The post WalletConnect Airdrop Rewards Early Users; Criticism Follows appeared on BitcoinEthereumNews.com.

WalletConnect officially launched its first-ever token airdrop. The season one airdrop allocates 50 million WalletConnect Tokens (WCT) to over 160,000 eligible users. Recipients can stake their tokens for governance and earn rewards. It marks a significant milestone for the open-source protocol widely used for connecting crypto wallets to decentralized applications (dApps). Eligibility and Distribution Details With the eligibility checker for the airdrop going live, users can confirm their participation. Of the 50 million tokens allocated for this round, 30 million are set aside for users who registered and met specific engagement criteria during the designated period. The remaining 20 million tokens are reserved for notable contributors to the WalletConnect ecosystem, including node operators and early GitHub participants. “Eligibility is now live! Check if you qualify, claim your WCT, and start staking your tokens,” WalletConnect said. Eligibility required users to create a profile, connect a wallet through WalletConnect, and actively engage with the network before last month’s cutoff date. WalletConnect also employed a scoring system based on users’ past network usage, on-chain activities, and contributions to ensure fair distribution. To further incentivize participation, WalletConnect subsidized gas fees, reducing users’ financial burden amidst variable network costs. “To assist with gas costs during the claiming process, WalletConnect provided ETH on Optimism to eligible profiles via the contract address,” the announcement read. Meanwhile, while the distributed tokens are initially non-transferable, recipients can stake them for governance purposes. Staking periods range from one week to two years, with rewards set to begin on December 19. This mechanism encourages long-term engagement within the ecosystem and empowers users to influence WalletConnect’s development through governance proposals. As a protocol, WalletConnect aims to simplify interactions between crypto wallets and dApps. It also allows seamless connections via QR codes or deep links. Airdrop farmers remain euphoric about the free tokens.…

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Filed under: News - @ November 27, 2024 10:26 am