The WalletConnect Network serves as the onchain UX ecosystem, facilitating 150 million connections for more than 23 million users. It spans 600 wallets, 40K app projects, and all chains. This open, decentralized network allows users to link with onchain apps, prioritizing both utility and ownership without trade-offs. The WalletConnect Token (WCT) is a core component of this network, driving the onchain UX ecosystem by enabling its community of wallets, apps, and users to help build a better onchain future via shared incentives. Set to launch on Optimism’s OP Mainnet, the token aims to combine Ethereum’s security with the speed of OP Mainnet.

The maximum initial supply for WCT tokens is set at 1 billion, with distributions intended to aid the Network's expansion and long-term viability.

Under the current tokenomics framework for the WalletConnect Network, inflation is not included as a method for distributing tokens or maintaining sustainability. Instead, the existing model relies on established token allocations and fee systems to fund operations and encourage user involvement. Nevertheless, the governance body and community preserve the option to introduce inflationary measures later if they consider it required.

WalletConnect Inc. and its founder, Pedro Gomes, originally built the WalletConnect Network. As the project moves toward a fully decentralized and permissionless structure, it now relies on various contributors and node operators. These include the WalletConnect Foundation, Reown, Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes. The board of the WalletConnect Foundation consists of Pedro Gomes and Yessin Schiegg.

WCT is scheduled to begin its initial release phase in 2024, with the ability to transfer the token becoming available at a subsequent time.

As a key component of the WalletConnect Network, WCT serves several functions:

• Fees: It covers costs for network services, such as relay usage.*
• Rewards: The token acts as an incentive to maintain network security and efficiency.
• Staking: Holders may stake their tokens to receive rewards and participate in governance.
• Governance: Owners of WCT can vote on proposals and modifications, allowing the community to direct the network’s evolution via decentralized governance.*

The features related to governance and fees are anticipated to become active in the near term.*

Regarding the WalletConnect Network’s ecosystem, it has supported more than 185M onchain connections for over 30M users across more than 50K app projects since it started. Currently, it facilitates over 22M monthly connections for users on major decentralized applications worldwide.