WalletConnect addresses a major challenge in the decentralized world: managing multiple wallets for different decentralized applications (Dapps) and DeFi protocols. Rather than maintaining separate wallets for each platform, it allows users to interact with a broad range of Dapps from a single wallet. This streamlines the user experience and reduces complexity. By using a secure, decentralized protocol, WalletConnect links wallets to various blockchain platforms. This makes it easier to manage assets across DeFi services without needing multiple wallets or constant switching.
Understanding the WalletConnect Network
The WalletConnect Network is a decentralized infrastructure that enables smooth and secure communication between wallets and applications in the Web3 ecosystem. It serves as a bridge between desktop and mobile users through a simple QR code scan. Designed to enhance onchain user experience, it is chain-agnostic—meaning it works across Ethereum Virtual Machine (EVM) networks, Layer 2 solutions, Solana, Cosmos, Polkadot, Bitcoin, and others.
The protocol establishes encrypted connections using a shared key between the user’s wallet and the application. This ensures privacy and security during all interactions with Dapps and DeFi services.
The Background and History of WalletConnect
WalletConnect was established in 2018 in the Cayman Islands with a mission to improve connectivity between wallets and Dapps. By 2024, it had facilitated over 150 million connections for 23 million users, supporting 600 wallets and 40,000 projects across multiple blockchains.
In 2022, the project secured $25 million in funding from top investors including Coinbase Ventures and Polygon Ventures. On September 17, 2024, WalletConnect Inc. rebranded as Reown, reflecting its growing role and expanded vision within the Web3 space. Key founding team members included Pedro Gomes as Foundation Director and Yessin as CFO.
Key Features of WalletConnect
WalletConnect offers a suite of features that improve interoperability, security, and usability:
- Multi-Chain Support: Connect to any blockchain network for broad ecosystem access.
- Universal Protocol: Compatible with over 600 wallets and 40,000 Dapps for seamless interoperability.
- Secure Connections: End-to-end encryption protects all transactions and interactions.
- Cross-Platform Accessibility: Works on mobile and desktop without requiring browser extensions.
- Push Notifications: Alerts for transaction confirmations, market movements, and more.
- Automatic Chain Detection: Identifies chains automatically—no manual configuration needed.
- Free to Use: No fees for connecting to any supported network or Dapp.
Participants in the WalletConnect Network
The network relies on several key participants, each contributing to its functionality, security, and growth.
Service Node Operators
These operators maintain service nodes to ensure network uptime and performance. They stake WCT tokens to participate and receive rewards based on performance metrics like latency and reliability.
Gateway Node Operators
Gateway nodes enable encrypted communication and data routing between wallets and apps. Currently operated by Reown, these nodes are expected to become more decentralized under the stewardship of the WalletConnect Foundation.
Wallets
Wallets allow users to manage assets, interact with Dapps, and connect securely to the network. By integrating via Reown’s WalletKit SDK, wallets offer a smooth user experience. They can also stake WCT tokens to participate in governance and earn rewards.
Apps
Apps refer to Dapps and DeFi protocols within Web3 that deliver services to end-users. They help drive network adoption through direct integration or SDKs.
SDKs
Software Development Kits (SDKs) serve as intermediaries, enabling apps to connect easily and securely to the WalletConnect Network. SDK providers receive a one-time WCT token allocation, allowing them to engage in governance.
End Users
End users are individuals who use WalletConnect to access services and Dapps. They play a crucial role in network adoption and can participate in governance using WCT tokens.
Technical Council
Elected by the foundation and community, the Technical Council oversees infrastructure and core development. It helps transition the network toward full decentralization and manages technical upgrades.
How to Use WalletConnect
Using WalletConnect is simple and does not require gas fees. Follow these steps:
- Confirm that your wallet supports WalletConnect (e.g., MetaMask or Trust Wallet).
- On the Dapp, select “Connect Wallet” and choose WalletConnect.
- If using a desktop, scan the QR code with your mobile wallet. On mobile, tap the WalletConnect option.
- Approve the connection in your wallet.
- You are now ready to use the Dapp.
This process ensures a quick, secure, and fee-free connection.
👉 Explore more strategies for connecting wallets to Dapps
What Is the WalletConnect Token (WCT)?
WCT is the native utility and governance token of the WalletConnect Network. It powers the onchain user experience ecosystem and serves four primary functions:
- Fees: While the network currently doesn’t charge fees, WCT holders can vote to introduce fees for services like relay usage in the future.
- Rewards: WCT is distributed to participants who enhance network security and efficiency.
- Staking: Users can stake WCT to earn rewards and take part in governance.
- Governance: Token holders vote on proposals and influence the network’s development.
The tokenomics model includes a total supply of 1 billion WCT tokens, with no immediate inflation planned. Allocations are as follows:
- Core Development: 7%
- Rewards: 17.5%
- Airdrops: 18.5%
- Team: 18.5%
- Previous Backers: 11.5%
- WalletConnect Foundation: 27%
Governance Model of WalletConnect
WalletConnect uses a community-driven governance model designed to promote decentralization and transparency. It consists of three pillars:
- The Foundation guides network development, offers grants, and supports ecosystem growth.
- Councils (e.g., Technical Council, Partnerships Council) manage specific functional areas.
- The Community of WToken holders votes on proposals and drives decision-making.
The network aims to evolve into a fully decentralized system managed by token holders through a series of five transition phases.
Future Roadmap and Developments
WalletConnect’s roadmap focuses on enhancing decentralization, refining technology, and introducing new features. Proposed upgrades aim to support the expanding needs of the Web3 ecosystem, improve network performance, and add valuable services for users and developers.
Frequently Asked Questions
What is WalletConnect?
WalletConnect is an open-source protocol that connects crypto wallets to decentralized applications. It enables secure, cross-platform interactions without requiring multiple wallets or complex setups.
Is WalletConnect safe to use?
Yes. It uses end-to-end encryption and does not store private keys or personal data. Connections are established via QR codes or deep links, ensuring user control and privacy.
Which wallets support WalletConnect?
More than 600 wallets support it, including popular options like MetaMask, Trust Wallet, Rainbow, and Coinbase Wallet. Most modern Web3 wallets offer integration.
Does using WalletConnect cost anything?
No, connecting wallets to Dapps via WalletConnect is free. There are no gas fees or service charges for establishing a connection.
Can I use WalletConnect on mobile devices?
Absolutely. It works on both iOS and Android. Mobile users can connect through in-app browsers or by scanning QR codes.
What is the WCT token used for?
WCT is used for governance, staking, rewards, and potentially network fees in the future. It empowers the community to guide the network’s evolution.
Conclusion
WalletConnect offers developers and users a flexible, secure, and efficient way to connect to decentralized applications. Its support for multiple wallets and blockchains simplifies the user experience and encourages broader adoption of Web3 technologies. Whether you are new to DeFi or a seasoned user, WalletConnect provides a reliable bridge between your assets and the expanding world of Dapps.
For those managing multiple wallets, it offers a practical way to explore new Dapps with a secondary wallet before committing a primary one. 👉 View real-time tools for wallet management