WalletConnect has officially launched its native token WCT on the Solana blockchain, initiating a $3 million airdrop of 5 million WCT tokens to active Solana users. This strategic partnership aims to significantly enhance decentralized finance (DeFi) engagement and boost trading volumes within the Solana ecosystem.
The WalletConnect Foundation has allocated these tokens to engage Solana’s vibrant community, collaborating with prominent Solana partners such as Phantom, Jupiter, Backpack, and Solflare to facilitate seamless integration and user adoption. Pedro Gomes, WalletConnect’s founder, emphasized that this move marks the beginning of a broader multichain approach, expanding beyond previous successes on Ethereum and Optimism.
The WCT token will be used for staking, governance, fees, and future rewards across WalletConnect’s growing network. With Solana’s ecosystem boasting over 100 million monthly active wallets, this rollout is expected to substantially increase the number of WCT holders, currently estimated at around 145,000.
Industry observers anticipate that the increased liquidity and user engagement resulting from this initiative will not only heighten activity for WCT but also positively impact other Solana-based tokens like Serum and Raydium. The WalletConnect infrastructure is already integral to several leading Solana applications, including the lending platform Save, perpetual futures exchange Drift, and Kamino Finance.
The expansion leverages the Wormhole protocol to ensure secure, fluid value transfer across blockchains, highlighting WalletConnect's evolving vision as a chain-agnostic protocol. Further blockchain integrations are reportedly underway, with plans to introduce new governance features and incentives that empower community participation.