In brief
WalletConnect’s WCT token is launching on Solana.
The integration will be accompanied by an airdrop of 5 million WCT tokens to active Solana users.
Further chain integrations are “already in development,” WalletConnect told Decrypt.
WalletConnect Token (WCT) is launching on Solana, with 5 million WCT set to be airdropped to the blockchain’s active users.
The launch of WCT as a multichain token aims to open WalletConnect to new users and liquidity, and applications throughout the Solana ecosystem.
The WCT token powers staking and governance across WalletConnect’s network, and will be used for fees and rewards in the future. Current estimates suggest about 145,000 hold WCT—a figure that’s expected to rise given it’s now expanding to a blockchain with more than 100 million monthly active wallets.
In a statement shared with Decrypt, WalletConnect Foundation founder and director Pedro Gomes said the platform has made a concerted shift to becoming a “chain-agnostic protocol” in recent years, following its “very Ethereum-centric” beginnings.
“It makes sense that WCT, the native token, is also a multichain token,” Gomes added. “WalletConnect has been working closely with Solana teams over the past couple of months and I have been continuously impressed by the builders, the community and the energy of the Solana ecosystem.”
Wormhole Foundation’s CCO and co-founder Robinson Burkey said that WCT’s expansion “is a clear signal builders and users want fluid, secure movement of value across ecosystems.”
“A multichain journey”
Further chain integrations are “already in development” as WalletConnect builds out its roadmap—and as its native token becomes more widely available, new governance features and token-based incentives will be unveiled to give the community a greater role in its future.
This latest airdrop also comes hot on the heels of 50 million WCT being distributed to WalletConnect users last year.
Several prominent Solana apps already rely on WalletConnect’s infrastructure—including lending platform Save, perpetual futures exchange Drift, and DeFi protocol Kamino Finance.
Figures from the protocol suggest that, since launching in 2018, it has facilitated more than 278 million connections along with 45 million unique active wallets.
In a statement shared with Decrypt, WalletConnect said that its arrival on Solana “marks the beginning of a multichain journey” that will build on its track record of enabling “secure and seamless connections” between apps and wallets.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
