WalletConnect to Distribute 185 Million WCT in Airdrop

The Web3 protocol WalletConnect, which facilitates the connection of wallets like MetaMask to dapps, has announced the launch and airdrop of the Connect Token (WCT) on the Optimism L2 network.

Introducing Connect Token (WCT), the native token of the WalletConnect Network.

The WalletConnect Network is the the onchain UX ecosystem enabling apps and wallets to bring better onchain experiences to 23M+ users.

As the network continues to decentralize, WCT will be key in… pic.twitter.com/S6EvvPmKAu

— WalletConnect (@WalletConnect) September 17, 2024

“WCT marks a significant milestone in WalletConnect’s decentralization roadmap and will drive the economic and governance framework,” project representatives noted.

According to them, registration for the airdrop will open on September 24, with selection based on the use of WalletConnect.

The company also announced a rebranding to Reown, focusing on user experience. Jess Houlgrave will continue to lead the firm.

The initial supply will be capped at 1 billion coins, with 18.5% (185 million) distributed during the first airdrop season. 

The airdrop will include end users of WalletConnect who have interacted with various wallets, applications, nodes, and development kits, as well as “communities that contributed to the project’s development.”

To participate in the airdrop, users must register by connecting a wallet, linking a GitHub account, and providing an email, Houlgrave noted.

The distribution of coins for the first season will conclude on October 11. Initially, WCT tokens will be non-transferable to “ensure a focus on network functionality, stability, and ecosystem development.” The ability to transfer tokens may be introduced later, subject to community voting. According to Houlgrave, full functionality is expected to be activated next year.

The newly established WalletConnect Foundation will support the protocol and ecosystem’s development. Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes will join the project as third-party node operators.
 
Previously, CoinGecko experts identified the optimal timing for selling airdrop tokens.