrop has different eligibility criteria for participation. Meeting these requirements can help increase your chances of receiving Airdrop rewards, but does not guarantee that you will definitely qualify.

User Activity

The eligibility of user categories will be assessed based on the following activities:

• Connect Decentralization applications on supported Blockchains through the WalletConnect protocol.
• The number of transactions signed through the WalletConnect protocol.
• Overall on-chain activity situation connected to Wallet.

Contributor activities

The qualification assessment of the contributor category is based on the following activities:

• Contribution to CAIP (Chain Agnostic Improvement Proposal). Such proposals are aimed at technical improvements across multiple blockchains, not limited to a specific chain.
• Contribution to EIP (Ethereum Improvement Proposal). These proposals are development suggestions for the Ethereum network.
• Use EVM development toolkit (SDK).
• Projects using non-EVM SDKs are also eligible.
• Open Source projects that have a positive impact on the on-chain ecosystem will also be classified as contributors.

It is important to note that the Snapshot for the first season of WCT Airdrop has been completed on September 1, 2024, and only activities before this date will be considered for this Airdrop qualification.

Conclusion

As an important connecting protocol, WalletConnect serves millions of users, providing a convenient channel for connecting Decentralization applications. By launching the WCT token, WalletConnect hopes to involve more users, applications, and Wallets in the construction of the on-chain ecosystem through reward programs and Decentralization governance. The upcoming first season Airdrop is not only to reward loyal users, but also to build a foundational community needed for project development.

When connecting to any Airdrop page, be sure to conduct a detailed investigation to ensure that you are entering a legitimate website. This article is for reference only and does not constitute financial advice.

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