The Surge of WalletConnect’s Token WCT: A Closer Look
The price of WalletConnect’s token WCT has experienced an impressive surge of over 27% in the past 24 hours, driven by a series of high-profile exchange listings. This significant increase has caught the attention of investors and the crypto community alike, propelling the token to new heights.
Rapid Listings and Trading Volume
WalletConnect (WCT) is currently trading at $0.40, showcasing a remarkable uptrend. The 24-hour trading volume has exceeded $910 million, marking a staggering 1700% increase during this period. The project, which was launched on April 15, has garnered widespread attention due to its rapid listings on major exchanges.
Exchanges Embracing WCT
WalletConnect has made headlines with its listings on prominent exchanges such as Binance, Crypto.com, Upbit, Kraken, MEXC, Gate.io, KuCoin, OKX, Bybit, and Bithumb. These listings have played a crucial role in boosting the visibility and accessibility of the WCT token, attracting a diverse range of investors.
The Evolution of WCT
The WCT token’s debut on exchanges comes 7 years after the project’s inception in 2018. According to WalletConnect, “WCT marks a significant milestone in the WalletConnect Network’s decentralization roadmap and will be the driving force behind the economic and governance structure of the Network.”
Understanding WalletConnect
WalletConnect serves as a Web3 communications protocol that facilitates secure connections between crypto wallets and decentralized applications (dApps). By utilizing a QR code or deep links, users can seamlessly link their wallets to dApps, enabling them to approve transactions or perform actions directly through their wallets.
Token Allocation and Supply
With a fixed supply of 1 billion tokens, WCT has been strategically allocated to various entities within the ecosystem. Key allocations include 27% to the WalletConnect Foundation for ecosystem development, 18.5% each to the team and airdrops, 17.5% for staking and performance rewards, 11.5% for early backers, and 7% for core development of the protocol.
The Journey of WCT Tokens
Initially launched as non-transferable tokens in September last year, WCT holders could still participate in governance and staking activities. Transferability was enabled on April 15 during the official launch on spot markets, coinciding with the unveiling of “The Creation of WCT” NFT.