WalletConnect Launches Its Native WCT Token on Solana, Promises $5M Airdrop

WalletConnect has launched its native WCT token on Solana, following previous integrations with Ethereum and Optimism. This expansion introduces a $5 million

TLDR;

* WalletConnect has launched its native WCT token on Solana, expanding from previous integrations on Ethereum and Optimism.

* The expansion includes a $5 million airdrop campaign targeting active Solana users through key partners: Phantom, Backpack, Jupiter, and Solflare wallets.

* The WCT token will offer reduced transaction fees and faster processing times for Solana users, aiming to support a broader range of decentralized applications integrated with the WalletConnect protocol.

* The token is also expected to provide governance and staking functionality, initially available on Optimism and with plans to expand to other supported chains.

* Already integrated with Reown’s AppKit, applications like Drift, Marinade, Kamino, and Backpack can support WCT, enabling trading and token functionalities.

* This integration unlocks new possibilities for seamless token management and exchange within the Solana ecosystem.

* The initiative aligns with WalletConnect’s focus on user experience and onchain engagement, expanding its presence in major blockchain networks.

As part of the launch, WalletConnect will be airdropping 5 million WCT tokens to users on Solana. The airdrop will be distributed through partnerships with Phantom, Backpack, Jupiter, and Solflare wallets.

The Solana campaign follows a previous 50 million token distribution to WalletConnect users, with claims valued at approximately $3 billion based on the current WCT price.

Instructions for claiming the airdropped tokens, eligibility requirements, and the distribution schedule will be announced in the coming weeks.

The initiative aims to reward loyal users and drive further adoption of WCT and Solana.

“We are excited to bring WCT to the Solana ecosystem,” said Jamie Monell, CEO and co-founder of Reown. “Our goal is to provide the best possible experience for Web3 users and we believe that this partnership will help us to achieve that goal. We are also grateful for the support of our partners, who are helping us to make this launch a success.”

The WCT token is already live on Ethereum and Optimism, where it offers users the opportunity to participate in governance and stake their tokens to earn rewards. The token is also being integrated with other chains, and the team plans to launch a new token program in the second half of 2024.

This integration marks a significant step in expanding the capabilities and accessibility of the WalletConnect protocol within the Solana ecosystem. It opens up possibilities for seamless token management, exchange, and interaction across various Solana-based applications and services.

This development comes as Solana continues to attract attention for its high throughput and relatively low transaction fees. The integration of WCT aims to further enhance the usability and appeal of Solana-based decentralized applications.