What Is WalletConnect Token (WCT)? All You Need To Know About MCT

The crypto world is buzzing with the launch of WalletConnect Token (WCT), a governance token quickly capturing attention following its highly anticipated unlock and listings on major exchanges.

With its transferability now enabled and significant backing from top market makers, WCT is emerging as one of the most closely watched tokens this week.

WCT goes live: Why everyone’s watching

On 15 April, WalletConnect, the widely used open-source protocol that links crypto wallets to decentralized applications (dApps), officially enabled the transferability of WCT, its native governance token.

The unlock followed a carefully structured airdrop campaign, where recipients initially couldn’t transfer tokens. This restriction was implemented to prevent speculative trading and encourage genuine community participation during the early phase.

As soon as transfer restrictions were lifted, WCT listings went live on major centralized exchanges, including Bybit, Bitget, MEXC, and Gate.io. This coordinated rollout provided WCT with immediate liquidity, allowing users to buy, sell, or claim tokens in a synchronized launch that sparked rapid momentum across trading platforms.

What is WCT, and why does it matter?

WCT is the governance token for the WalletConnect ecosystem. It empowers token holders to participate in protocol decision-making, such as voting on upgrades, funding initiatives, and strategic proposals.

The total supply is capped at one billion tokens, with 20% allocated via airdrop to early users, open-source contributors, and partner projects. WCT is not a payment token; its sole purpose is governance, ensuring that control over the protocol transitions from core developers to the broader community.

This design aligns with the protocol’s decentralization ethos to give stakeholders a formal voice in shaping WalletConnect’s future.

Airdrop and transferability: The fuel behind the frenzy

The WCT hype is largely tied to how its launch was executed. WalletConnect’s airdrop strategy prioritized transparency and fairness. Long-time users, GitHub contributors, and ecosystem partners were all eligible.

However, the tokens remained non-transferable upon distribution, preventing early dumping and speculation. This controlled release built anticipation, and once the lock was lifted, a rush of activity followed. Airdrop recipients claimed their tokens while others scrambled to buy them on open markets.

This combination of pent-up demand and limited circulating supply triggered a wave of trading, immediately propelling the token into the spotlight.

Institutional backing adds fuel to the fire

Confidence in WCT’s rollout is also being driven by heavyweight backing. Top market makers, including GSR, Flow Traders, Wintermute, and Amber Group, reportedly support liquidity across exchanges.

Their involvement signals institutional confidence in WalletConnect’s roadmap and the token’s launch mechanics. This backing has bolstered trust among retail traders and provided the liquidity necessary to absorb aggressive early demand.

Price action: A textbook breakout

Since going live, WCT’s price action has been nothing short of explosive. The token surged from the $0.30 range to over $0.60 within 12 hours of unlocking, more than doubling in value.

The initial muted trading likely stemmed from transfer restrictions and a lack of centralized listings. But once trading opened, volume soared, and a classic breakout ensued. Tight supply and high anticipation led to steep green candles on the hourly chart, a clear signal of coordinated accumulation and breakout momentum.

Volatility remains elevated, and short-term pullbacks are likely.