As the leading Web3 communication protocol connecting cryptocurrency wallets and decentralized applications (dApps), WalletConnect will issue its native token Connect Token (WCT) on the mainnet of the Ethereum Layer 2 network Optimism, including airdropping 185 million to qualified users WCT token.
WCT token issuance and airdrop details
According to a company announcement, the token will support WalletConnect’s economic and governance structure. Registration for the WCT airdrop will begin on September 24, and eligibility will be based on user participation and contributions within the WalletConnect ecosystem.
Rebrand to Reown
As part of its strategic realignment, WalletConnect Inc. has rebranded to Reown, emphasizing the improvement of user experience. Jess Houlgrave will continue as CEO. The initial supply of WCT is capped at 1 billion tokens, of which 18.5% (equivalent to 185 million tokens) will be allocated to the first quarter airdrop. Houlgrave said that the airdrop is to reward WalletConnect users, including end users, wallets, applications , nodes and communities, these are important driving forces for the growth of the protocol.
How to participate in the WCT airdrop
Users need to register to participate in the WCT airdrop by connecting their wallet, binding their GitHub account, and providing their email address.
Eligibility includes having an Ethereum address, actively using WalletConnect, or contributing to open source projects. However, sanctioned wallets or IP addresses will be disqualified from participating. The first quarter airdrop will end on October 11, after which tokens will be distributed based on historical participation. Unclaimed tokens will be reallocated to future airdrop seasons, providing more opportunities for users who missed the first round.
WCT tokens will be temporarily untransferable
WCT tokens will not be transferable in the initial stage, and the current focus will be on the functionality, stability and ecosystem development of the network. Houlgrave said token transferability may be opened up through community governance in 2025. Currently, tokens can be used for governance and staking, but cannot be moved between wallets until full functionality is enabled.
Establishment of WalletConnect Foundation
The issuance of the WCT token also marks WalletConnect’s transition to community governance and a permissionless structure. The newly formed WalletConnect Foundation will oversee the protocol and ensure the growth, security, decentralization and expansion of the network. Major industry players such as Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment and Sensei Nodes are listed as early third-party node operators.
WalletConnect founder Pedro Gomes will join the WalletConnect Foundation as a director, and Yessin Schiegg will serve as the foundation's CFO. Schiegg served as director of the Ethereum Foundation and CFO of the Near Foundation.
This article WalletConnect will issue coins! Airdrop of 185 million WCT tokens, temporarily non-transferable, first appeared on Chain News ABMedia.
