WalletConnect launched its WCT token on Solana, airdropping 5 million tokens to active users of the blockchain. The move aims to broaden WalletConnect's reach and liquidity within the Solana ecosystem.
The WCT token, which powers staking and governance across WalletConnect's network, will also be used for fees and rewards. Currently, about 145,000 users hold WCT, and this number is expected to increase with the Solana expansion.
According to WalletConnect, this launch on Solana marks the beginning of a multichain journey, building on its history of secure connections between apps and wallets. Since its launch in 2018, WalletConnect has facilitated over 278 million connections with 45 million unique active wallets.
Further chain integrations are already in development, with new governance features and token-based incentives planned to give the community a greater role. This follows a previous airdrop of 50 million WCT to WalletConnect users last year.
Several Solana apps, including Save, Drift, and Kamino Finance, already utilize WalletConnect's infrastructure. Wormhole Foundation's CCO Robinson Burkey noted that WCT's expansion signals a desire for secure value movement across ecosystems.
WalletConnect Foundation founder Pedro Gomes stated that the platform has shifted to becoming a chain-agnostic protocol. Gomes added that WalletConnect has been working closely with Solana teams and is impressed by the Solana ecosystem.
This article is based on our author's analysis of materials taken from the following resource: Decrypt.