WalletConnect is opening its first airdrop farming season, after announcing plans to release its native token. The native WCT token will be key for expanding the onchain network.
WalletConnect, one of the main wallet aggregators for tokens, NFT, and apps, will issue WCT, its native asset. The airdrop registration will launch on September 24, aiming to distribute 185M tokens. No assets have been issued to date, and WalletConnect calls for vigilance against scams. Copycat X handles are already offering a registration page, which may make malicious requests to wallets.
The airdrop will target end users, wallet providers, app teams, node operators, SDK producers, and communities that have partnered with WalletConnect. Joining the airdrop will require a crypto wallet, a GitHub account, and an email. The token allocation will be claimable by the end of the year.
The upcoming event will be the first in a series of airdrop seasons with varied task missions. Starting from Q4, WalletConnect will have a series of quests and seasons, each underscoring one aspect of the ecosystem. Before WCT, WalletConnect was among the top tokenless protocols, aiming for an onchain experience first and tokenomics as a later development. Initially, the new network will be free, but the WCT token may also be used to pay for transactions if the community votes in that direction. In the coming years, WalletConnect will transform into a community-driven platform.
The WCT supply will be capped at 1B tokens, with a predetermined distribution to several classes of owners. The upcoming airdrop will distribute 18.5% of the supply. The team will receive the same share of 18.5% as its allocation. Early contributors and core developers will also receive 185M tokens. The biggest share will belong to the WalletConnect Foundation, controlling 27% of all tokens.
Most of the older users who have interacted with WalletConnect may be eligible for an airdrop, though there is still no point distribution system. WalletConnect was widely used during the NFT boom and to access Web3 apps and games.
WCT will not be immediately transferable and will become essential at a later date. The new asset will have four main use cases – fees, rewards, staking, and governance. The rewards will work as incentives for network activity, to boost on-chain participation for the project. All initial token allocations will work as an initial boost for participants to take their places in the ecosystem.
Since the initial distribution will be generous, WCT will not be transferable. Participants will be able to stake and vote, but may not send their tokens to other wallets or sell them on the market.
WCT will launch as an L2 token, using the Optimism ecosystem, with minimal gas fees and fast transactions. WalletConnect extends the onchain idea, which relies on seamless onboarding even for newcomers to decentralized apps.
WalletConnect rebrands to Reown, builds a decentralized network
WalletConnect boasts more than 23M users and has now set the goal of becoming fully decentralized. The WCT token will be key to building the decentralized chain, and will initially launch on the Optimism main net. WalletConnect already supports 150 chains and more than 6,000 apps and can aggregate data from hundreds of wallet types.
Jess Houlgrave, CEO of WalletConnect, also announced the project’s rebranding as Reown.
🎉 Today marks a milestone for onchain UX and the WalletConnect ecosystem. WalletConnect has officially rebranded as @Reown_, the onchain UX platform! Reown will empower builders with tools to create an onchain future focused on composability, control, and choice.
— Jess Houlgrave (@jesshoulgrave) September 17, 2024
The new project will divert some of the control to the community, with the help of the newly created WalletConnect Foundation. The exact role of the Foundation will also be presented in the next few days, as the project pivots from an interface app and wallet into a full development platform.
The Reown project will move beyond wallet technology and further extend its Web3 toolkit. The onchain decentralized network will also take up payments, identity, permissions, and security verification. WalletConnect also aims for onboarding with an email account, as a way to try out Web3 apps.
The new network has already tapped key crypto organizations such as Consensys and Ledger to serve as node operators. Other partners of WalletConnect include the Ethereum Foundation, the Solana Foundation, Trust Wallet, Ledger, and Uniswap.
WalletConnect assists all wallet users with verified apps to avoid scams and malicious links. The platform will also provide teams with a toolkit to onboard users with a simpler process and a more intuitive hosting environment.
Cryptopolitan reporting by Hristina Vasileva
