Upbit, a major South Korean cryptocurrency exchange, recently added support for WalletConnect (WCT), a token powering a Web3 connection protocol. This listing sent WCT’s price skyrocketing.
What is WalletConnect?
WalletConnect is an open-source project launched in 2018. It simplifies connecting crypto wallets to decentralized apps (dApps) using QR codes and deep links. Before WalletConnect, this process was often complicated, hindering user adoption. WCT is the native token used for staking, rewards, fees, and governance within the WalletConnect ecosystem.
The Upbit Effect
The addition of WCT to Upbit’s platform sparked a massive price surge. On Tuesday, WCT traded at around $0.28. By Wednesday, it hit a high of $0.62 – a gain of over 121%! While the price has since pulled back slightly, it’s still up significantly for the day.
Token Distribution and Market Cap
The total supply of WCT is capped at 1 billion tokens. A significant portion is allocated to development, staking rewards, airdrops, the team, early supporters, and the WalletConnect Foundation. Currently, WCT boasts a market cap of around $79 million, placing it among the mid-range crypto projects.
Disclaimer: This information is for general knowledge only and is not financial advice. Investing in cryptocurrencies is risky, so always do your research before investing.
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