Reown platform, formerly known as WalletConnect Inc., has announced significant plans to further decentralize its network through the introduction of a native token dubbed Connect Token (WCT). According to the announcement, the WCT token will be launched on the Ethereum (ETH)–based scaling solution Optimism (OP). This strategic move aims to enhance the platform’s scalability and efficiency.
WCT Token Launch and Distribution
The total supply of the WCT token will be capped at 1 billion. In an effort to encourage community participation and engagement, approximately 185 million tokens are expected to be airdropped to the community in the coming weeks. Reown has urged its community members to register for the airdrop, which will begin next week on Tuesday, September 24.
Pedro Gomes on the Future of Reown
“Since WalletConnect’s inception in 2018, the goal has always been for it to become a critical and decentralized infrastructure for the on-chain ecosystem. With the addition of WCT, we are making that goal a reality. The WalletConnect Network has experienced 240% growth in the past 12 months. WCT will incentivize even more growth and bring in more partners,” said Pedro Gomes, Director of the WalletConnect Foundation.
Importance of WCT Token on Reown Protocol
Reown has emphasized the significance of the WCT token within its protocol. The token will serve four primary use cases following its official launch:
Payment of Fees
The WCT token will be used to pay fees on the Reown protocol. This is a crucial component for the future of the network, ensuring smooth and efficient transactions.
Incentivizing Node Operators
To maintain network security and efficiency, the Reown team has planned to use the WCT token to incentivize node operators. This will encourage more participants to contribute to the network’s stability.
Staking
Staking the WCT token will be another significant use case. Token holders will have the opportunity to stake their tokens, contributing to the overall health and security of the network.
Governance
The WCT token will play a critical role in decentralized governance within the Reown protocol. Token holders will have the power to participate in decision-making processes, ensuring that the community has a say in the platform’s future direction.
As Reown continues to grow and evolve, the introduction of the WCT token marks a pivotal step towards achieving a fully decentralized and community-driven network. With the upcoming airdrop and the diverse use cases of the WCT token, Reown is set to attract even more participants and partners, further solidifying its position in the web3 ecosystem.
