WalletConnect is an open-source protocol developed in 2018 that enables users to connect their crypto wallets to decentralized applications (dApps) within the Web3 ecosystem. It is a secure bridge that allows authentication and transaction signing without exposing users' private keys. The protocol supports both single- and multi-chain interactions, making it a versatile tool for blockchain-based applications.
WalletConnect ensures a smooth and secure connection between wallets and dApps by leveraging QR code technology and end-to-end encryption. This way, users can easily buy crypto, trade tokens, and purchase digital art. By simplifying blockchain interactions, this protocol enhances accessibility, allowing millions of users to engage with the decentralized web without requiring technical expertise.
How to use WalletConnect
To use WalletConnect, users must install a compatible crypto wallet and navigate to a dApp that supports the protocol. By selecting "Connect Wallet" and "WalletConnect," a QR code is displayed, which users must scan with their mobile wallet app to establish a secure link. The protocol prioritizes security through encrypted messaging, push notifications, and decentralized communication, ensuring that private keys remain safely stored within the user's wallet. Additionally, WalletConnect does not store user data on its servers.
The WalletConnect Token (WCT)
WalletConnect is paving the way for a more open, resilient, and community-driven blockchain ecosystem with its decentralized network and the introduction of the WalletConnect Token (WCT) in January 2025. This token supports governance and incentivizes network participation via staking, rewards, and fees. It allows users, developers, and node operators to influence the network’s future by voting on key upgrades, security measures, and user experience improvements.
Additionally, WCT serves as a reward mechanism for node operators, encouraging them to maintain network security and uptime. By reinforcing a more robust and permissionless infrastructure, WCT is crucial in ensuring WalletConnect’s expansion and long-term decentralized vision. The table below summarizes key data about this crypto asset as of March 4, 2025.
Currently, the WalletConnect ecosystem comprises 35 million active unique wallets, 54 thousand App projects, over 600 supported wallets, and 16 node operators.
Tokenomics
The total supply of WalletConnect Token (WCT) is capped at 1 billion, with allocations strategically distributed to ensure the network's long-term growth and sustainability. A significant portion, 27%, is allocated to the WalletConnect Foundation to support partnerships, grants, ecosystem development, and overall operations. Another 18.5% is reserved for seasonal airdrops benefiting users, applications, wallets, and node operators to encourage adoption and participation.
The WalletConnect team also receives 18.5% of the supply, while 17.5% is designated for staking and performance rewards, incentivizing active network engagement. Early backers who provided crucial resources and support during the network’s initial stages are allocated 11.5%. Lastly, 7% is set aside for core development, ensuring continuous improvements to the protocol and its related modules. This distribution model is designed to foster a robust, decentralized, and sustainable ecosystem.
Future projections
The WalletConnect Token will likely play a crucial role in decentralized connectivity's future, offering users and developers new opportunities within the Web3 ecosystem. As WCT is listed in more crypto exchanges, it will reach a broader audience, increasing its market presence and attracting investors and enthusiasts eager to participate in its growth. Through ongoing community engagement and promotional activities such as airdrops and trading incentives, WalletConnect continues to expand its user base while strengthening its decentralized network.
The WCT roadmap outlines significant milestones aimed at enhancing its utility and adoption. By Q1 2025, users can stake their tokens and earn rewards, fostering long-term engagement and network security. In Q2, efforts will focus on improving interoperability and accessibility, ensuring seamless integration across multiple blockchain platforms. By Q3, increased market visibility and new trading opportunities will further solidify the token’s position in the crypto landscape.