WalletConnect Unveils Token Airdrop Eligibility Checker for Community Engagement

27. Nov 2024 Posted by Bakshi A. on News

WalletConnect has introduced its token airdrop eligibility checker, signaling the start of its inaugural WalletConnect Token (WCT) distribution. The initiative empowers users to stake tokens and participate in network governance.

For this first airdrop season, 50 million WCT tokens—part of a broader 185 million token allocation—are earmarked for distribution. The total WCT supply stands at 1 billion tokens. Over 160,000 users, including builders, contributors, and active participants, qualify for the current airdrop.

Breakdown of Allocation

  • 30 Million Tokens: Reserved for users meeting engagement benchmarks during the registration period.
  • 20 Million Tokens: Allocated to notable contributors, such as node operators and early GitHub participants.

While these tokens are initially non-transferable, eligible users can stake them for durations ranging from one week to two years. Staking rewards are set to commence on December 19.

Airdrop Requirements and Scoring

To qualify, users were required to:

  1. Create a profile.
  2. Connect a wallet through WalletConnect.
  3. Engage in network activities before last month’s cutoff date.

WalletConnect has implemented a scoring system based on criteria such as on-chain activity, GitHub contributions, and past network usage to ensure a fair distribution. To further support participants, WalletConnect has subsidized gas fees, easing the financial burden of network interactions.

About WalletConnect

As an open-source protocol, WalletConnect enables seamless interaction between crypto wallets and decentralized applications (dApps). By scanning a QR code or using a deep link, users can securely connect wallets to dApps without switching devices or copying addresses. This approach simplifies interactions for mobile users and enhances accessibility for decentralized finance.

With this initiative, WalletConnect solidifies its commitment to fostering community-driven governance while simplifying the user experience in the decentralized ecosystem.