WalletConnect has announced the launch of the airdrop for its native utility token, Connect Token (WCT), inviting users to register and participate in this initiative.
History of WalletConnect
Since its establishment in 2018, the WalletConnect Network has grown exponentially, becoming a crucial infrastructure layer for the web3 landscape. The network has facilitated over 150 million connections for more than 23 million users, witnessing a 240% growth in the past year. With monthly user activity exceeding 4 million, WalletConnect has played a key role in managing the significant volume of transactions in the web3 space.
Purpose of WCT Tokens
WCT will have four key functions within the WalletConnect Network: * **Fees**: WCT holders can propose, discuss, and determine the introduction of fees through governance mechanisms, establishing a long-term economic model for the network. * **Rewards**: The network distributes tokens as incentives to maintain the security and efficiency of the network. * **Staking**: Users can stake their tokens to earn rewards and participate in governance activities. * **Governance**: WCT holders can vote on proposals and changes, empowering the community to have control over the network’s development through a decentralized governance model.
Decentralization and Network Future
As the WalletConnect Network moves toward decentralization, the WalletConnect Foundation, along with its node operators and community contributors, plays a vital role. They will collaborate to enhance the network’s growth, security, and decentralization, fostering an environment focused on usefulness, usability, and exceptional value.
The launch of the WCT token airdrop marks a significant step towards decentralizing the WalletConnect network and increasing user engagement in the expanding onchain space.
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