What is WalletConnect and WCT?

Image:https://walletconnect.network/
Since its inception in 2018, WalletConnect has become the default standard for connecting wallets and applications, with over 15 billion connections served, supporting over 40,000 applications and 600+ wallets, making it the most widely deployed communication intermediary in Web3 today.

And the recently launched WCT (WalletConnect Token) is a key step for this protocol to move from technical products to decentralized networks.

Why is WalletConnect a must-have for Web3?

1. Full-chain compatible 'connectivity layer'
WalletConnect does not bind to any blockchain network, its underlying protocol can traverse ecosystems such as Ethereum, Solana, Cosmos, Bitcoin, etc., building a 'chain-agnostic' communication bridge.

2. Secure message transmission
All connection processes are end-to-end encrypted. WalletConnect itself does not record user addresses, transaction details, or identity information, making it one of the most privacy-first connection methods currently available.

3. User-centric architecture
Starting from addressing the pain point of 'connecting mobile wallets to Dapps' in the early stages, to launching SDK tools such as AppKit and WalletKit, WalletConnect has always taken connectivity experience as the core of its product.

In short, it makes on-chain interaction more like Web2, smooth and seamless, instead of the cumbersome 'manual operation' of copying and pasting wallet addresses, scanning codes, and confirming transactions.

The launch of WCT signifies the decentralization of the WalletConnect network.

In the past, WalletConnect was a protocol maintained by the company. The launch of WCT represents its transition to being governed and operated by the community.Public Network.

As the native token of the protocol, WCT's use cases include:

• Staking & Incentives:Service nodes need to pledge WCT to participate in message relaying and receive rewards based on performance;

• Governance Weight:Token holders will have voting rights on protocol parameter changes, reward mechanisms, fee adjustments, etc.;

• Ecological Incentives:Developers will be rewarded with contributions through WCT for high-quality wallet, application, and SDK development;

• Potential payment tool:If the future network introduces usage fees, WCT may become one of the payment media.

At the current stage, WCT is not yet tradable, only available for staking and governance to ensure the stability and controllability of the network launch period.

Who is involved in building this network?

WalletConnect network is collaboratively operated by multiple roles:

• Service Nodes: Running relay service to handle connection requests. The more stable the performance and the faster the response, the more WCT incentives received;

• Gateway Nodes：Responsible for optimizing the transmission path, currently operated by the official team, will be open to the community in the future;

• Wallets & Apps: For example, clients integrating WalletConnect such as MetaMask, Trust Wallet, Uniswap, OpenSea, etc.;

• End Users (Users):All Web3 users who connect to applications through WalletConnect will also be able to participate in network governance by holding WCT in the future.

This diversified structure lays the foundation for WalletConnect to balance performance, decentralization, and user engagement.

Distribution method of WCT

The initial total supply of WCT is 1 billion, and the distribution is designed to balance ecological incentives, team incentives, and community development:

Among them,27%Allocated to the WalletConnect Foundation to support ecosystem development, partner expansion, and long-term infrastructure construction;
18.5%Reserved for the project team, distributed in a linear release manner over 4 years to incentivize the team to continue driving protocol evolution;
18.5%Airdrops will be conducted to the community, including active wallets, app developers, node operators, and other ecosystem participants;
17.5%Used for node staking and performance rewards, encouraging network nodes to provide stable, high-quality services;
11.5%Allocated to early supporters and partners to recognize their contributions to the initial development of WalletConnect;
The rest7%Continuous development and technological innovation to support the core protocol.

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WalletConnect's future plan: to build the communication protocol stack for Web3

WalletConnect's goal is far more than just "connecting wallets and Dapps".
It is evolving towards a role similar to TCP/IP in the Internet: building a communication stack that can be used by any protocol, any chain, and any device.

Key developments worth paying attention to in the upcoming roadmap include:

• Node registration permissions are fully open, truly achieving network decentralization;

• Audit nodes are online, providing performance monitoring and security assessment;

• Wallet NFT / App NFT registration mechanism, establishing identity and reputation system;

• Open Community Proposal Mechanism (WIP), WCT holders can drive protocol evolution.