WalletConnect, a leading wallet aggregator for tokens, NFTs, and decentralized apps, has rebranded itself as Reown as part of its strategic move to decentralize its network and launch its native token, WCT.

This significant transition sets the stage for the platform’s first airdrop farming season, aiming to reward its community of users, developers, and partners.

Key Takeaways

WalletConnect rebrands to Reown and launches its native token, WCT.
Airdrop season begins on September 24, distributing 185M WCT tokens.
WCT is designed for fees, staking, rewards, and governance.
The airdrop is part of Reown’s plan for a fully decentralized platform.

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The Launch of WCT and Airdrop Farming

With the announcement of WCT, WalletConnect (now Reown) is opening its first-ever airdrop season, starting on September 24, 2024.

The airdrop will distribute 185 million WCT tokens, which account for 18.5% of the total token supply.

This event marks the beginning of a series of airdrop farming seasons, each focused on different missions and tasks to engage and incentivize users within the ecosystem.

To participate in the airdrop, users will need a crypto wallet, a GitHub account, and an email address.

The airdrop targets a broad range of participants, including end users, wallet providers, app teams, node operators, SDK producers, and partner communities. Participants can expect to claim their WCT tokens by the end of 2024.

WCT Tokenomics and Ecosystem Expansion

The WCT token will play a vital role in expanding Reown’s on-chain network. The token has several core use cases, including fees, rewards, staking, and governance.

In particular, staking and governance will empower the community to actively participate in the platform's future direction.

The total supply of WCT is capped at 1 billion tokens, with allocations as follows:

18.5% for the team
18.5% for early contributors and developers
27% for the WalletConnect Foundation

These initial allocations are designed to boost network activity and create a thriving on-chain ecosystem.

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Security and Caution: Beware of Scams

As the excitement around WCT grows, so do the risks of scams. WalletConnect has issued a warning to be cautious of copycat registration pages and fraudulent activity.

No WCT tokens have been issued yet, and the official airdrop will only be available through the legitimate channels provided by Reown.

Reown's Vision for a Decentralized Future

Reown’s rebranding represents more than just a new name; it reflects the company’s commitment to becoming a fully decentralized platform.

With over 23 million users, support for 150 chains, and integration with 6,000+ apps, Reown is well-positioned to extend its influence in the Web3 space.

The launch of WCT on Optimism, a Layer 2 scaling solution for Ethereum, will ensure fast transactions and low gas fees, making it easier for users to participate in the growing decentralized ecosystem.

What's Next Reown and WCT?

Looking ahead, the WCT token will become an integral part of Reown's decentralized network. Initially, WCT will not be transferable, but users will be able to stake and vote within the ecosystem.

Over time, as the community grows, the utility of WCT will expand, potentially allowing the token to be used for transaction fees and traded in the broader market.

The launch of airdrops, quests, and new seasons will continually introduce fresh opportunities for participants to engage with the platform, cementing Reown’s place as a major player in the decentralized finance (DeFi) and Web3 sectors.

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WalletConnect Rebrands as Reown: Airdrop Farming Season Begins!