WalletConnect to Launch Token on April 15

WalletConnect, an onchain connectivity solution that enables externally owned accounts (EOAs) to connect to Web3 applications, will launch its native WCT token on April 15.

The token launch will be managed by the WalletConnect Foundation and facilitate the decentralization of the WalletConnect Network, which will be powered by WCT.

Token holders will be able to “propose, discuss, and decide upon the introduction of fees through governance mechanisms as a long-term economic model of the network.” The WCT token will also be used to incentivize network usage, alongside staking and governance rights.

The token launch will feature centralized exchange (CEX) partners such as Binance, OKX, Bitget, and MEXC, which are all executing forms of community rounds through token presale methods on April 15 at 5 am EST.

The token will not begin transferrable immediately, and the WalletConnect Foundation and token holders will vote on when trading will be enabled, according to the WCT whitepaper.

The whitepaper cites reasons such as “network functionality, long-term focus, ecosystem development, and infrastructure protection” as rationale for non-transferability.

The WCT supply will be split with 27% allocated to the WCT Foundation, 18.5% to the airdrop campaign, 18.5% to the team, 17.5% to rewards, 11.5% to investors, and 7% to core developers.

Developer, team, and investor tokens will be subject to a four-year unlock with a one-year vesting cliff, and airdrops will be conducted across multiple seasons over the “following years.”