WalletConnect introduced the launch of its token native, WCT, and reported that the utility of this cryptocurrency shall be the fee of community charges, in addition to the distribution of rewards staking and governance. Additionally, the corporate introduced that it’ll make a airdrop of 185 million WCT.
The WCT cryptocurrency shall be based mostly on the Optimism mainnet and launch will happen on the finish of 2024, as will the airdrop. The creation of its token native, which was confirmed by a tweet on social community X, goals to foster the decentralization of the WalletConnect ecosystem sooner or later.
An vital truth is that WCT can’t be transferred to different wallets till 2025. Although customers shall be ready to use this cryptocurrency to take part within the staking and governance, the corporate stated that transferability “will be activated as the network continues with its proposed decentralization roadmap in 2025.”
The preliminary provide of WCT is restricted to 1 billion. Of that complete, 18.5% shall be allotted to the airdrops for customers, purposes, wallets, nodes, and so on.
WalletConnect, which was born in 2018, It is a protocol web3 of communication that facilitates interplay between wallets of cryptocurrencies and decentralized purposes (dApps). WalletConnect is related because it was one of the preliminary and hottest methods to join wallets to dapps on Ethereum.
Another vital function of WalletConnect is that it allows this interplay between the pockets and the purposes with out having to reveal your personal keys.
WalletConnect to be renamed Reown
In addition to the presentation of his token native, the corporate notified that the newly shaped WalletConnect Foundation will work along with node operators and group contributors on the safety, decentralization, and growth of the WalletConnect community. In addition, introduced that WalletConnect Inc. has now been renamed Reown.
Regarding the rebranding From the corporate, the previous WalletConnect web site shows a distinct look, and redirects to the Reown website.
The decentralization course of of WalletConnect started in 2023 with the migration from its model 1 (v1) to an improved model (v2), which supplied extra technical capabilities.
They then launched their first node operators in early 2024, together with Reown, Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes. This meant that a number of organizations are working nodes to enhance the safety and operability of the community.
According to the corporate’s announcement, wherein Pedro Gomes, director of the WalletConnect Foundation, spoke out, The WalletConnect community has proven exceptional progress within the final yr inside the web3 panorama and anticipate a constructive influence 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 in the future.” on-chain affluent”.
Pedro Gomes, director of the WalletConnect Foundation.
In this fashion, WalletConnect has begun to decentralize its community, a course of that entails distributing management amongst completely different individuals slightly than being centralized in a single entity.
