WalletConnect Expands to Solana, Airdrops 5 Million Tokens – Coincu

WalletConnect has announced the deployment of its governance token, WCT, on the Solana network, distributing 5 million tokens to active users within the ecosystem.

The integration highlights a significant move away from WalletConnect’s previous Ethereum-centric model, towards a strategy that embraces a chain-independent protocol approach.

WalletConnect Expands to Solana, Airdrops 5 Million Tokens

WalletConnect, founded by Pedro Gomes, has launched its governance token, WCT, on Solana and executed a 5 million token airdrop to active Solana users. This move marks the beginning of WalletConnect’s shift to a “multi-chain process,” according to Gomes. The transition to Solana involves collaborations with major applications like Phantom, Jupiter, Backpack, and Solflare.

The immediate result includes increased engagement with WalletConnect’s partners on Solana. The airdrop adds liquidity and could enhance transaction volumes on the platform. Major Solana applications such as Save and Drift have already integrated WalletConnect’s infrastructure, illustrating significant ecosystem involvement.

Market response has been positive, with community excitement evident on forums and social media. Key industry figures have noted the potential for increased cross-chain interaction. WalletConnect’s founder, Pedro Gomes, stated, “The protocol is moving from an ‘Ethereum-centric’ to a ‘chain-independent protocol’, with in-depth collaboration with the Solana ecosystem ongoing for several months.”

Impact on WCT Valuation and Multi-Chain Growth

Did you know? WalletConnect’s previous airdrop of 50 million WCT in 2024 set a precedent for Solana’s large-scale engagement, now reinforcing its position in multi-chain DeFi markets.

According to CoinMarketCap, WalletConnect Token (WCT) is currently valued at $0.59 with a market cap of approximately $109.58 million. The token has experienced varied price changes, with a 55.70% rise over 30 days, despite a 2.81% decline in the past 24 hours. The transition to Solana might impact trading volume and circulating supply dynamics.

The Coincu research team suggests that WalletConnect’s Solana entry could incentivize further adoption of chain-agnostic DeFi protocols. It’s likely to influence regulatory oversight on decentralized governance models, a growing trend in blockchain technologies.