WalletConnect Token Drops 9.906% After Launch

WalletConnect Token's latest price was $0.3948, down 9.906% in the last 24 hours. WalletConnect, a protocol that has been quietly powering Web3 behind the scenes, has recently stepped into the spotlight with the launch of its network’s $WCT token. The protocol connects decentralized apps (dApps) and crypto wallets together, and its new token aims to support the expanding ecosystem through fees, rewards, staking, and governance.

On April 15, $WCT debuted with listings on top-tier exchanges. Founder Pedro Gomes justified the launch of $WCT by citing “token-market fit,” emphasizing the network’s growth and increasing developer participation through SDK integrations. He also mentioned aligning stakeholders with the platform’s long-term goals, including node operators and wallets. According to Gomes, the $WCT token will support WalletConnect’s expanding ecosystem through fees, rewards, staking, and governance, incentivizing its over 40 million users and supporting the protocol’s transition into a decentralized infrastructure layer.

Often compared to the “Visa of Web3,” WalletConnect powers over 275 million on-chain connections, including more than 18 million wallet interactions in March alone. Beyond wallet integration, WalletConnect has also ventured into secure decentralized communication. In January 2024, the project launched Web3Inbox, a subscription-based notification service enabling wallet-based messaging without reliance on traditional Web2 tools. Through it, users receive project updates directly in their wallets, eliminating the need for email sign-ups or external platforms.

Market observers have questioned whether WalletConnect, widely known as a protocol that bridges digital wallets with decentralized apps (dApps), truly requires a native token. In response, founder Pedro Gomes justified the launch by citing “token-market fit,” emphasizing the network’s growth and increasing developer participation through SDK integrations. He also mentioned aligning stakeholders with the platform’s long-term goals, including node operators and wallets. According to Gomes, the $WCT token will support WalletConnect’s expanding ecosystem through fees, rewards, staking, and governance, incentivizing its over 40 million users and supporting the protocol’s transition into a decentralized infrastructure layer.