| Key Points: – 24M $WCT airdropped to 125K users, 60% staked within weeks. – 127M+ $WCT staked across 286K+ wallets powers governance and rewards. – UX Council vote passed with 96.1% approval from 5,755 $WCT voters. |
Launched in November 2024, WalletConnect’s Season 1 airdrop rewarded 125,000+ users, developers, and contributors with 24 million WCT, of which over 60% was staked within weeks.
Staking, which is required for voting, submitting proposals, and receiving rewards, has surpassed 127M WCT across 286,500+ wallets. February’s UX Council vote marked a governance milestone, with 96.1% approval from 5,755 voters shaping product feedback and upgrades.
Interactive campaigns with Ledger, OKX, and other partners continue to drive engagement as WalletConnect progresses through its multi-phase DAO roadmap, transitioning protocol control to its growing global community.
Season 1 Airdrop: Scoring, Claiming, and Eligibility
In November 2024, the WalletConnect Foundation initiated Season 1 of the WCT airdrop, marking the protocol’s first major community distribution of governance tokens.
The distribution followed a merit-based model, targeting various contributors:
- Users who had previously connected wallets using WalletConnect
- Wallet and application developers generating transaction volume
- Open-source contributors via GitHub and Gitcoin
- Verified early supporters, filtered for Sybil resistance
Airdrop Summary:
- 125,000+ claimants
- 24 million+ WCT distributed
- Over 60% of claimed tokens staked within several weeks
- Claim deadline: January 3, 2025
This distribution established the foundation for decentralized governance, aligning token distribution with long-term engagement.
WalletConnect Staking System Explained
Staking is a central feature in WalletConnect, serving multiple functions: network security, reward distribution, and governance participation.
Staking Mechanism:
- Durations: 1 to 104 weeks (2 years max)
- Longer lock-ups yield higher rewards
- 7-day unbonding period upon expiration
- Optional auto-locking for uninterrupted staking
As of March 2025:
- 127.4 million WCT staked
- Over 286,500 individual WCT holders
- Staking is required for submitting or voting on governance proposals, as well as receiving ecosystem rewards
This structure fosters long-term alignment between stakeholders and the WalletConnect protocol.
UX Council Vote & Snapshot Participation
In February 2025, the WalletConnect community engaged in a major governance event: voting on the establishment of a User Experience (UX) Council.
Voting Results:
- 5,755 voters participated
- 2,051,393 stake-weighted votes cast
- 96.1% voted YES, approving the Council
The UX Council is now responsible for defining product standards, shaping upgrades, and facilitating feedback collection.
Governance activities are coordinated through:
- Snapshot for token-weighted voting
- Discourse for proposal discussions
- WCT staking as a prerequisite for participation
Questing Campaigns with Ledger, OKX, and More
To incentivize ongoing engagement, WalletConnect launched multiple interactive campaigns targeting both new and returning users:
- Ledger collaboration: Airdropped WCT to Ledger users
- OKX Cryptopedia S30 Quests: Distributed tokens for completing app tasks
- Community quests: Recurring events rewarding power users for sustained activity
These campaigns aim to:
- Broaden user participation
- Drive interaction with integrated dApps
- Ensure WCT reaches real, active participants
The Road to DAO: Governance Phases and Community Role
WalletConnect is in the midst of a multi-phase roadmap to transition control from the Foundation to a fully decentralized DAO structure.
Governance Roadmap:
- Phase 1 – Foundation and Reown manage operations
- Phase 2 – Establishment of Councils (UX, Tech, Partnerships)
- Phase 3 – Community begins submitting proposals
- Phase 4 – Council-led technical decisions
- Phase 5 – Full control over budget, upgrades, elections
Progression between phases is determined by on-chain governance. By staking WCT, holders gain direct voting rights over:
- Protocol upgrades
- Reward distributions
- Fee structures
- Strategic development decisions
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |