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WalletConnect Announces Airdrop Of New WCT Token Following $25 Million Funding From The Likes Of Coinbase

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News of its upcoming WCT token and airdrop comes after WalletConnect has recently announced its rebrand to 'Reown'

Decentralised crypto wallet protocol, WalletConnect is launching its native Connect Token (WCT). It will be built on Optimism’s (OP) Layer-2 blockchain. Jess Houlgrave, CEO of WalletConnect has told The Block that a total of 185 million WCT will be airdropped to users.

WalletConnect is an open-source protocol that connects blockchain wallets to decentralised applications (dApps). It allows users to interact with dApps without giving the app access to their private keys.

WalletConnect CEO Outlines Details Of WCT Airdrop

“WCT marks a significant milestone in the WalletConnect Network’s decentralization roadmap and will be the driving force behind the economic and governance structure of the Network,” WalletConnect said to The Block. “Registration for the WCT airdrop will open on September 24. The airdrop eligibility structure is based on the use of the WalletConnect Network.”

The WCT token’s initial supply will be capped at 1 billion. Houlgrave told The Block that 18.5%, or 185 million tokens, are allocated for the season 1 airdrop. The airdrop will include WalletConnect end users, wallets, apps, nodes, software development kits, and communities that have contributed to WalletConnect’s success.

To participate in the WCT airdrop, users must register by connecting their wallets and linking their GitHub accounts. An email address and active WalletConnect engagement or contributions to open-source projects are also required to be eligible for the airdrop.

DISCOVER: 3 BIG Reasons Why We’re About To Enter ‘SUI Season’

Those Not Eligible For WCT Season 1 Airdrop Could Still Qualify For Season 2, CEO States

Houlgrave went on to say that the airdrop for season 1 will conclude on October 11. At that point, token distribution will occur. Any unclaimed tokens will be reallocated to future airdrop seasons. She stressed that those not eligible for Season 1’s airdrop may have opportunities to qualify in subsequent seasons.

According to Houlgrave, WCT tokens will initially be non-transferable to ensure a focus on network functionality, stability, and ecosystem development. Transferability might be enabled later through community governance. While tokens can be used for governance and staking, they cannot be transferred between wallets until full functionality is activated by 2025, Houlgrave added.

WalletConnect Has Rebranded To Reown, Jess Houlgrave To Continue As CEO

WalletConnect Inc. recently rebranded to Reown. Its aim is to focus on user experience and will continue to be led by CEO Jess Houlgrave.

On the pivot to Reown, Houlgrave said, “Web3 is yet to achieve the lofty goals spoken about by many. The average person will have heard of Bitcoin or NFTs but will likely struggle to set up a wallet or mint and send an NFT.

Reown is focused on changing this and making the on-chain landscape usable and accessible. Reown will work with partners across all chains and ecosystems to help make using the decentralized internet as intuitive as possible”.

BONUS: Pepe Unchained (PEPU) Smashes Past $13.5 Million Raised As It Heads Toward $15 Million Before DEX Listings

 

Pepe Unchained has raised over $13.5 million during its presale so far. It aims to tackle Ethereum’s slow speeds and high fees with a revolutionary ‘Memecoin Layer-2’.

There isn’t much left before the Pepe Unchained presale closes and goes live on decentralized exchanges (DEX). There are also heavy rumors of multiple centralized exchanges (CEX) listings once PEPU launches.

Currently, 1 PEPU is trading for $0.00972, but less than 3 hours remain before the presale reaches its next price increase. This is the final chance to secure a bag of PEPU at these prices.

There is a built-in staking protocol for presale investors. You can also instantly begin staking your PEPU for an insane 153% APY!

PEPU PRESALE LINK

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Alex is an aspiring writer focusing on the more degen side of the crypto world. Always on the lookout for the next hot narrative.

View all Posts by Alex

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