They’re launching the WCT Toke, and moving toward making the WalletConnect Network fully decentralized.
Here’s what you need to know about this important news about WalletConnect.
WalletConnect launches WCT token and decentralization
The WalletConnect Network has grown a lot—by over 240% in just one year. So, to keep things running smoothly and fairly, WalletConnect is taking a big step towards decentralization. This means it will become more open and not controlled by any single entity but by the whole community.
The big news is the launch of the Connect Token (WCT). Think of WCT as the network’s new “money” that helps power everything and make sure it runs well.
Introducing Connect Token (WCT), the native token of the WalletConnect Network.
The WalletConnect Network is the the onchain UX ecosystem enabling apps and wallets to bring better onchain experiences to 23M+ users.
As the network continues to decentralize, WCT will be key in… pic.twitter.com/S6EvvPmKAu
— WalletConnect (@WalletConnect) September 17, 2024
Here’s what WCT will do:
- Fees: WCT holders can suggest and vote on fees for network services, like paying for using the system. It’s a way to keep things fair and balanced.
- Rewards: People who help keep the network secure and running smoothly will get rewarded with WCT tokens. It’s like getting a gold star for doing a great job!
- Staking: Users can “stake” their WCT tokens, which means locking them up to earn rewards and help make decisions about the network’s future.
- Governance: WCT holders get to vote on important changes and proposals. This way, everyone has a say in how the network evolves, just like having a say in a class project.
The WalletConnect Network’s move to decentralization and the introduction of the WCT token are big deals because they help ensure that the network is fair and driven by the needs of its users. It’s like making sure everyone gets a fair shake and has a say in how things work.
WalletConnect Inc. has rebranded to Reown. All builder toolkits and products—AppKit, WalletKit, and more—can now be found at @reown_ or https://t.co/hHHt5dykUG
— WalletConnect (@WalletConnect) September 17, 2024
What is WalletConnect?
WalletConnect is like a bridge that helps people connect with different apps and services in the digital world. Since it started in 2018, it has helped over 23 million users connect with thousands of apps, making it easier for people to explore and own digital stuff.
