WalletConnect, known for its connectivity protocol for decentralized applications, has announced a major rebranding and the introduction of its native token, Connect Token (WCT). This move aims to transition to a decentralized model.
Introducing Connect Token
WalletConnect introduced Connect Token (WCT), which will be part of their WalletConnect Network ecosystem, providing enhanced user experience for over 23 million users.
Functions and Uses of WCT
According to WalletConnect's blog, the WCT token will serve multiple functions, including network governance, participant rewards, and supporting staking mechanisms.
Launch and Distribution Plans
The rebranding to Reown and the launch of WCT are part of WalletConnect's broader decentralization strategy, which began in 2023. The token will be launched on Optimism's OP mainnet, with 18.5% of its initial supply allocated for airdrops. Registration for these airdrops is set to open on September 24.
The launch of Connect Token and WalletConnect's rebranding represent a significant step towards network decentralization, offering users new opportunities for engagement in governance and other network mechanisms.
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