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WCT Airdrop FAQs

What is the Connect Token (WCT)?​

The Connect Token is the native token of the WalletConnect Network.

The four utilities of the WCT are:

  1. Fees: Used to pay for network services like relay usage.*
  2. Rewards: Tokens are distributed as incentives to keep the network secure and efficient.
  3. Staking: WCT holders can stake tokens to receive rewards.
  4. Governance: WCT holders can vote on proposals and updates, giving the community control over the network's development through decentralized governance.*

*Governance and fees features are expected to be enabled after approval by WCT tokenholders.

How do I register for season 1 of the WCT airdrop?​

To register for season 1 of the WCT airdrop, you'll need to:

  1. Create a profile via Airdrop page by tapping the "Register Here" button, accepting the terms and conditions, and connecting at least one Ethereum wallet address. To allow your past WalletConnect Network usage to be correctly measured, please use the WalletConnect option to link your wallet.

    note

    Some wallet connection methods, like the use of extension wallets, do not enable connection via the WalletConnect Network and connecting via these methods may impact the ability to correctly assess your past usage of the Network. For this reason, connecting with at least one mobile wallet across your frequented accounts is recommended.

  2. Build out your profile by adding additional wallet addresses and/or any GitHub accounts that you think may be relevant to the airdrop criteria to expand the assessment of your eligibility.

  3. That's it – you can check back to see an update on your status in November. To receive a notification when this information is released, add your email address for notifications during the registration process.

What is a "profile"?​

Season 1 of the WCT Airdrop takes into consideration past activity and usage of the WalletConnect Network along with contributions to certain open source technologies. When registering for the airdrop, you may connect multiple wallet addresses and your GitHub account to your Profile to expand the assessment of your past activity and usage and thereby improve your potential eligibility for the airdrop.

What does "Connect via WalletConnect" mean?​

The WalletConnect Network facilitates the connection between mobile wallets and apps. When you are using an app and connecting your wallet to login, you'll see "connect via WalletConnect", as one of the options. Clicking this option will lead you to a QR code that, if accessing the app on desktop, you may scan via your mobile wallet to login with a selected wallet address. If accessing the app via mobile, you may connect directly with a mobile wallet using the connect via WalletConnect option. This connection is made through the WalletConnect Network.

What are the eligibility criteria assessed for the airdrop?​

There are two categories of eligibility criteria for the airdrop:

1. Activity as a user​

As a user, your activity across the Network including connections, signatures, and on-chain activity will be assessed. Past activity both recently and overall with the WalletConnect Network factor into eligibility. Eligibility for users is assessed from wallet addresses added to the user's profile.

2. Activity as a contributor​

As a contributor, past contributions to the WalletConnect Network including projects spanning CAIPs, EIPs, Ethereum SDKs, non-EVM SDKs, and to open source projects that positively impact the onchain ecosystem factor into eligibility. Eligibility for contributors is assessed from Github accounts added to the user's profile.

You may be eligible as both a user and contributor within the same profile.

To assess meaningful contributions, the retrospective snapshot of criteria for season 1 of the airdrop considers a timeframe from as early as the network's inception, up to September 12, 2024 only. Activity after this date will not be considered. Different criteria and timeframes may be relevant for subsequent airdrop seasons.

important

Eligibility for the airdrop is determined by meeting criteria at certain thresholds. Meeting specific criteria alone does not guarantee eligibility for the airdrop.

Will all registered users be eligible for the airdrop?​

No.

Eligibility for the airdrop is determined by meeting certain criteria at certain thresholds. Meeting a specific criterion does not guarantee eligibility for the airdrop. To assess meaningful contributions, the retrospective snapshot of criteria for season 1 of the airdrop considers a timeframe from as early as the network's inception, up to September 12, 2024 only. Activity after this date will not be considered.

Various distribution models may be applied intended for fair reward allocation across all participants. For example, users who meet more criteria or have higher engagement may receive a proportionally larger share.

This information is in regard to season 1 of the WCT airdrop. Not meeting eligibility for season 1 does not preclude eligibility for following seasons.

Is anyone unable to participate?​

The Airdrop registration webpage will be inaccessible from certain jurisdictions for compliance purposes, including sanctions regulations set forth by applicable agencies from the United States and other governments which prohibit providing products or services accessible from domains to persons in specific countries and territories. Further, digital wallet addresses identified on Specifically Designated Nationals and Blocked Persons Lists maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control may not participate.

Please see the Airdrop Terms & Conditions [link out] for more details about sanctions compliance and eligibility.

When will I know if I am eligible for season 1 of the airdrop?​

To find out if you are eligible for season 1 of the WCT airdrop, you'll need to register. Registrations are open from September 24, 2024 and close October 18, 2024.

The WalletConnect Foundation will announce on walletconnect.network and across social and email channels confirming when registrants may check back during November 2024 to find out if they are eligible for season 1 of the WCT airdrop. To receive an email notification when this information is released, add your email address to your profile during the registration process.

You cannot be eligible for the airdrop if you do not register.

If I am eligible for the airdrop, when will I be able to claim my WCT tokens?​

The registration period for season 1 of the WCT airdrop officially ends October 18, 2024. You will be able to check if you are eligible for the season in November, at which point, details on how and when to claim will be shared.

If I am eligible for the airdrop, how many WCT tokens will I be able to claim?​

The airdrop uses an internal scoring mechanism to determine if you are eligible to claim the airdrop and how many tokens. Your score is determined based on a combination of your past connections via the WalletConnect Network, signatures, and on-chain activity. The more criteria you meet, the higher your score. The amount of tokens you may be eligible to claim is based on your score. However, users must exceed certain scoring thresholds to become eligible. Not all users who register will exceed these thresholds.

Tokens are allocated based on eligible users' scores who exceed those certain thresholds, with eligible users who meet more criteria or have higher engagement receiving a proportionally larger share. Various distribution models may be applied designed for fair reward allocation across all eligible users.

caution

Meeting specific criteria alone does not guarantee eligibility for the airdrop. Please see the Airdrop Terms and Conditions for additional information.

What happens if I do not claim my tokens within the claims period?​

If tokens are unclaimed within the claims period for season 1 of the WCT airdrop, those tokens may be added to allocations for future airdrop seasons.

I missed or wasn't eligible for season 1 of the WCT airdrop – will there be more seasons?​

There will be more seasons in the future. If you are not eligible this time or you missed it, you may be eligible for future seasons. Follow our socials and subscribe to emails to get notified about future seasons.

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How many tokens are being allocated in total for the airdrop?​

There are 50,000,000 WCT tokens issued to be distributed for season 1 of the WCT airdrop, out of a total 185,000,000 WCT tokens allocated in total for WCT airdrops.

How are the tokens split between the two criteria types?​

For season 1 of the WCT airdrop:

  • 80% of the pool will be allocated to the user category (4% of the total token allocation)
  • 20% of the pool will be allocated to the contributor category (1% of the total token allocation)

Why is the Connect Token (WCT) non-transferable?​

There are several reasons including:

  1. Network Functionality: The purpose of WCT is to support and enable network functionality. By restricting transferability at launch, the tokens will remain within the ecosystem to serve their intended purpose.

  2. Long-Term Focus: This purpose for WCT and restriction on transferability allows the prioritization of the long-term development and stability of the WalletConnect Network. Non-transferability provides an opportunity to thoroughly test all token functionalities, including staking, governance and mechanisms, before introducing transferability.

  3. Ecosystem Development: This non-transferability period serves as the starting point for creating and nurturing the WalletConnect ecosystem, allowing participants to engage with the Network's core functionalities.

  4. Infrastructure Protection: As a key piece of web3 infrastructure, the WalletConnect Network must be stable and secure. This non-transferability period mitigates potential risks associated with premature token transferability.

The WalletConnect Foundation will facilitate discussions within the community about enabling transferability of the WCT token, and transferability enablement will be determined via proposal and approval by voting WCT token holders. The transition to full transferability will be carefully managed and based on specific, community-agreed milestones that indicate the Network's readiness.

What can I do with the Connect Token (WCT)?​

Token holders will be able to participate in network activity like governance and staking, but cannot transfer their tokens to other wallets. The WCT token contributes to network functionality, elements of which – like governance and fees – will become active as the network continues along its targeted decentralization roadmap in 2025. The determination to unlock transferability of the token will work alongside this targeted roadmap intended for optimal network performance for all of its contributors and community members. For more information on token utility and the possibilities as it relates to community governance and collaboration please see the whitepaper [Link]

Where can I learn more about WalletConnect?​

You can learn more about the WalletConnect Foundation and the WalletConnect Network at walletconnect.network.