What Is WalletConnect (WCT) and How to Use It?

What Is WalletConnect (WCT)? Blockchain technology is evolving daily, redefining digital ownership and decentralized interactions. It has introduced numerous innovative technical tools that enhance user experiences.

Among these, WalletConnect stands out as a unique and essential protocol for securely connecting your wallet to decentralized applications (dApps). Recently, WalletConnect introduced its native token, WalletConnect Token (WCT), as part of its journey toward decentralization.

This article explores every aspect of WalletConnect, from how it works to a step-by-step guide on how you can participate in and claim the project’s largest airdrop to date!

What is WalletConnect (WCT)?

WalletConnect is a leading open-source protocol that enables connections between non-custodial wallets and decentralized applications (dApps). With this protocol, users can interact with blockchain ecosystems securely without sharing private keys, ensuring the safety and control of their assets. Supporting a wide range of wallets, WalletConnect offers flexibility and a seamless experience within the Web3 space.

To drive ecosystem growth and governance, WalletConnect has introduced the WalletConnect Token (WCT), a native token designed to enhance governance, community rewards, and economic activities within the WalletConnect ecosystem.

Built on the Optimism Layer-2 blockchain, WCT leverages scalability and low transaction costs to improve user experience. The token has a capped supply of 1 billion, with 18.5% allocated for the first airdrop season, reflecting WalletConnect's commitment to rewarding early adopters and contributors.

Key features of the WalletConnect token

• Decentralized Governance:
  WCT holders can participate in governance processes by voting on proposals to shape the future of the WalletConnect ecosystem.

• Staking Rewards:
  Encouraging long-term participation, WCT provides staking opportunities to earn additional rewards, fostering community loyalty and enhancing network security.

• Service Fees and Voting Rights:
  Currently, WalletConnect charges no service fees. However, in the future, WCT holders will decide on these fees, shaping the ecosystem’s economy.

• Community Incentives:
  A portion of WCT is allocated to reward active participants who contribute to network stability and efficiency.

• Inflation Control:
  WCT is designed without inflation. To maintain sustainability, the network may implement service fees to support infrastructure operations and maintenance.

• Ecosystem Utility:
  WCT serves as a core component in driving network activities, including supporting developers, incentivizing node operators, and other functions to expand the ecosystem.

With these features and clear objectives, WalletConnect Token is not just a governance tool but also a catalyst for sustainable growth in the WalletConnect ecosystem. The launch of WCT reinforces the protocol's foundation while inviting users to become part of a dynamic and secure decentralized community.

▶Related content: Learn about the Optimism ecosystem.

How does WalletConnect work?

WalletConnect is not a standalone application but an open-source protocol enabling secure and easy interaction between crypto wallets and decentralized applications (dApps) without requiring additional software downloads. This protocol provides a superior alternative to traditional connection methods, simplifying processes and enhancing security. Here's how WalletConnect works:

• Connection Initialization:
  Users select WalletConnect as the connection method within a dApp. WalletConnect generates a QR code containing this connection request.

• Authentication:
  Users scan the QR code using their crypto wallet and approve the connection within the wallet.

• Session Establishment:
  Once approved, an encrypted and secure connection is established between the wallet and the dApp, enabling seamless communication.

• Transaction Signing:
  All interactions, such as token swaps or NFT purchases, are authorized directly from the user's wallet.

Advanced features of WalletConnect

• Multi-Chain Support:
  WalletConnect enables users to connect across multiple blockchains simultaneously, enhancing its utility in a multi-chain ecosystem.

• Session Persistence:
  The protocol retains active sessions, reducing the need for frequent reconnections.

• Decentralized Messaging:
  Future updates aim to incorporate secure messaging capabilities to enhance user interaction.

Eligibility for the WalletConnect airdrop

In addition to opening registration for the airdrop from September 24, 2024, to October 11, 2024, WalletConnect has outlined specific criteria to honor meaningful contributions and active participation in its ecosystem. The eligibility requirements are divided into two main categories: users and contributors, with detailed evaluation criteria as follows:

1. Eligibility for Users

Users are evaluated based on their activities within the WalletConnect network, specifically:

• Network Participation: Interactions such as wallet connections, transaction signing, and general on-chain activities.

• Activity History: Past and recent activities within the WalletConnect ecosystem.

• Wallet Profile: Eligibility is determined by wallet addresses linked to the user’s profile on the airdrop platform.

2. Eligibility for Contributors

Contributors are recognized for their technical contributions to WalletConnect and the broader blockchain ecosystem, including:

• Development Contributions: Work on Chain Agnostic Improvement Proposals (CAIPs), Ethereum Improvement Proposals (EIPs), Ethereum SDKs, and non-EVM SDKs.

• Open Source Projects: Contributions to WalletConnect or other open-source projects positively impacting the on-chain ecosystem.

• GitHub Verification: Eligibility is assessed through GitHub accounts linked to the user’s profile, ensuring authenticity.

3. Snapshot Details

The eligibility snapshot will capture user activity and contributions up to September 12, 2024, with specific details as follows:

• On-Chain Activity: Any WalletConnect-related activities from June 12, 2024, to September 12, 2024, are evaluated.

• Historical Contributions: Usage of WalletConnect and contributions to the ecosystem from its inception until September 12, 2024.

This approach ensures fair recognition for both early supporters and recent participants with meaningful engagement. Notably, activities after this date will not be considered, but future airdrop seasons may have separate criteria and timelines.

4. CEO Insights

Jess Houlgrave, CEO of WalletConnect, emphasized that the initial non-transferability of WCT ensures network stability and functionality. Community governance will decide when transferability is enabled, reflecting WalletConnect's commitment to decentralization.

How to claim WalletConnect airdrop on Bitget Wallet?

Claiming WalletConnect tokens is straightforward. A prerequisite is having a digital wallet for the connection process. In this guide, we use Bitget Wallet for its ease of use, friendly interface, and robust security features. Follow these steps to join the airdrop:

Step 1: Download Bitget Wallet

• Access the Official Source:
  Visit the official Bitget Wallet website or find the app in your device’s app store.

• Ensure Safety:
  Make sure to download the app from a trusted source to avoid hacking or scams.

Step 2: Set Up Bitget Wallet

• Create a New Wallet:
  After downloading, open the app and create a new wallet.

• Backup Seed Phrase:
  Store your recovery phrase securely and never share it with anyone. This is the only way to recover your wallet if you lose access.

• Activate QR Scanner:
  Locate the scanner function in the wallet, usually found in the upper-right corner near the search bar.

Step 3: Access the WalletConnect Airdrop Portal

• Visit the Airdrop Portal:
  Visit the DApps page on Bitget Wallet and search for "WalletConnect" to check out the project introduction. Then, head over to their official website.

• Accept Terms:
  Click to accept the “Terms and Conditions” and “Privacy Policy” to comply with program rules.

• Check Eligibility:
  Select “Check Eligibility” for the system to verify if you qualify for the airdrop.

Step 4: Connect Bitget Wallet to WalletConnect

• Choose WalletConnect:
  After eligibility verification, select the WalletConnect option when prompted.

• Scan QR Code:
  Use the QR scanner in Bitget Wallet to scan the code displayed on the portal.

• Approve Connection:
  Confirm the connection request in the Bitget Wallet app to complete the linking process.

Step 5: Verify Eligibility and Claim Rewards

• Eligible Results:
  If you qualify, the system will display a “Congratulations” message confirming you can claim the Season 1 airdrop.

• Ineligible Results:
  If you do not qualify, a message will appear stating, “Unfortunately, you are not eligible for the Season 1 airdrop.” Make sure to check the eligibility criteria carefully to increase your chances of participation in future airdrops.

In conclusion, choosing Bitget Wallet offers you a secure and user-friendly platform to manage your digital assets while exploring the latest innovations in the crypto space, such as WalletConnect and its native token.

With its intuitive interface, robust security features, and access to a diverse range of decentralized applications, Bitget Wallet empowers you to take full control of your cryptocurrency journey.

Don’t miss out on the opportunity to enhance your crypto experience—download Bitget Wallet today and start maximizing your potential in the ever-evolving world of digital finance!

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