P2 - WCT Transferability Criteria Proposal

Abstract

Establishing Milestones for WCT Transferability

Summary

This proposal seeks community consensus on the milestones required to activate transferability for WalletConnect Token (WCT). Following the successful Token Generating Event (TGE) on November 26 last year and subsequent token allocations as per the whitepaper, we propose a set of clear criteria to indicate the ecosystem’s readiness before enabling on-chain transferability of WCT.

Background

November 26, 2024, was the successful TGE for WCT, which is currently non-transferable for all token holders. Additionally, we completed the Season 1 Airdrop, distributing tokens to community members, including both end-users and contributors. While progress has been made, establishing transparent milestones for transferability is critical to maintaining trust and alignment with the community’s goals.

Proposal

To enable WCT transferability, we propose achieving at least the following milestones:

1. Certifying at least 16 Wallets as part of the WalletConnect Certified program.
2. Achieving at least 100M WCT tokens on the staking pool.
3. Onboarding at least 16 Node Operators to the WalletConnect Network.
4. Staking has been live for at least 12 weeks on Mainnet since TGE.
5. Open-sourcing WCN source code for at least Service Nodes.

As of today, some of these milestones have been achieved. However, we believe aligning the community around these criteria shows a transparent and decentralized governance process before transferability is enabled.

Call to Action

We invite all stakeholders to participate in this governance vote and share their input on the proposed milestones. Your voice is critical to shaping the future of the WalletConnect ecosystem.

Next Steps

This proposal will initiate a governance vote to confirm these milestones as criteria for transferability. If the proposal is approved, we will communicate progress updates and submit a subsequent proposal to enable transferability on-chain once all milestones are met.

References

1. WalletGuide: https://walletguide.walletconnect.network
2. Staking Dashboard: https://dune.com/walletconnect/wct
3. Token Upgrades: https://governance.walletconnect.network/t/network-token-upgrades/28