WalletConnect Unveils Eligibility Checker for WCT Airdrop Participation
WalletConnect, a prominent Web3 communication protocol, has launched an eligibility checker for its native token WCT airdrop. This feature allows users to participate in decision-making by staking their tokens, facilitating community rewards and decentralized governance.
Details of the WalletConnect Airdrop Season 1
The first season of the airdrop will distribute 50 million tokens from a total supply of 185 million WCT. This initiative targets over 160,000 eligible users, including contributors and builders.
Out of the 50 million tokens, 30 million are reserved for registered users meeting eligibility criteria. The remaining 20 million tokens are allocated to significant contributors, such as node operators and early GitHub contributors.
Tokens received cannot be transferred immediately but can be staked for governance decisions, with staking durations ranging from one week to two years. Users can start earning additional rewards from December 19, promoting long-term engagement with the platform.
WalletConnect employs a scoring system to ensure fair token distribution, evaluating user interactions, on-chain activities, and contributions through platforms like GitHub. The project plans to subsidize gas fees for users to lower costs.
This highly publicized airdrop campaign is being closely monitored to assess its administration compared to other controversial high-profile drops. The eligibility checker serves as the initial step toward a smooth execution of Season 1.
Functions of the WCT Token
The WCT token is integral to the WalletConnect ecosystem. Token holders can propose new features and possess voting power to influence key governance decisions, ensuring community-led development.
WCT also incentivizes users who enhance the network's security and efficiency. Staking tokens allows users to earn rewards, benefiting active participants.
The total supply of WCT is capped at 1 billion tokens, with allocations of 7% for core development, 17.5% for rewards, 18.5% for airdrops, 18.5% for the team, 11.5% for early supporters, and 27% for the WalletConnect Foundation.
Since 2018, WalletConnect has facilitated over 150 million connections for more than 23 million users, achieving a 240% growth last year. Over $2 trillion has passed through the network, with more than 4 million monthly users.
The WCT airdrop represents a significant advancement in WalletConnect’s decentralization efforts, rewarding current contributors and encouraging broader participation.
As WalletConnect evolves, the WCT token will be crucial in fostering an active and innovative community within the Web3 landscape.