WalletConnect Rebrands, Launches WCT Token on Optimism
Reown, formerly WalletConnect, introduces its native token to decentralize the network and reward active participants in the on-chain ecosystem.
Highlights:
•
185 million WCT tokens to be airdropped to users.
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WCT to enable governance and staking on Optimism L2.
WalletConnect, now rebranded as Reown, has announced the launch of its native Connect Token (WCT) as part of its strategy to decentralize its network.
The WCT will be introduced on the Optimism Layer 2 network, with a total supply capped at 1 billion tokens. Notably, 185 million tokens, representing 18.5% of the total supply, will be distributed to users through an airdrop scheduled for September 24, 2024.
This initiative aims to enhance user engagement and governance within the WalletConnect ecosystem. The WCT token will serve multiple functions, including facilitating governance decisions, rewarding participants, and supporting staking mechanisms. Although the tokens will be non-transferable until 2025, they can still be used for governance and staking purposes immediately after the launch.
Pedro Gomes, Director of the WalletConnect Foundation, emphasized that this move is a significant step towards achieving a decentralized infrastructure for the on-chain ecosystem. The network has seen substantial growth over the past year, with a reported 240% increase in connections.
To qualify for the airdrop, users must register by linking their Ethereum wallets and providing additional information. The distribution process will prioritize active users and those contributing to open-source projects within the WalletConnect framework. Further details about the registration process will be released soon.
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