Reown platform, a fast-growing web3 communication protocol formerly known as WalletConnect Inc., has announced further plans to decentralize its network through a native token dubbed Connect Token (WCT). According to the announcement, the WCT token will be launched on the Ethereum (ETH)–based scaling solution Optmism (OP).
The WTC token will be capped at 1 billion, with around 185 million expected to be airdropped to the community in the coming weeks. Furthermore, Reown has urged its community to register for the airdrop beginning next week on Tuesday, September 24.
“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 even more partners,” Pedro Gomes, Director of the WalletConnect Foundation, noted.
Importance of one WCT Token on Reown Protocol
According to the announcement, the WCT token will have four primary use cases on the Reown protocol after the official launch. On the top list, the WCT token will be used to pay fees, which would be a crucial component for the future of the Reown protocol.
The Reown team has also planned for the WCT token to be used to incentivize node operators to enable the network to remain secure and efficient.
The WCT token will also be used for staking and governance purposes on the Reown protocol, which is a crucial aspect in enabling decentralized governance.
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