Reown, a rapidly expanding Web3 communication protocol formerly known as WalletConnect Inc., has announced ambitious plans to further decentralize its network through the launch of a native token, Connect Token (WCT). The token will be introduced on Optimism (OP), a popular Ethereum (ETH) scaling solution, marking a significant step in the platform’s evolution.
Are you excited?
With a total supply capped at 1 billion tokens, Reown has revealed that approximately 185 million WCT will be airdropped to the community in the coming weeks. The platform has urged users to register for the airdrop, which opens on Tuesday, September 24.
“Since WalletConnect’s inception in 2018, the goal has always been for it to become a critical and decentralized infrastructure for the on-chain ecosystem, with the addition of WCT we are making that goal a reality. The WalletConnect Network has experienced 240% growth in the past 12 months, WCT will incentivize even more growth and bring in even more partners,” Pedro Gomes, Director of the WalletConnect Foundation, noted.
Post-launch, the WCT token will serve four main functions within the Reown protocol. The primary use case will be for paying fees, a critical component for the platform’s future operations.
Additionally, the token will incentivize node operators, ensuring the network remains secure and operates efficiently. This incentive system is essential for maintaining the health of the decentralized ecosystem.
WCT will also play a key role in staking and governance within the Reown protocol, allowing token holders to participate in decision-making processes. This feature is crucial for enabling truly decentralized governance across the platform.
Are you excited about the WCT airdrop? Let us know your expectations.
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