WalletConnect Enables Transferability of WCT Token to Advance Decentralization
The WCT token is now transferable, marking a significant step in WalletConnect’s decentralization efforts. This change allows for wider participation in the governance and economy of the platform.
Key points include:
- WCT facilitates fees, rewards, staking, and governance on the WalletConnect Network.
- The token was previously non-transferable to align supporters with protocol governance.
- Transferability enhances community involvement and shifts power to a distributed network.
Criteria for Transferability
Before enabling transferability, WalletConnect established several criteria:
- Certification of at least 16 wallets via the WalletConnect Certified program.
- At least 100 million WCT tokens in the staking pool.
- Onboarding of at least 16 Node Operators.
- Staking must be live for a minimum of 12 weeks on Mainnet since TGE.
- Open-sourcing of the WalletConnect source code.
Major exchanges like Binance and OKX listing WCT highlights its growing importance in web3 infrastructure. The increased availability supports user interactions within decentralized networks.
Future Implications
The shift to transferability opens avenues for enhanced governance and developer involvement. It strengthens WalletConnect's position as a neutral, permissionless layer for projects and users, supported by various third-party node providers.