WalletConnect Prepares to Airdrop $WCT Token

WalletConnect has announced the launch of its $WCT token, along with an airdrop eligibility checker. Users will soon be able to claim and stake their tokens. The company intends to distribute 50 million tokens from a pool of 185 million for the airdrop.

WalletConnect is a protocol that connects crypto wallets to decentralized applications. By providing a standardized method for wallets to interact with on-chain applications, WalletConnect simplifies the process of linking digital wallets to dApps. 

Currently, the WalletConnect network supports over 600 wallets and has facilitated more than 150 million connections for over 23 million users accessing decentralized applications. Over the past year, the network has grown by more than 200%.

Originally launched with a centralized relay infrastructure, WalletConnect now aims to decentralize its system by introducing its own decentralized network. Uniquely, this will not be a typical Layer 2 network or a blockchain. Instead, the project is developing a decentralized database managed by nodes.

According to the project’s whitepaper, the WalletConnect Network functions more like traditional web2 infrastructure than a blockchain. It offers web services that need to maintain state and require low latency and high throughput. Since no existing scalable, permissionless system has met these needs, WalletConnect blended blockchain and database ideas to build its network. 

Despite its differences from standard blockchains, the network will still be governed by a decentralized network of nodes. Prominent third-party node operators participating in this initiative include Consensys, Ledger, and Figment.

Similar to blockchain networks, the token will play a crucial role in managing the network, being used for fees, staking rewards, and governance.

However, these features will be introduced gradually with certain limitations. Initially, the Network will not implement a fee structure. As the ecosystem matures, the community will be able to use governance mechanisms to decide on fee implementation.

After the release, however, token holders will not be able to transfer their tokens to other wallets immediately. Nevertheless, even with non-transferable tokens, holders will still be able to engage in network activities such as governance and staking.

To be eligible for the current airdrop, users needed to be active on WalletConnect through interactions such as connections, signatures, and on-chain activity or contribute as developers within the Ethereum ecosystem. Pre-registration for the airdrop was also required.

However, if you missed this airdrop, don’t be discouraged. The project plans to host several airdrop seasons in the future, providing opportunities to become more active in the WalletConnect ecosystem and earn tokens.