What is WalletConnect (WCT)?

WalletConnect is an open-source protocol that enables secure connections between cryptocurrency wallets and decentralized applications (DApps). With over 23 million users, 600+ wallets, and 40,000 DApps integrated, WalletConnect is a critical UX infrastructure in Web3, providing a cross-platform, smooth, and highly secure interaction experience.

How WalletConnect Works

WalletConnect operates as an intermediary protocol that creates a secure, decentralized, and encrypted connection between users' digital wallets and decentralized applications (DApps). Instead of requiring users to log in with traditional accounts or enter personal keys, WalletConnect uses a QR code or deep link to establish the connection.

The specific mechanism works as follows:

• Step 1 – Initiating Connection: When users access a DApp (such as Uniswap), they will select the "Connect Wallet" method and choose WalletConnect.
• Step 2 – QR Code Scanning: The DApp will display a QR code representing the connection session. Users use a wallet integrated with WalletConnect (like MetaMask, Trust Wallet, Bitcoin.com...) to scan this code.
• Step 3 – Approval: After scanning, users will receive a notification in their wallet to confirm the connection. After agreeing, the connection will be encrypted and established.
• Step 4 – Communication and Transaction Processing: Any transaction request from the DApp will be sent to the wallet through a secure connection. Users confirm each transaction directly in their wallet, ensuring no actions occur without their consent.

WalletConnect does not store user data or private keys. The connection is always peer-to-peer and end-to-end encrypted, ensuring asset control always remains with the user.

The protocol supports multi-platform and multi-chain (EVM, Solana, Cosmos, Bitcoin...), helping to optimize user experience and expand Web3 interaction capabilities.

WalletConnect Products

WalletConnect develops a powerful set of products and tools to serve both users and developers in the Web3 ecosystem:

1. WalletKit SDK

A toolkit for wallet developers, helping them easily integrate WalletConnect into their products. WalletKit supports multiple blockchains and provides a user-friendly interface for handling connections, authentication, and session management.

2. Web3Modal

A modal UI commonly used to quickly connect wallets to DApps. Web3Modal helps developers integrate a modern "Connect Wallet" interface, seamlessly supporting hundreds of different wallets.

3. Push Protocol

Push notification feature for users, such as notifications for transaction confirmation requests, token price changes, or security-related alerts.

4. Relay Network

An intermediate node system that encrypts and routes data between wallets and DApps. Even when using relay, communication remains fully end-to-end encrypted, ensuring safety and performance.

5. WalletConnect Explorer

A tool for users to search for wallets and DApps supporting WalletConnect, helping to expand interactions and access to DeFi, NFT, and Gaming services more easily.

6. WCT Token

The native token of the WalletConnect network, playing a role in governance, staking, service fees, and user rewards – transforming the protocol into a complete and decentralized economic network.

Highlights of WalletConnect

• Multi-chain support: Compatible with Ethereum, Solana, Cosmos, Polkadot, Bitcoin,…
• No extension installation required: Easy to use on both desktop and mobile.
• End-to-end encryption: Protecting users from phishing or intrusion risks.
• Decentralized governance: WCT community has the right to manage network direction.
• No need to share private key or seed phrase when using.
• Powerful integration: Supported by over 40,000 dApps and major wallets like MetaMask, Trust Wallet, Bitget Wallet,…

Overview of WCT token and tokenomics

Token data

• Token name: WalletConnect Token
• Symbol: WCT
• Total supply: 1,000,000,000 WCT
• Blockchain: Optimism (Layer-2)

Token distribution

• Core Development: 7% – Dedicated to continuing protocol and related module development.

• Rewards: 17.5% – Used for staking mechanism and performance-based rewards.

• Community Airdrop: 18.5% – Distributed across multiple seasons for users, applications, wallets, node operators, and other network components.

• Team: 18.5% – Reserved for members of Reown and WalletConnect.

• Early-stage investors: 11.5% – Recognizing contributions from those who supported network development from the early stages.

• WalletConnect Foundation: 27% – For partners, sponsorships, ecosystem development, and organizational operations.

Token release schedule

• Tokens for team, investors, and core development will be locked for 4 years, with a 1-year cliff starting from the TGE (Token Generation Event).

• Airdrop will be released in seasons, starting from the token's public launch and continuing to be distributed in subsequent years.

Token utilities

• Staking: Receive rewards for participating in network operations.
• Governance: Vote on upgrades and roadmap decisions.
• Fee module: WCT can be used to pay for services like relay nodes in the future.
• Incentives: Rewards for active dApps, wallets, and developers.

WCT Token Sale

Before listing on Binance, WCT had an IEO and ICO raising $4 million on Bitget and Coinlist

WCT Token Storage Wallet & Exchange

Storage Wallets

• Bitget Wallet
• MetaMask (via Optimism)
• Trust Wallet
• Rainbow, Zerion, Coinbase Wallet,…

Exchanges

• Wallet Connect (WCT) has been announced to be listed on Binance Launchpool and will officially start trading at 6:15 PM on 4/15/2025

Roadmap

• Q3/2024: Launch WalletConnect Network, WCT Airdrop Season 1.
• Q4/2024: Implement staking & decentralized governance (onchain governance).
• 2025: Expand SDK for DApps, support Web3 messaging (Web3Inbox), increase network decentralization.

Project Team

• Pedro Gomes – Founder, WalletConnect initiator since 2018.
• Jess Houlgrave – WalletConnect CEO, shaping decentralized strategy and global expansion.
• Yessin Schiegg – CFO (ex Ethereum Foundation), leading finance & DAO structure.

Investors and Partners

Investors

• Coinbase Ventures
• Union Square Ventures
• Polygon Ventures
• Jump Crypto
• Shopify
• ConsenSys
• Placeholder VC

Partners

• MetaMask
• Uniswap
• Bitget Wallet
• ENS
• Opensea

Similar Projects

• RainbowKit: Wallet connection SDK primarily used in React.
• Web3Modal: A UI layer for wallet connection (also part of WalletConnect).
• Particle Network: Provides wallet login solutions using Web2 accounts.
• Magic.link: Decentralized login with email or phone number.

Assessment of WalletConnect

WalletConnect is not just a wallet connection protocol – it is gradually becoming a comprehensive Web3 UX infrastructure. With an ecosystem of over 40,000 DApps, a large community, support from major funds, and the WCT token deeply integrated into staking and governance networks, WalletConnect is laying a solid foundation for decentralized user experience on a global scale.

The launch of WalletConnect Network, WCT token, and community governance system is transforming it into one of the UX Layer projects with the strongest potential development in Web3.

Frequently Asked Questions about WalletConnect

1. Does WalletConnect store private keys?

No. The connection is fully encrypted, and WalletConnect never accesses or stores your private keys.

2. Is there a fee to use WalletConnect?

Currently free, but this may change if the WCT community votes on a fee mechanism in the future.

3. Is WCT listed on exchanges?

Not yet. WCT is currently non-transferable – the unlocking of trading will be managed through DAO.

Summary

WalletConnect is not just an intermediary tool for connecting wallets and DApps — it is gradually becoming the core decentralized infrastructure network for a comprehensive Web3 experience. From multi-chain support, end-to-end encryption, to a decentralized operating model with the WCT token, WalletConnect is laying the foundation for a new generation of UX protocols that are secure, flexible, and expandable.

The launch of WCT not only helps increase community interaction and governance but also creates opportunities for users, developers, and partners to actively participate in building the Web3 future. With over 23 million users, 600+ wallets, and 40,000+ integrated applications, WalletConnect is no longer just a utility – but an indispensable part of the infrastructure in the modern crypto world.