WalletConnect announced the launch of its token native, WCT, and reported that the utility of this cryptocurrency will be the payment of network fees, as well as the distribution of rewards staking and governance. Additionally, the company announced that it will make a airdrop of 185 million WCT.
The WCT cryptocurrency will be based on the Optimism mainnet and launch will take place at the end of 2024, as will the airdrop. The creation of its token native, which was confirmed by a tweet on the social network X, aims to foster the decentralization of the WalletConnect ecosystem in the future.
An important fact is that WCT cannot be transferred to others wallets until 2025. Although users will be able to use this cryptocurrency to participate in the staking and governance, the company said that transferability “will be activated as the network continues with its proposed decentralization roadmap in 2025.”
The initial supply of WCT is limited to 1 billion. Of that total, 18.5% will be allocated to the airdrops for users, applications, wallets, nodes, etc.
WalletConnect, which was born in 2018, It is a protocol web3 of communication that facilitates interaction between wallets of cryptocurrencies and decentralized applications (dApps). WalletConnect is relevant as it was one of the initial and most popular ways to connect wallets to dapps on Ethereum.
Another important feature of WalletConnect is that it enables this interaction between the wallet and the applications without having to reveal your private keys.
WalletConnect to be renamed Reown
In addition to the presentation of his token native, the company notified that the newly formed WalletConnect Foundation will work together with node operators and community contributors on the security, decentralization, and expansion of the WalletConnect network. In addition, announced that WalletConnect Inc. has now been renamed Reown.
Regarding the rebranding of the company, the old WalletConnect website shows a different look, and redirects to the Reown site.
The decentralization process of WalletConnect began in 2023 with the migration from its version 1 (v1) to an improved version (v2), which provided more technical capabilities.
They then introduced their first node operators in early 2024, including Reown, Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes. This meant that multiple organizations are operating nodes to improve the security and operability of the network.
According to the company’s announcement, in which Pedro Gomes, director of the WalletConnect Foundation, spoke out, The WalletConnect network has shown remarkable growth in the last year within the web3 landscape and expect a positive impact after the launch of WCT.
“The WalletConnect network has seen 240% growth in the past 12 months; WCT will drive even further growth and attract more partners. We are excited to see the network evolve and continue to play a key role for the future.” on-chain prosperous”.
Pedro Gomes, director of the WalletConnect Foundation.
In this way, WalletConnect has begun to decentralize its network, a process that involves distributing control among different participants rather than being centralized in a single entity.
