WalletConnect is one of the largest blockchain infrastructure products in the industry, supporting over 600 wallets. It allows users to connect any wallet supported by the app to over 40,000 dApps from both mobile and desktop, using a secure, end-to-end encrypted connection. Wallet Connect is powered by its native $WCT token, whose main utility is to reward node runners, vote on protocol fees, and participate in DAO proposals within the network.
Since its inception in 2018, the WalletConnect crypto project has raised over $24.75M from prominent funds, including Hashkey, Coinbase, ConsenSys, Circle, and many others.
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🤔 What is Wallet Connect?
WalletConnect is a Web3 infrastructure that aims to solve the main issue hindering mass crypto adoption: the fragmentation of user experience (UX) and developer experience (DX). With the emergence of various blockchains, coding languages, and technologies, numerous new wallets have appeared, each serving its own purpose and offering unique features. However, many of these apps were not suited for secure mobile usage, while developers sought a unified way to support all users' wallets.
This is where the Wallet Connect app comes in. Supporting nearly all currently operational blockchains, it offers a secure, unified solution for dApps to configure new wallets, allowing users to connect over 600 Web3 wallets via both mobile and desktop in an end-to-end encrypted fashion. This is mainly achieved through the WalletConnect network, which consists of several key components:
For more details on the protocol’s infrastructure, refer to the WalletConnect docs.
🪙 Wallet Connect token: Recently, the platform announced the release of its utility token, $WCT. According to its docs, this token will be used for staking and earning service node rewards, voting on protocol fees, and other governance proposals, as well as incentivizing users with token airdrops.
In addition to announcing the token's release, the protocol revealed the first phase of its airdrop, rewarding the most active WalletConnect users with $WCT tokens. What’s more, on January 28th, 2025 the platform announced a $WCT token ICO on the CoinList - the leading crypto launchpad.
In light of the upcoming WalletConnect airdrop, the CoinLaunch team thoroughly analyzed the project and identified some notable pros and cons:
âś… WalletConnect pros:
❌ WalletConnect cons:
Prepare to launch the closed, permissioned WalletConnect Network
Launch and test the closed, permissioned WalletConnect Network
Launch and test the open, permissioned WalletConnect Network
Launch the open, permissionless WalletConnect Network
<a href="https://coinlaunch.space/projects/walletconnect/" title="WalletConnect (WCT)" target="_blank"><img src="https://coinlaunch.space/media/widgets/0/walletconnect.png" width="224" alt="WalletConnect (WCT)"></a>