WalletConnect, a well-known decentralized app connectivity platform, has changed its name to Reown and released its own coin called the Connect coin (WCT). There will be less control over things now that this is done.
In a blog post on September 16, Reown said that WCT would do a number of things, such as managing the network, rewarding participants, and staking. This change in name is part of an increased decentralization plan that began in 2023 with the release of its Version 2 protocol and the addition of node managers.
“WCT holders may propose, discuss, and decide upon the introduction of fees through governance mechanisms as a long-term economic model of the network. These would be used, for example, by projects to pay for network services like relay usage.” Reown
WalletConnect Token Distribution Breakdown
The WCT token will be released on the Optimism OP mainnet, and 18.5% of the first 1 billion tokens will be given away for free. On September 24, you can sign up for the airdrop. More information will come soon.
Tokens are given out in a way that gives 7% to core development, 17.5% to prizes, 18.5% to airdrops, 18.5% to the team, 11.5% to early backers, and 27% to the WalletConnect Foundation. Inflation is not included in the current plan because the focus is still on how tokens are distributed and fees are set up.
WCT will come out in 2024, but tools for transferability will be added later. For now, holders can take part in governance and staking, and people are talking about when it will be possible to move tokens.
