WalletConnect Foundation Launches WCT Token for Decentralization
Over the past year, the on-chain UX ecosystem WalletConnect has implemented a decentralization strategy. In 2024, the WalletConnect Foundation was established, along with the launch of its WCT token. This token is used for fees, rewards, staking, and governance on the network.
WalletConnect founder Pedro Gomes believes that now is the right time to launch WCT based on “token-market fit.” He explains that with multiple SDKs building on the network, stakeholders can find common ground and be incentivized to build together. The token also encourages node operators and crypto wallets to align with the network’s mission, as well as rewarding the wallets that have onboarded millions of users to the network.
Gomes emphasizes the involvement of developers, users, and community members in bringing WalletConnect to reality. After the WCT season one airdrop, he notes increased participation in staking and governance, with discussions and a sense of ownership among participants.
The WalletConnect Foundation was created due to the rapid growth of the WalletConnect ecosystem. It now includes not only WalletConnect’s own network but also other SDKs built on the network. The foundation aims to collaborate with ecosystem partners and remove the single point of failure.
Future Plans
Gomes states that the network will seek decentralization from multiple angles to ensure resistance and global reach. Additionally, changes will be made to the economics of the WCT token, particularly in the allocation of rewards to node operators, wallets, and SDKs.
Gomes explains that the introduction of fees on the network will make rewards revenue-driven. This aims to create not only a decentralized network but also a profitable one.
Streamlining Crypto UX
WalletConnect claims to have facilitated over 255 million seamless and secure connections for more than 45 million users worldwide. It connects 600 wallets and 54,000 apps in its ecosystem.
To improve user experience, WalletConnect introduced the WalletConnect Certified kitemark, which recognizes projects meeting high standards in UX, compliance, security, and feature integration. Gomes emphasizes the importance of standards to align wallets and define a good wallet as a baseline for development.
Gomes believes that for crypto to achieve mainstream adoption, wallets need to minimize the number of steps and clicks required. WalletConnect’s upcoming Smart Sessions feature will enable users to connect and forget. With just a single click, crypto wallets can connect to apps without needing to return to the wallet to approve transactions.
Gomes sees Smart Sessions as a pivotal change in how wallets and dapps interact, offering a persistent connection that protects users from malicious activity in the background.
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