PANews reported on April 11 that according to The Defiant, the on-chain connection solution WalletConnect will launch its native WCT token on April 15. The issuance is managed by the WalletConnect Foundation and aims to promote the decentralization of the WalletConnect network with WCT as the core. Token holders can propose, discuss and make decisions on the introduction of fees in the long-term economic model of the network through the governance mechanism. WCT tokens are not only used to incentivize network use, but also give holders the right to pledge and govern.
According to the WCT white paper, the token will not be immediately transferable, and the trading time will be decided by the WalletConnect Foundation and token holders voting. The white paper points out that "network functionality, long-term planning, ecosystem development, and infrastructure protection" are the reasons why the token is not immediately transferable. The distribution of WCT supply is: 27% belongs to the WCT Foundation, 18.5% is used for airdrop activities, 18.5% is allocated to the team, 17.5% is used for rewards, 11.5% is allocated to investors, and 7% is allocated to core developers. The tokens of developers, teams, and investors have a four-year unlocking period and a one-year lock-up period. The airdrop activities will be carried out in stages in the next few years.
