WalletConnect Launches Native Token (WCT) on Optimism with 185 Million Token Airdrop
Web3 protocol WalletConnect unveils Connect Token (WCT) on OP Mainnet, announces massive airdrop and rebranding to Reown
WalletConnect, the leading web3 communications protocol connecting crypto wallets to decentralized applications (dApps), is making waves in the blockchain space with its latest announcements. The company is set to launch its native Connect Token (WCT) on Optimism's OP Mainnet, an Ethereum Layer 2 network, accompanied by a substantial airdrop and a corporate rebrand.
WCT Token Launch and Airdrop Details
A total of 185 million WCT tokens, representing 18.5% of the initial 1 billion supply, will be distributed in the first airdrop season. This distribution will target:
WalletConnect end users
Wallets and apps
Node operators
Software development kit (SDK) contributors
Communities supporting WalletConnect's ecosystem
Key dates for the WCT token launch and airdrop:
September 24: Airdrop registration opens
October 11: Airdrop season 1 concludes, followed by token distribution
Eligibility and Participation Requirements
To participate in the WCT airdrop, users must:
Register by connecting their wallets
Link their GitHub accounts
Provide an email address
Eligibility criteria include:
Having an Ethereum address
Active engagement with WalletConnect or contributions to open-source projects
Not being associated with sanctioned wallets or IP addresses
Token Functionality and Governance
Initially, WCT tokens will be non-transferable to prioritize network stability and ecosystem development. Key points about token functionality:
Tokens can be used for governance and staking
Full transferability is expected to be activated by 2025 through community governance
The focus is on establishing network functionality before enabling token transfers between wallets
WalletConnect Foundation and Decentralization Efforts
The launch of WCT marks a significant step in WalletConnect's decentralization roadmap. Notable developments include:
Formation of the WalletConnect Foundation to oversee the protocol
Transition to a permissionless, community-governed structure
Inclusion of third-party node operators like Consensys, Kiln, Ledger, and others
Appointment of Pedro Gomes (WalletConnect founder) as Foundation director and Yessin Schiegg as CFO
Rebranding and Growth
WalletConnect Inc. has rebranded to Reown, shifting focus to user experience while maintaining leadership under CEO Jess Houlgrave. The network has shown impressive growth:
240% growth in the past 12 months
Facilitated 150 million connections since launch
This token launch, airdrop, and rebranding initiative position WalletConnect (now Reown) at the forefront of web3 innovation, promising to drive further growth and partnerships in the decentralized ecosystem
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