WalletConnect to launch WCT tokens on 15 April

11 April - WalletConnect, the on-chain connectivity solution, will launch native WCT tokens on 15 April, according to The Defiant. The offering, managed by the WalletConnect Foundation, aims to drive decentralisation of the WCT-centric WalletConnect network. Token holders will be able to raise, discuss and make decisions on matters related to the introduction of fees in the network's long-term economic model through a governance mechanism that will not only incentivise use of the network, but also give holders pledge and governance rights.

According to the WCT whitepaper, the tokens will not be immediately transferable, and the opening of trading will be determined by a vote of the WalletConnect Foundation and token holders. The whitepaper cites ‘network functionality, long-term planning, ecosystem development, and infrastructure protection’ as reasons why the token is not immediately transferable. 27 per cent of the WCT supply goes to the WCT Foundation, 18.5 per cent to airdrops, 18.5 per cent to teams, 17.5 per cent to rewards and 11.5 per cent to investors. 11.5% to investors and 7% to core developers. The tokens for developers, teams and investors have a four-year unlock period and a one-year lock-in period, and the airdrop campaign will be phased in over the next few years.