Deep Dive
1. Multi-Chain Expansion (23 May 2025)
Overview: WalletConnect expanded WCT to Solana, leveraging Wormhole’s Native Token Transfers standard to enable cross-chain interoperability. This integration allows WCT to operate across Ethereum, Optimism, and Solana.
The update required modifications to smart contracts and relay infrastructure to ensure compatibility with Solana’s high-throughput architecture. The codebase now supports token bridging, enhancing liquidity and utility for decentralized applications (dApps) across ecosystems.
What this means: This is bullish for WCT because it broadens use cases and user access, potentially increasing demand as Solana’s low-cost environment attracts more dApps. (Source)
Overview: WalletConnect activated on-chain governance features, enabling WCT holders to propose and vote on protocol upgrades, fee structures, and incentive programs.
The codebase update introduced a decentralized autonomous organization (DAO) framework, including voting power delegation and proposal submission modules. This shift aligns with WalletConnect’s transition from a centralized service to a community-governed network.
What this means: This is neutral for WCT as it decentralizes control but depends on community participation to drive meaningful upgrades. (Source)
3. Transferability Enablement (15 April 2025)
Overview: WCT tokens became fully transferable after a governance-approved milestone, allowing holders to trade freely across exchanges.
The update involved modifying token contract restrictions and ensuring compatibility with major exchanges like Binance and Coinbase. This marked the end of a vesting period designed to stabilize early adoption.
What this means: This is bullish for WCT because liquidity improved, though increased circulation contributed to recent price volatility. (Source)
Conclusion
WalletConnect Token’s codebase updates emphasize decentralization and interoperability, with Solana integration and governance activation as key milestones. While these changes enhance utility, their long-term impact hinges on developer adoption and community engagement. How will WCT balance multi-chain flexibility with maintaining network security?