WalletConnect launches first airdrop season with 50 million tokens allocated to community members

2024-11-29 09:25:18 Primitive Reading

From theblock by Vishal Chawla

Quick Take

WalletConnect rolled out the eligibility checker for the first season of its airdrop, allowing users to stake tokens for governance.
During the first season of the airdrop, 50 million tokens have been allocated for distribution to over 160,000 eligible users.
The tokens are initially non-transferable, but users can stake them for periods ranging from one week to two years, with staking rewards starting on Dec. 19.

WalletConnect has officially launched the eligibility checker for its first season of the WalletConnect token (WCT) airdrop, enabling previously registered users to actively participate in the network’s governance by staking their tokens.

During the first season of the airdrop, 50 million tokens (out of a planned airdrop total of 185 million) have been allocated for distribution to over 160,000 eligible users, including builders, contributors, and users. The max supply of WCT tokens is 1 billion.

Out of the total tokens allocated for this season, 30 million were reserved for users who registered and met the engagement criteria during the designated period, while the remaining 20 million were set aside for notable network contributors, including node operators and early GitHub contributors.

Although the tokens are initially non-transferable, users can stake them for one week to two years, with staking rewards starting on Dec. 19.

Eligibility for the airdrop required users to create a profile, connect a wallet through the WalletConnect network, and engage in network activities before a specified cutoff date last month.

To ensure fair distribution, WalletConnect claims to have established a scoring system based on past network usage, on-chain activities, and contributions through platforms such as GitHub. WalletConnect has also taken steps to subsidize gas fees, helping reduce the cost burden on users amid varying network conditions.

WalletConnect is an open-source protocol that allows users to connect their crypto wallets to decentralized applications using a QR code or deep link. Once the connection is established, the dApp can request approval for transactions or other actions from the user’s wallet.

The main advantage is that it allows mobile users to connect their wallets to dApps on their desktops or other devices, eliminating the need to switch between devices or copy and paste addresses.

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