WalletConnect Prepares to Airdrop 185 Million WCT Tokens to Users
WalletConnect is preparing to launch its native WCT token, which will launch on Optimism's OP Mainnet, along with an airdrop of 185 million WCT to users.
At the WalletConnect Web3 wallet "A node to ownership" event ahead of TOKEN2049, CEO Jess Houlgrave revealed that the team is preparing to launch the platform's native WCT token, which will launch on the mainnet on Optimism's layer-2.
As shared in the video with CEO Jess Houlgrave's speech, the WCT token will have an initial supply limit of 1 billion, of which 18.5% — equivalent to 185 million tokens — will be allocated for the first airdrop.
This airdrop will be open to WalletConnect users, including wallets, applications, nodes, software development kits (SDKs), and communities that have contributed to the success of the project.
To participate in the WCT airdrop, users must register by connecting their wallet, linking their GitHub account, and providing an email address. Registration for eligible users will open on September 24, 2024.
Ethereum wallet addresses that have actively interacted with WalletConnect, or have made significant contributions to open source projects in the past.
Wallets or IP addresses will be excluded.
The first airdrop registration will end on October 11, with the distribution of WCT to eligible users following.
For the unallocated airdrop, WCT will redistribute it to subsequent airdrops.
Users who did not qualify for season 1 will still have the opportunity to participate in future airdrop seasons.
While the WCT token can be used for governance and staking, it cannot be traded until it is activated through a community governance mechanism in 2025, ensuring a focus on network functionality, stability, and ecosystem growth.
Also revealed by those present at the event, WalletConnect has rebranded to Reown, focusing on user experience, and will continue to be led by CEO Jess Houlgrave.
With the launch of the WCT token, the WalletConnect network will begin its transition to a permissionless architecture governed by the community. The newly formed WalletConnect Foundation will oversee the WalletConnect protocol and ensure the network’s growth, security, decentralization, and ecosystem expansion.
Pedro Gomes, founder of WalletConnect, will join the organization as a Director. Yessin Schiegg - former Ethereum Foundation board member and former Near Foundation CFO - will serve as CFO of WalletConnect Foundation.
Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment and Sensei Nodes are part of the initial third-party node operators.
WalletConnect is an open-source protocol that allows users' blockchain wallets to connect and interact with decentralized applications (Dapps). WalletConnect essentially acts as a bridge between non-custody wallets and decentralized Web3 applications.
The platform has raised 3 successful rounds of funding in 2022, $1.25 million (January), $11 million Series A (March) and $12.5 million (November).
