This week, WalletConnect launched its first airdrop, allowing WCT tokens to be claimed. What did you have to do to be eligible and what is the role of the token?
WalletConnect WCT airdrop is live
Since Tuesday, it is possible to claim your WCT token airdrop from WalletConnectif you are eligible:
Eligibility is now live! Check if you qualify, claim your WCT, and start staking your tokens.https://t.co/jo5r7X2xa3
— WalletConnect (@WalletConnect) November 26, 2024
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In total, there are 50 million tokens, which have been distributed to 160,000 different addresses. Those affected have until January 3 to claim their rewards, while other airdrop phases should be expected.
As for the eligibility criteria, these may seem unclear. So, although using WalletConnect » and the “ historical contributions » are taken into account, a point of honor is placed on the period from June 12 to September 12. For this, several networks were taken into account, as well as the on-chain activity carried out on them, while certain eligibility levels had to be respected.
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On the other hand, one of the particularities of this airdrop is that the WCT is, to date, not transferable. This characteristic means that the token is, by definition, not yet tradable, and therefore has no price.
Consequently, WCT use cases are currently limited to governance and staking operations, the rewards of which will be generated from December 19:
Token holders will be able to participate in network activity such as governance and staking, but will not be able to transfer their tokens to other wallets. The WCT token contributes to the operation of the network, elements of which, such as governance and fees, will become active as the network continues its targeted decentralization roadmap in 2025.
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In short, the WalletConnect Network must function as an overlaymaking it possible to simplify the user experience on the different applications of different blockchains. This is part of a desire to make the Web3 ecosystem more accessible, and these developments can be closely monitored when they materialize.
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Source: WalletConnect
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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