WalletConnect set to airdrop 185 million WCT with native token launch

Quick Take

  • WalletConnect is launching its native Connect Token on Optimism’s OP Mainnet.
  • A total of 185 million WCT will be airdropped to users, CEO Jess Houlgrave told The Block.

WalletConnect, a web3 communications protocol that connects crypto wallets to decentralized applications, is set to launch its native Connect Token (WCT) on Optimism's OP Mainnet, an Ethereum Layer 2 network. The token will also be airdropped to users.

"WCT marks a significant milestone in the WalletConnect Network's decentralization roadmap and will be the driving force behind the economic and governance structure of the Network," WalletConnect said Tuesday. "Registration for the WCT airdrop will open on September 24. The airdrop eligibility structure is based on use of the WalletConnect Network."

WalletConnect Inc. has rebranded to Reown, focusing on user experience, and will continue to be led by CEO Jess Houlgrave.

The WCT token will have an initial supply capped at 1 billion, with 18.5% — or 185 million tokens — allocated for airdrops across different seasons, Houlgrave told The Block. The airdrop will include WalletConnect end users, as well as wallets, apps, nodes, software development kits and communities that have contributed to WalletConnect's success, Houlgrave said.

To participate in the WCT airdrop, users must register by connecting their wallets, linking their GitHub accounts and providing an email address, Houlgrave said. Eligibility requires an Ethereum address, active WalletConnect engagement or contributions to open-source projects, with sanctioned wallets or IP addresses disqualified, Houlgrave added. The airdrop for season 1 will conclude on Oct. 11, at which point token distribution will occur, following an evaluation of historical engagement. Any unclaimed tokens will be reallocated to future airdrop seasons. Those not qualified for Season 1's airdrop may have opportunities to qualify in subsequent seasons, Houlgrave added.

Initially, WCT tokens will be non-transferable to ensure focus on network functionality, stability and ecosystem development, according to Houlgrave. Transferability might be enabled later through community governance. While tokens can be used for governance and staking, they cannot be transferred between wallets until full functionality is activated by 2025, Houlgrave added.

WalletConnect Foundation's formation

With the launch of the WCT token, the WalletConnect Network will begin transitioning to a permissionless structure governed by the community. The newly formed WalletConnect Foundation will oversee the WalletConnect protocol and ensure the network's growth, security, decentralization and ecosystem expansion.

Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes are part of the initial third-party node operators, WalletConnect said.

Pedro Gomes, the founder of WalletConnect, will join the foundation as director, accompanied by Yessin Schiegg, who will serve as CFO of the WalletConnect Foundation. Schiegg was previously a board member at the Ethereum Foundation and most recently the CFO of the Near Foundation.

"Since WalletConnect's inception in 2018 the goal was always for it to become critical and decentralized infrastructure for the new internet, with the addition of WCT we are making that goal a reality," Gomes said in a statement. "The WalletConnect Network has experienced 240% growth in the past 12 months [and facilitated 150M connections since launch], WCT will incentivize even more growth and bring in even more partners."


Update (Sept. 24): Houlgrave told The Block that the 185 million WCT tokens allocated for the airdrop will be distributed across multiple seasons, rather than being fully released in season 1.


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© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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