WalletConnect Token
WCT
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WalletConnect Token (WCT) is the utility and governance asset powering the established WalletConnect protocol, which provides critical wallet-to-dApp communication infrastructure across Web3. The project demonstrates strong active development (score 8.0/10) with multichain deployments across Ethereum, Optimism, Base, and Solana, as well as ongoing tooling rollouts including agent SDKs and WalletConnect Pay. The leadership team under CEO Jess Houlgrave and Founder Pedro Gomes is public and experienced, supported by operational Snapshot governance and public Discourse discussions (Team & Governance: 7.8/10). Security posture is solid (7.5/10), backed by an independent Trail of Bits protocol audit, clean token contract scans showing no honeypot or mint risks, and responsible disclosure practices. However, WCT faces notable headwinds in its market and economic profile: the token has suffered an extended drawdown (~97% from its May 2025 all-time high), trades at a modest ~$17M market cap, and carries a significant unlock overhang with over half of the 1 billion supply still vesting (Tokenomics: 5.5/10; Market & Use Case: 5.5/10). No qualifying red-flag events, delistings, or exploits resulting in capital loss were identified.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About WalletConnect Token (WCT)
WalletConnect Token (WCT) is the native utility and governance token for the WalletConnect Network, an open infrastructure protocol designed for wallet-to-application communication. Deployed across multiple blockchain networks including Ethereum, Optimism, Base, and Solana, the token serves as the coordination and economic mechanism for the network. Its primary use cases include community governance, staking via staked WCT (stWCT) with lock-up mechanisms, and fee settlement for products such as WalletConnect Pay. The project is managed under the leadership of CEO Jess Houlgrave and Founder Pedro Gomes.
The token has a fixed maximum supply of 1 billion tokens, launched with an initial circulating supply on Optimism before transferability went live following a community vote in April 2025. Governance is executed through Discourse forums and Snapshot proposals, alongside an advisory UX Council. Insider and foundation allocations account for approximately 64% of the total token supply, governed by a one-year cliff and a four-year unlock schedule.
From a risk and market performance perspective, WCT has experienced a substantial price drawdown of approximately 97% from its May 2025 all-time high of $1.34–$1.37, alongside a persistent supply overhang with over half the token supply remaining locked. In security evaluations, an audit of the underlying WalletConnect protocol conducted by Trail of Bits in March 2023 identified four findings, including an HTML5 local-storage session issue noted as not fully resolved at the time. A separate cross-site scripting (XSS) vulnerability was identified in the protocol's Verify API by Vibranium Audits and subsequently patched without loss of funds. Additionally, on-chain scans note that the token functions as an upgradeable proxy contract with significant concentration among major holders and the foundation.