Non-custodial crypto wallet service provider WalletConnect has officially launched its first-ever token airdrop, providing over 160,000 eligible users with the opportunity to claim a portion of its native $WCT tokens, of which, 50 million are being distributed in the first round.
WCT recipients can stake their tokens for governance and earn rewards, marking a significant milestone for the open-source protocol widely used for bridging crypto wallets to decentralized applications (DApps).
$WCT Airdrop Eligibility And Token Distribution
Wallet Connect announced earlier today that the eligibility checker for the WCT airdrop is live, and can be used to confirm users’ participation in the token distribution event. From the 50 million WCT allocated for this round, 30 million are designated for registered users who have met engagement criteria during the registration period, which ended on October 17, 2024.
The remaining 20 million WCT tokens are reserved for contributors to the WalletConnect ecosystem, such as node operators and early GitHub participants.
Among the various eligibility criteria are users being required to create a profile, connect their Ethereum wallet through WalletConnect, and actively engage with the network before the cut-off date. The platform has also employed a scoring system based on the users’ past network usage, on-chain activities, and project contributions to ensure fair token distribution.
To incentivize participation, WalletConnect has subsidized gas fees, reducing the financial burden on users amidst varying network costs.
Another important thing to note is that the WCT tokens are non-transferable, meaning recipients cannot sell them but can stake the assets for governance purposes. WalletConnect’s staking period can range from one week to two years, with users set to get rewarded starting December 19, 2024.
How To Participate In The WalletConnect $WCT Token Airdrop?
Follow these steps to participate in the WalletConnect airdrop and claim your share of $WCT:
- Sign up for the airdrop event by visiting the WalletConnect Airdrop Registration page. Click the “Connect Wallet” option and choose the Ethereum wallet you use for on-chain activities.
- Connect your GitHub account if you have contributed to open-source projects like CAIPs, EIPs, Ethereum SDKs, or non-EVM SDKs. Contributions to these projects will improve your eligibility and even increase your $WCT allocation.
- Add multiple wallet addresses to expand the assessment of your on-chain activity. The more network activities WalletConnect can access, the higher your chances of qualifying for the airdrop.
- Make sure you have completed the registration procedure before October 17, 2024. The eligibility results will be announced in the coming days. Registered users will be able to verify their status within the platform and claim the $WCT token they have earned.
Bottom Line
Of a maximum supply of 1 billion WCT tokens, WalletConnect has decided to distribute 185 million WCT for free, via airdrops. The first stage of the airdrop will see the DeFi service provider airdrop 50 million tokens. The event will continue until the upper threshold has been reached, however, there is no confirmation of the end date.
WalletConnect is a decentralized open-source protocol that allows crypto users to secure communication between their wallet and decentralized applications (DApps). The platform has already raised over $20 million from leading venture capitalists like Coinbase Ventures, Shopify, and 1kx.
The wallet service provider is widely used across various blockchain networks, particularly Ethereum. It facilitates a seamless connection between users and DApps while supporting a wide range of wallets, apps, and tokens. WalletConnect aims to make Web3 more accessible and secure for everyone.
