WalletConnect price surges 27% after a wave of exchange listings

The price of WalletConnect’s token WCT has surged over 27% in the past 24 hours, following a series of high-profile exchange listings.

WalletConnect (WCT) is up more than 27%, currently trading at $0.40, with a 24-hour trading volume exceeding $910 million, up by 1700% over this period. Launched on April 15, the project has made headlines with rapid listings by major exchanges, including Binance, Crypto.com, Upbit, Kraken, MEXC, Gate.io, KuCoin, OKX, Bybit, and Bithumb.

The WCT token debuts on exchanges 7 years after the project’s launch in 2018. “WCT marks a significant milestone in the WalletConnect Network’s decentralization roadmap and will be the driving force behind the economic and governance structure of the Network,” WalletConnect told the Block.

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WalletConnect is a Web3 communications protocol that enables secure connections between crypto wallets and dApps. It allows users to link their wallets to dApps through a QR code or deep links. Once connected, dApps can prompt users to approve transactions or perform actions directly through their wallets.

WCT has a fixed supply of 1 billion tokens. Key allocations include 27% to the WalletConnect Foundation for ecosystem development, 18.5% each to the team and airdrops, 17.5% for staking and performance rewards, 11.5% for early backers, and 7% for core development of the protocol.

Initially launched in September last year, WCT tokens were non-transferable, though holders could still participate in governance and staking. Transferability was enabled on April 15 at the official launch on spot markets, which was commemorated with the launch of “The Creation of WCT” NFT.

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