WalletConnect will launch the token WCT, with 18.5% allocated for the first quarter airdrop

ChainCatcher news, according to The Block, the Web3 communication protocol WalletConnect will launch its native token WCT on Optimism. WalletConnect stated that registration for the WCT airdrop will open on September 24, with eligibility based on usage of the WalletConnect network.

WalletConnect CEO Houlgrave mentioned that the initial supply cap for the WCT token is set at 1 billion, with 18.5%, or 185 million tokens, allocated for the first season airdrop. Houlgrave noted that this airdrop will cover WalletConnect's end users, as well as wallets, applications, nodes, software development kits, and communities that have contributed to the success of WalletConnect.

To participate in the WCT airdrop, users must register by connecting their wallet, linking their GitHub account, and providing an email address. Eligibility requirements include having an Ethereum address, actively using WalletConnect, or contributing to open-source projects. The first season airdrop will end on October 11, at which point token distribution will occur. Any unclaimed tokens will be redistributed to future airdrop seasons. Initially, the WCT token will be non-transferable, and transfer functionality may be enabled through community governance in the future; tokens cannot be transferred between wallets until all features are activated in 2025.

WalletConnect Inc. has been renamed to Reown, focusing on user experience, and has established the WalletConnect Foundation, which will oversee the WalletConnect protocol and ensure the network's growth, security, decentralization, and ecosystem expansion.