WalletConnect announced the WalletConnect Foundation and WalletConnect Token (WCT) on September 16, 2024, as part of a plan to move its wallet-to-app connection network toward decentralized governance and infrastructure. The announcement was not the same as a completed handover: WCT later became fully transferable on April 15, 2025, while WalletConnect’s governance materials continue to describe decentralization as a phased transition. WCT is intended for governance, staking and rewards, and could play a role in future network fees; it is not currently established as a mandatory payment token for every WalletConnect connection.
What WalletConnect announced
WalletConnect is a protocol and network that helps cryptocurrency wallets connect to decentralized applications and other services. Its infrastructure relays connection traffic between wallets and applications across blockchain ecosystems; WalletConnect is not itself a wallet.
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On September 16, 2024, WalletConnect announced three related developments: the WalletConnect Foundation, WCT, and a transition toward decentralizing the WalletConnect Network. The Foundation was presented as a steward of the ecosystem, while WCT was proposed as a mechanism for participation and coordination. The announcement described an intended direction, not proof that control had already shifted entirely to token holders. WalletConnect’s announcement explains the rationale.
What WCT is meant to do
The official name is WalletConnect Token (WCT). WalletConnect initially launched it on Optimism’s OP Mainnet, which uses Ethereum security while offering a lower-cost, higher-speed environment. The stated functions are governance, staking, rewards, and a possible future role in network fees. These functions do not make WCT equity in WalletConnect or establish guaranteed demand for the token. WalletConnect’s token explainer describes the launch network and initial design.
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| Function | What it means | What is not established |
|---|---|---|
| Governance | WCT holders can participate in proposals and voting, with staking involved in governance participation. Topics may include network development, technical changes, fees, and the transition of responsibilities. | Token ownership does not mean every holder has equal influence or that all technical and administrative decisions are already controlled by token holders. |
| Staking | Participants can stake WCT in support of network participation and may qualify for rewards or governance functions, subject to applicable terms. | Staking is not risk-free yield. Rates, eligibility, lockups, and program terms can change; rewards are not guaranteed income. |
| Rewards | WCT may be distributed to node operators, stakers, contributors, or other participants under approved programs. | A campaign allocation is not a permanent reward rate or a promise of continuing distributions. |
| Fees | Governance may consider fees for network services such as relay usage. WalletConnect’s initial model did not charge network fees. | WCT is not established as a required payment for every connection. Any fee structure would require future discussion and governance approval. |
If adopted, a fee model could help fund relays and node operations, but it could also raise costs for applications—particularly smaller developers. WalletConnect’s stated aim has been for applications or SDKs to bear such costs rather than users paying directly. The actual model remains subject to governance. The token dynamics documentation sets out the initial position and the possibility of future changes.
WCT supply, allocation, and inflation
WalletConnect’s token documentation lists an initial maximum supply of 1 billion WCT and the following initial allocations. These percentages describe the tokenomics design; they do not guarantee a particular circulating supply or market availability at any later date.
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| Initial allocation | Share |
|---|---|
| WalletConnect Foundation | 27% |
| Airdrops | 18.5% |
| Team | 18.5% |
| Rewards | 17.5% |
| Previous backers | 11.5% |
| Core development | 7% |
The team, previous-backer, and core-development allocations are subject to a four-year unlock with a one-year cliff beginning at the token-generation event, according to the documentation. These allocations and their unlocks matter when considering future supply and the distribution of voting power; the table alone does not establish how much WCT is currently circulating or how governance power is distributed.
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The initial model did not contemplate inflation during roughly the first three to four years. WalletConnect’s documentation leaves open the possibility that governance could introduce inflation later, so WCT should not be described as incapable of inflation.
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Why WCT was initially non-transferable—and what changed
At launch, transfer restrictions were intended to keep early tokens within the ecosystem, encourage a focus on staking and governance rather than immediate speculation, and give the network time to mature before unrestricted transfers. That was a launch-phase design choice, not a current restriction: WCT became fully transferable on April 15, 2025, after community and governance processes. WalletConnect’s token documentation records the change.
Transferability does not mean every trading venue supports WCT or that trading is available in every country. Before transferring or acquiring tokens, verify the asset and network details using official information, check that the venue supports deposits and withdrawals in your jurisdiction, and consider liquidity, fees, and local rules. Do not assume a similarly named token is genuine.
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What decentralization means for WalletConnect
WalletConnect’s stated goal is to reduce reliance on a single company or operator for infrastructure used by wallets and applications. The proposed direction combines multiple network operators, community participation through WCT governance, Foundation stewardship, and a possible future move toward more permissionless operations. That is a design objective and roadmap, not evidence that every layer is already permissionless or community-controlled.
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The Network documentation describes production traffic being served by the Network since early 2024 and a transition involving third-party node operators. It also describes a permissioned decentralized database. In other words, distributing infrastructure among operators is not the same as allowing anyone to join without approval. The Network documentation and overview provide the technical context.
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Who has a role
- WalletConnect Foundation: stewardship, ecosystem support, grants, partnerships, and administrative responsibilities.
- Reown and other technical participants: technical implementation and infrastructure roles.
- Node operators: operation of parts of the Network infrastructure.
- WCT holders and governance participants: participation in community proposals and voting.
WalletConnect’s governance model describes phases in which responsibilities are intended to move toward greater community involvement, with Foundation and council roles remaining part of the structure. The existence of token voting alone does not show that proposals are binding in every area, that operators can join permissionlessly, or that a Foundation-appointed body can be removed by token holders. Readers assessing decentralization should look at who can change network parameters, how voting power is distributed, and whether approved decisions are implemented by governance or depend on separate execution. The governance documentation describes the planned phases and responsibilities.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How the project developed after the announcement
| Date or period | Milestone |
|---|---|
| 2018 | WalletConnect began as a protocol for connecting wallets and applications. |
| 2023 | WalletConnect migrated from version 1 to version 2, described by the organization as part of its decentralization journey. |
| Early 2024 | The Network began serving production traffic and introduced initial node operators, including Reown, Consensys, Kiln, Ledger, Luga Nodes, 1kx, Figment, and Sensei Nodes. |
| September 16, 2024 | WalletConnect announced the Foundation and WCT alongside its decentralization plans. |
| 2024–2025 | Initial WCT distribution and ecosystem participation programs took place. |
| January 31, 2025 | WalletConnect published an update on governance development. |
| April 15, 2025 | WCT became fully transferable. |
| 2026 | Governance proposals and staking-reward programs continued. WalletConnect announced a second wave of its boosted-staker program with 1.9 million WCT allocated; that is a campaign allocation, not a standing annual emission. |
For the 2026 boosted-staker Wave 2 campaign, WalletConnect cited eligibility requiring at least 100 WCT staked for at least two weeks. Those conditions apply to that campaign, not to all staking or governance participation. Check the campaign’s terms for dates and eligibility before acting. WalletConnect’s campaign announcement describes the allocation and terms. A governance proposal page also illustrates ongoing community activity.
What WCT does not establish
- It is not equity. Owning WCT does not by itself confer company ownership or a claim on profits.
- It is not proof of complete decentralization. The official model remains a phased transition with Foundation and technical roles.
- It is not necessarily required for a connection. The fee function is prospective and subject to governance; the initial network model did not charge fees.
- It is not a promise of investment returns. Governance rights and staking programs do not guarantee token value, rewards, or future demand.
- It is not a stablecoin. Nothing in the token design described here establishes a peg to a currency or other asset.
Risks and practical checks for holders
- Governance concentration: the initial allocations include substantial Foundation, team, and previous-backer shares. Allocation figures do not alone establish current voting concentration, but they are relevant when evaluating how broadly decisions may be controlled.
- Changing token rules: future governance may affect fees, inflation, rewards, or other parameters. Campaign terms are not permanent protocol guarantees.
- Market and transfer risks: WCT can fluctuate in value, and availability, liquidity, supported networks, and local restrictions vary. Verify venue support and the correct network and contract through official channels rather than relying on a token name or search result.
- Airdrop impersonation: use official WalletConnect domains, verify the address before connecting, never share a seed phrase or private key, and inspect wallet prompts before approving transactions or signing messages. Treat unsolicited claim links and support messages as suspicious.
WalletConnect’s first-season airdrop FAQ says eligibility depended on prior Network activity and contribution categories, and that unclaimed tokens could potentially be redirected to future airdrop seasons. That was a campaign-specific policy, not a promise of eligibility for later distributions. The official airdrop FAQ provides those details.
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