WalletConnect, a pivotal web3 communications protocol, has unveiled plans to launch its native Connect Token (WCT) on the Optimism network.
This development also marks the beginning of a massive airdrop involving 185 million WCT tokens. However, there’s a significant caveat – these tokens will be non-transferable until 2025.
Why WCT Tokens Will be Non-Transferable?
The initiative is a key component of WalletConnect’s strategy to enhance its on-chain user experience (UX) ecosystem. Central to this strategy, the Connect Token aims to empower both users and developers to foster a more integrated digital environment.
The team has capped the initial supply of WCT tokens at 1 billion and allocated 18.5% of the supply for the first airdrop.
Read more: Best Upcoming Airdrops in 2024
Eligibility for the airdrop requires an Ethereum address, active engagement with WalletConnect, or contributions to open-source projects. Participants must also link their wallets, integrate their GitHub accounts, and provide an email address. Those with sanctioned wallets or IP addresses will be disqualified, maintaining the integrity of the distribution process.
Scheduled for October 11, the distribution will follow an extensive review of participants’ historical engagement with the network. Unclaimed tokens will be reallocated to future airdrops, providing continuous opportunities for community involvement.
Despite the tokens being non-transferable, they are still usable within the WalletConnect ecosystem for governance and staking immediately. The tokes are non-transferable because WalletConnect says that it wants to prioritize network stability and functionality over market speculation.
“WCT plays a key role within the WalletConnect Network, helping to fuel UX innovation across web3 and enable a more usable onchain landscape,” the WalletConnect team announced.
The WCT token will also support essential functions such as fee proposals, reward distributions, and staking mechanisms. This arrangement will enable WCT holders to benefit from network services and participate in its governance through a decentralized model.
Read more: What Is WalletConnect? A Guide To the Web3 Communication Protocol
WalletConnect also claims that it has 150 million connections facilitated and a monthly active user base of 4 million. The network has experienced a 240% growth in the past year, highlighting its crucial role in the ecosystem.
