WalletConnect to Issue Tokens! Airdropping 185 million WCT tokens, temporarily non-transferable.

WalletConnect, as a leading Web3 communication protocol connecting cryptocurrency wallets and decentralized applications (dApps), will launch its native token Connect Token (WCT) on the Ethereum Layer 2 network Optimism's mainnet, including an airdrop of 185 million WCT tokens to eligible users.

Details of WCT Token Issuance and Airdrop

According to the company announcement, the token will support WalletConnect's economic and governance structure. Registration for the WCT airdrop will start on September 24th, with eligibility based on user participation and contributions within the WalletConnect ecosystem.

Rebranding to Reown

As part of a strategic realignment, WalletConnect Inc. has rebranded to Reown, emphasizing an enhanced user experience. Jess Houlgrave will continue to serve as the company's CEO. The initial supply limit of WCT tokens is set at 1 billion tokens, with 18.5% equivalent to 185 million tokens allocated for the first-quarter airdrop. Houlgrave stated that the airdrop aims to reward WalletConnect users, including end-users, wallets, applications, nodes, and the community, all of which are vital drivers for protocol growth.

How to Participate in the WCT Airdrop

Users need to register for the WCT airdrop by connecting their wallet, linking their GitHub account, and providing an email address.

Eligibility requirements include owning an Ethereum address, actively using WalletConnect, or contributing to open-source projects. However, wallets or IP addresses subject to sanctions will be disqualified. The first-quarter airdrop will end on October 11th, with token distribution based on historical participation thereafter. Unclaimed tokens will be reallocated for future airdrop seasons, providing more opportunities for users who missed the initial round.

Temporary Non-Transferability of WCT Tokens

Initially, WCT tokens will not be transferable, with the focus on the network's functionality, stability, and ecosystem development. Houlgrave mentioned that token transferability may open through community governance in 2025. Currently, tokens can be used for governance and staking but cannot be moved between wallets until full functionality is enabled.

Establishment of WalletConnect Foundation

The issuance of WCT tokens also marks WalletConnect's transition to community governance and permissionless structure. The newly formed WalletConnect Foundation will oversee the protocol to ensure network growth, security, decentralization, and expansion. Industry key players like Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes are listed as initial third-party node operators.

WalletConnect founder Pedro Gomes will join the WalletConnect Foundation as a director, and Yessin Schiegg will serve as the foundation's CFO. Schiegg has previously served as a director at the Ethereum Foundation and CFO at Near Foundation.