What do you need to know?
WalletConnect, a leading Web3 communication protocol, plans to launch its native Connect Token (WCT) on the Optimism network.
This development also marks the start of a massive airdrop involving 185 million WCT tokens. However, there is one significant caveat – these signs will not be transferable until 2025.
Why are WCT tokens non-transferable?
The initiative is a key part of WalletConnect's strategy to enhance its on-chain user experience (UX) ecosystem. Central to this strategy, the Connect Token aims to enable both users and developers to foster a more integrated digital environment.
The group held the first WCT token at 1 billion, allocating 18.5% of its supply to the first airdrop.
Read More: Best Upcoming Airdrops of 2024
Eligibility for Weather requires an Ethereum address, active participation with WalletConnect, or contributions to open source projects. Participants must link their wallets, integrate their GitHub accounts, and provide an email address. Sanctioned wallets or IP addresses will qualify by maintaining the integrity of the distribution process.
The broadcast, scheduled for October 11, will be followed by an extensive review of participants' historical involvement with the network. Unclaimed tokens will be transferred to future airdrops, providing continued opportunity for community engagement.
Although the tokens are not transferable, they can still be used within the WalletConnect ecosystem for administration and immediate use. The tokens are non-transferable because WalletConnect says it wants to prioritize network stability and functionality over market speculation.
“WCT plays a key role in the WalletConnect network, helping to fuel UX innovation on Web3 and enable a more usable onchain landscape,” the WalletConnect team announced.
The WCT token supports important functions such as payment proposals, prize distributions and material strategies. This arrangement allows WCT owners to benefit from network services and participate in a decentralized management model.
Read more: What is WalletConnect? Web3 communication protocol manual
WalletConnect claims to have 150 million active connections and a monthly active user base of 4 million. The network showed a growth of 240% last year, which highlights the important role in the ecosystem.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This newsletter aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with experts before making any decisions based on this content. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
