WalletConnect announced the launch of a new WCT token and significant steps toward decentralizing its network. This article explores what this means for the community.
WCT Token Launch and Steps Toward Decentralization
The WalletConnect Network has grown by 240% in just one year. To maintain smooth and fair operations, WalletConnect is moving toward decentralization, making the network more open and governed by the community. The key news is the launch of the Connect Token (WCT), which will act as the network's primary currency and help manage its operations.
Functions of the WCT Token
The WCT token has several key functions: 1. **Fees:** WCT holders can propose and vote on network service fees to keep things balanced and fair. 2. **Rewards:** Participants who help secure and maintain the network will be rewarded with WCT tokens. 3. **Staking:** Users can 'stake' their WCT tokens, locking them to earn rewards and participate in network decision-making. 4. **Governance:** WCT holders get to vote on important changes and proposals, ensuring a democratic network evolution.
What is WalletConnect?
WalletConnect is a bridge that helps users connect to various applications and services in the digital world. Since its launch in 2018, WalletConnect has helped over 23 million users connect to thousands of apps, making it easier for them to explore and own digital assets.
The launch of the WCT token and WalletConnect’s decentralization steps are important for ensuring a fair and transparent network governed by its users.
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