WalletConnect announces airdrop of 50M tokens to eligible users

For its first season of the WalletConnect token (WCT) airdrop, WalletConnect has officially unveiled the eligibility checker, allowing users who have already registered to participate actively in the network's governance by staking their tokens.

WalletConnect Airdrop Season 1 token distribution

Out of a total of 185 million tokens, 50 million have been set aside for distribution to more than 160,000 eligible users, builders, and contributors during the first season of the airdrop. 

WCT tokens have a maximum supply of one billion. The WalletConnect Foundation will receive 27% of the total, with 7% going toward core development, 17.5% toward rewards, 18.5% toward airdrops, 18.5% toward the team, and 11.5% toward early backers.

Thirty million of the tokens allotted for this season were reserved for users who registered and fully met the engagement requirements during the specified time frame, with the remaining 20 million being reserved for notable network contributors, such as early GitHub contributors and node operators.

Staking rewards begin on December 19, and users can stake the tokens for a period of one week to two years, despite the fact that they are initially non-transferable.

WalletConnect scoring system for token distribution

In order to be eligible for the airdrop, users had to register, link a wallet via the WalletConnect network, and participate in network activities prior to a deadline last month.

According to WalletConnect, a scoring system based on prior network usage, on-chain activities, and contributions made through platforms like GitHub was put in place to guarantee equitable distribution. WalletConnect has also taken action to lower gas prices, which helps users pay less even in the face of fluctuating network conditions. 

What the WCT Token Does?

In the WalletConnect ecosystem, the WCT token is very helpful. In order to influence the network's future, token holders can suggest new features. In terms of governance, WCT holders can vote on important choices, guaranteeing that the community directs WalletConnect's advancement.

WCT also acts as a reward for users who help maintain the security and effectiveness of the network. Active participants benefit from the ability to stake their tokens and earn rewards.

What is WalletConnect?

WalletConnect is an open-source protocol that enables users to use a deep link or QR code to connect their cryptocurrency wallets to decentralized applications. The dApp can ask the user's wallet for permission to conduct transactions or take other actions after the connection has been made. 

The key benefit is that it removes the need to copy and paste addresses or switch between devices by enabling mobile users to link their wallets to dApps on their desktops or other devices.

With a 240% increase last year, WalletConnect has enabled more than 150 million connections for over 23 million users since 2018. With more than 4 million monthly users, the network has processed more than $2 trillion to date.

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