WalletConnect to Launch Native Token WCT on Optimism

According to The Block, Web3 communication protocol WalletConnect will launch its native token, WCT, on Optimism. WalletConnect announced that registration for the WCT airdrop will open on September 24th, with eligibility based on usage of the WalletConnect network.

WalletConnect CEO, Houlgrave, stated that the initial supply of WCT tokens is capped at 1 billion, with 18.5% (185 million) allocated to the first-season airdrop. Houlgrave explained that the airdrop will encompass WalletConnect's end users, as well as wallets, applications, nodes, software development kits, and community members who have contributed to WalletConnect's success.

To participate in the WCT airdrop, users must register by connecting their wallet, linking a GitHub account, and providing an email address. Eligibility criteria include having an Ethereum address, actively using WalletConnect, or contributing to open-source projects. The first season of the airdrop will conclude on October 11th, with token distribution following. Any unclaimed tokens will be reallocated to future airdrop seasons.

Initially, WCT tokens will be non-transferable. Transfer functionality may be enabled through community governance in the future, but tokens will remain unable to transfer between wallets until full functionality is activated in 2025.