Upbit, South Korea’s popular cryptocurrency exchange, today became the first exchange to announce a listing of WalletConnect (WCT). Even despite these speculative factors, the announcement itself has already triggered a massive pumping of the token’s price. This implementation marks another step forward in the growing adoption of WCT, the native token of the WalletConnect ecosystem. Its potential impact on the larger cryptocurrency landscape is more profound.
Transactions weren’t even possible yet, but the price of WCT saw an enormous spike after the Upbit listing announcement. The token’s value increased from $0.28 to $0.62, amounting to a phenomenal 121% increase. WCT has pulled back a bit and is at $0.42 at the time of writing. Yet it’s still up an incredible +34.6% for the day!
WCT plays several roles inside the WalletConnect ecosystem, from staking, rewarding stakers, and paying fees in WCT to participate in governance. With a market capitalization of $79.13 million, WCT is currently ranked as the 482nd largest crypto project.
The initial supply of WCT tokens is capped at 1 billion, distributed as follows:
7% of WCT tokens are reserved for core development projects. 17.5% of the total supply of WCT tokens are reserved for staking and performance-based rewards. Airdrops are 18.5% of the original supply of the WCT token. Each team member is assigned 18.5% of WCT token supply. These early supporters make up 11.5% of the total WCT token supply. The WalletConnect Foundation receives 27% of the WCT token supply.
WalletConnect’s goal is to make it easier for users to connect their wallets to decentralized applications.
Traditionally, connecting wallets to apps on the blockchain required complex steps, which often discouraged new users and created a fragmented ecosystem. WalletConnect simplifies this by offering a universal connection method compatible across hundreds of wallets and thousands of apps. - WalletConnect
