WalletConnect (WCT) Project Analysis
Research Institute Review
WalletConnect Network is an onchain user experience (UX) platform that facilitates secure and seamless connections between wallets and decentralized applications (dApps) across various blockchain ecosystems, including Ethereum, Solana, Cosmos, etc. It allows users to use any wallet across multiple applications and platforms. WalletConnect is to wallets and DApps what TCP/IP is to network technology and network applications. WalletConnect has expanded to over 40,000 applications and 600+ wallets, with connections exceeding 150 million.
Recent Development
The airdrop (Season 1) has concluded, with high participation numbers and strong community engagement.
Project Introduction
WalletConnect is a universal protocol that facilitates secure connections between wallets and DApps. At its core, the protocol enables end-to-end encrypted communication between two clients - similar to "wallet signaling." Users can connect by scanning QR codes in browsers or through deep links on mobile devices. WalletConnect generates a key pair and creates a session between the wallet and DApp.
Token Utility
WCT will be crucial in building the decentralized chain and will initially launch on the Optimism mainnet. WCT is the native token of the WalletConnect Network, securing the network through staking, rewards, fees, and governance.
Fees: WCT holders can propose, discuss, and decide on introducing fees through governance mechanisms as a long-term economic model for the network. Projects can use these fees to pay for network services like relay usage.
Rewards: The network distributes tokens as incentives to ensure network security and efficiency.
Staking: Users can stake tokens to earn rewards and participate in governance.
Governance: WCT holders can vote on proposals and changes, allowing community control over network development through decentralized governance.
Tokenomics
Total WCT supply: 1,000,000,000 tokens, distributed as follows:
| Category | Allocation | Vesting and Unlock Details |
| Core Development | 7% | For protocol and related module development, 1-year lock, 4-year vesting |
| Rewards | 17.5% | For staking and performance rewards |
| Airdrop | 18.5% | For seasonal airdrops to users, applications, wallets, nodes |
| Team | 18.5% | For Reown and Wallet Connect team members, 1-year lock, 4-year vesting |
| Early Supporters | 11.5% | For those who provided early network resources and support, 1-year lock, 4-year vesting |
| Wallet Connect Foundation | 27% | For partnerships, grants, ecosystem development, and operations |
Project Highlights
None
Investment Institutions
Received multiple rounds of investment from Coinbase Ventures in 2022, with other co-investors including Uniswap Labs, Polygon Ventures, HashKey Capital, and other top institutions, accumulating total funding of $24.75 million.
Community
Twitter: https://x.com/WalletConnect
Followers: 192K
Special Economic Model
None
Future Outlook
WalletConnect enables developers to provide users with greater flexibility in connecting to decentralized applications (Dapps). By supporting various wallets and enabling seamless, secure connections, WalletConnect enhances the user experience. For users who use multiple wallets and wish to explore Dapps before connecting their main wallet, WalletConnect offers a solution. Using WalletConnect, users can choose a secondary wallet for initial interactions and then switch to their main wallet when they feel confident.
Basic Information
Project Introduction:
WalletConnect is a universal protocol that facilitates secure connections between wallets and DApps. At its core, the protocol enables end-to-end encrypted communication between two clients - similar to "wallet signaling." Users can connect by scanning QR codes in browsers or through deep links on mobile devices. WalletConnect generates a key pair and creates a session between the wallet and DApp.
Token Full Name: WCT
Project Name: WalletConnect
Project Website: https://walletconnect.network/
Project Documentation: https://docs.walletconnect.network/
Blockchain Explorer:
https://etherscan.io/token/0x61cc6aF18C351351148815c5F4813A16DEe7A7E4
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2/21/2025