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WalletConnect’s Decentralization Efforts and Future Plans
Over the past year, WalletConnect has embarked on an ambitious program of decentralization, establishing the WalletConnect Foundation in 2024 alongside the launch of its WCT token, used for fees, rewards, staking, and governance on the network.
Token Launch and Incentives
WalletConnect founder Pedro Gomes argued that the time was right to launch WCT based on “token-market fit.” He explained that with multiple SDKs building atop the network, it enabled stakeholders to “find a common ground where we’re incentivized to build together.” The token also encourages node operators to cohere around the network’s mission, as well as incentivizing the crypto wallets that have onboarded some 40 million users to the network to date.
Foundation and Decentralization
The creation of the WalletConnect Foundation was prompted by the rapid growth of the WalletConnect ecosystem, as it grew to encompass not just WalletConnect’s own network built atop its proprietary SDK, but other SDKs building on the network, Gomes explained.
“We saw an opportunity not only to remove the single point of failure, but also to bring on all of these ecosystem partners to actually collaborate with us,” he said.
Future Plans
Looking to the future, Gomes said that the network will take “multiple angles through decentralization to really find a way that we can be as resistant and as global as possible.”
Alongside that push will come changes to the economics of the WCT token, he added. “We have kicked off what I think is a very healthy token ecosystem for WCT,” he explained, but envisions improvements to how rewards are allocated to node operators, wallets, and SDKs.
Finally, the introduction of fees on the network will ensure that “all of these rewards are revenue-driven,” he explained, adding that, “We’ll not only have a decentralized network, but we might even have a profitable decentralized network.”
Streamlining Crypto UX
To date, WalletConnect claims to have enabled over 255 million “seamless, secure connections” for more than 45 million users worldwide, connecting an ecosystem of 600 wallets and 54,000 apps.
As part of its drive to improve user experience in crypto, WalletConnect last year launched its WalletConnect Certified kitemark, which recognizes projects that “meet the highest standards in UX, compliance, security, and feature integration.”
WalletConnect was born out of standards, Gomes told Decrypt, adding that the certification helps to align wallets around criteria for “good user experience, good security, and meeting interoperability standards.” He explained that, “Obviously, we want every wallet developer to have the freedom to build how they wish—but at the same time, we have to have a baseline where we define a good wallet, and then you build from there.”
Conclusion
In conclusion, WalletConnect’s decentralization efforts are aimed at creating a more resilient and global network, with changes to the economics of the WCT token and the introduction of fees on the network. The company’s focus on improving user experience in crypto is evident in its WalletConnect Certified kitemark, which recognizes projects that meet the highest standards in UX, compliance, security, and feature integration.
FAQs
Q: What is the WCT token used for?
A: The WCT token is used for fees, rewards, staking, and governance on the WalletConnect network.
Q: What is the WalletConnect Foundation?
A: The WalletConnect Foundation is a non-profit organization established in 2024 to support the development and growth of the WalletConnect ecosystem.
Q: What is the purpose of the WalletConnect Certified kitemark?
A: The WalletConnect Certified kitemark recognizes projects that meet the highest standards in UX, compliance, security, and feature integration, aligning wallets around criteria for “good user experience, good security, and meeting interoperability standards.”
Q: What is the focus of WalletConnect’s decentralization efforts?
A: WalletConnect’s decentralization efforts are aimed at creating a more resilient and global network, with changes to the economics of the WCT token and the introduction of fees on the network.
Q: What is Smart Sessions?
A: Smart Sessions is a forthcoming feature that enables users to connect to apps with just a single click, without having to return to their wallet to approve transactions.
Q: What is the WalletConnect Community Contest?
A: The WalletConnect Community Contest is a prediction contest on MYRIAD, where participants can predict trends in the WalletConnect ecosystem and win a pool of 150,000 WCT tokens.
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