WalletConnect Launches WCT Token on Optimism Mainnet
2024-09-17
Bittime - WalletConnect launched a native token called Connect Token (WCT) of mainnet Optimism, Ethereum's Layer 2 network.
In addition to the WCT token launch, WalletConnect also announced airdrop plans. Read this article to find out more!
WCT Token Launch and Airdrop
WalletConnect launches WCT token with a total initial supply of 1 billion WCT. As much as 18.5% of the total supply or approx 185 million WCT will be allocated for airdrop.
This WalletConnect airdrop will take place on September 24-October 11, 2024. PEligible users can register during that period.
To participate in this airdrop, users must connect their wallet and GitHub account, and provide an email address as part of the verification process.
However, only users who actively use WalletConnect or contribute to related open-source projects can participate. Ethereum address and relevant contributions will be the main determinants of qualification.
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WCT Token and WalletConnect
Token WCT and WalletConnect
WalletConnect stated that the WCT token will be a key driver in the economic structure and governance of the WalletConnect network. This shows that the WCT token will play an important role in the decentralization of this platform.
However, in the early stages, tokens WCT will not be able to be traded or transferred between wallets. This is done to maintain focus on network stability and ecosystem development.
The transferability of the WCT token will be decided through community governance, which will likely be activated in 2025. Until then, WCT tokens will only be used for staking and governance.
WalletConnect Rebranding to Reown
Along with the launch of the WCT token, WalletConnect also announced its rebranding to Reown.
However, mEven though the name has changed, the main goal of this platform remains the same, namely to become an important and decentralized infrastructure for the internet of the future.
Read Also: Number of New Ethereum Wallet Addresses Is at Lowest Point This Year
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