The South Korean cryptocurrency exchange, Upbit, has made an exciting announcement regarding the listing of a wallet-focused altcoin, causing a surge in price movement within the market.
Upbit revealed that it will be supporting Wallet Connect (WCT) for trading on the Optimism (OP) network on its platform starting Wednesday. Wallet Connect, launched in 2018, is a Web3 open-source protocol designed to facilitate the connection between crypto wallets and decentralized applications (DApps) through encrypted connections using QR code scanning and deep linking.
The primary token of the Wallet Connect network, WCT, serves various purposes such as staking, rewards, fees, and governance. With a total supply capped at 1 billion tokens, WCT allocation includes portions for core development, staking and rewards, airdrops, team members, early supporters, and the WalletConnect Foundation.
Following the news from Upbit, WCT saw a significant surge in value, jumping from $0.28 to $0.62, marking a 121% increase in price. As of the latest update, WCT is trading at $0.42, reflecting a 34.6% gain for the day. The current market cap for WCT stands at $79.13 million, positioning it as the 482nd largest cryptocurrency project.
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