WalletConnect, a web3 communications protocol that connects crypto wallets to decentralized applications, is set to launch its native Connect Token (WCT) on Optimism's OP Mainnet, an Ethereum Layer 2 network. The token will also be airdropped to users.

"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 said Tuesday. "Registration for the WCT airdrop will open on September 24. The airdrop eligibility structure is based on use of the WalletConnect Network."

WalletConnect Inc. has rebranded to Reown, focusing on user experience, and will continue to be led by CEO Jess Houlgrave.

The WCT token will have an initial supply capped at 1 billion, with 18.5% — or 185 million tokens — allocated for airdrop season 1, Houlgrave told The Block. The airdrop will include WalletConnect end users, as well as wallets, apps, nodes, software development kits and communities that have contributed to WalletConnect's success, Houlgrave said.

To participate in the WCT airdrop, users must register by connecting their wallets, linking their GitHub accounts and providing an email address, Houlgrave said. Eligibility requires an Ethereum address, active WalletConnect engagement or contributions to open-source projects, with sanctioned wallets or IP addresses disqualified, Houlgrave added. The airdrop for season 1 will conclude on Oct. 11, at which point token distribution will occur, following an evaluation of historical engagement. Any unclaimed tokens will be reallocated to future airdrop seasons. Those not qualified for Season 1's airdrop may have opportunities to qualify in subsequent seasons, Houlgrave added.

Initially, WCT tokens will be non-transferable to ensure focus on network functionality, stability and ecosystem development, according to Houlgrave. Transferability might be enabled later through community governance. While tokens can be used for governance and staking, they cannot be transferred between wallets until full functionality is activated by 2025, Houlgrave added.