PANews reported on April 11 that according to The Defiant, WalletConnect, a blockchain connection solution, will launch its native WCT token on April 15. The issuance, managed by the WalletConnect Foundation, aims to promote decentralization of the WalletConnect network centered on WCT. Token holders can propose, discuss, and decide on matters related to fee introduction in the network's long-term economic model through governance mechanisms. The WCT token is not only used to incentivize network usage but also grants holders staking and governance rights.
According to the WCT whitepaper, the token will not be immediately transferable, and the trading start time will be decided by voting between the WalletConnect Foundation and token holders. The whitepaper states that reasons for non-immediate transferability include "network functionality, long-term planning, ecosystem development, and infrastructure protection". The WCT token supply allocation is as follows: 27% to the WCT Foundation, 18.5% for airdrop activities, 18.5% to the team, 17.5% for rewards, 11.5% to investors, and 7% to core developers. Tokens for developers, team members, and investors have a four-year unlock period with a one-year lock-up period, and the airdrop activities will be conducted in stages over the coming years.
