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WalletConnect Network is the connectivity layer for the financial internet. It enables seamless and secure connection and transaction capabilities between users’ crypto wallets and decentralized applications. Established in 2018, the Network is wallet, asset, app and chain agnostic. It enables the users of over 700 different wallets, from mobile and hardware wallets to institutional and custodial wallets, to seamlessly interact with over 70k applications.

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Labs / DevCo

Foundation

DAO / Onchain Governance

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(a) IP ownership & control

N/a

(b) Contract/admin powers

The WalletConnect Network multisigs are controlled by a range of participants across and outside of the WalletConnect Foundation and Reown, Inc. who enact the views of the community. Governance proposals by the community are voted via Snapshot (https://snapshot.box/#/s:walletconnect.eth) using a simple-majority mechanism with no specified minimum quorum. WCN smart contracts are deployed on OP mainnet and provide the tokenomic mechanisms to coordinate the network of members, partners and nodes. Upgrades to these smart contracts require a 5-of-7 Admin multisig and a separate 2-of-5 Pauser multisig for pausing contracts in case of an incident. A separate 5-of-7 Emergency multisig exists for recovery if the smart contracts were paused Pauser is not time-locked so its effect is immediate to incidents, but both Admin and Emergency multisigs are timelocked by 7 days.

(c) Locked-token rights (conditional)

WCT allocated to insiders (early backers, early team), even while subject to lock-up, vesting or other transfer restrictions, are eligible to accrue staking rewards from the WalletConnect Network; accrued staking rewards are not subject to lock-up or vesting. Insiders who stake locked tokens may also participate in Network governance via Snapshot. As with all tokenholders, Snapshot governance is dictated by the stakeweight of participants Stakeweight is calculated by both the duration of the unlock period and the amount of tokens staked

(d) Current tokenholder governance rights and economic arrangements

WCT holders shape the Network through governance — voting on key proposals, network upgrades, and community initiatives via Snapshot. Any proposal relating to fees and/or value-accrual mechanisms are proposed for a community vote. Past proposals: P1 – UX Council Governance Proposal (Passed); P2 – WCT Transferability Criteria Proposal (Passed). Network fees are not yet enabled; if implemented (subject to a community vote) they would likely be denominated in WCT and flow into the rewards pool, distributed among token-holding participants (wallet partners, node operators, individual stakers). Governance documentation: https://docs.walletconnect.network/governance.

(e) Control surface reliance

The governance model is designed to encourage contributions from a variety of stakeholders: the WalletConnect Foundation initially stewards the network but solicits input from community-elected councils, such as the WalletConnect Council formed July 2025, tokenholders and node operators.

(f) Dissolution authority

Since a DAO has not been formally established, there is no dissolution authority.

Blockworks note: The WalletConnect Foundation has established several mechanisms for input, contributions, and guidance from various parties, including a WalletConnect Council. However, a DAO has not been officially established.

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(a) Entity

WalletConnect Foundation — a Cayman Islands foundation company that acts as the Network’s steward. The Foundation has zero shareholders, beneficiaries, members and owners.

(b) IP ownership & control

/ subsidiaries: WalletConnect Foundation holds an 100-year license to use, reproduce and distribute WalletConnect trademarks, brand assets and logos, the WalletConnect Network source code as published at https://github.com/WalletConnectFoundation/irn and the WalletConnect Wallet Guide as described at https://walletguide.walletconnect.network/.

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

Powers over DAO, treasury, resources, token administration

The Foundation provides guidance in effecting the results of the community’s governance. The Foundation does not have exclusive control over any DAO, network treasury, resources or token administration.

(d) Powers over DevCo

The Foundation provides milestone-based funding to Reown, Inc. to support ongoing development efforts.

(e) Contract/admin powers

Certain directors of the Foundation are among the multi-sig signers for Network multisigs, however these individuals do not control a majority of the signers. The individuals also sign the multi-sig in their individual capacity and not as a director of the Foundation. Please see 3.(b) for more information regarding the Network Multisigs.

(f) Current economic arrangements and distribution policies

Network fees are not yet enabled. No value-accrual mechanisms from the Network are expected to directly benefit the Foundation or Reown, Inc. equity holders (e.g., via dividends or revenue sharing). Presently, any Network fees are expected to flow to the Network rewards pool for distribution among token-holding participants. Such a change would be subject to a community proposal and governance vote.

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(a) Entity

Reown, Inc. (d/b/a WalletConnect) — a Delaware corporation with equity owners; the original developer of WalletConnect and a core contributor to the Network. Reown has a fully owned subsidiary, WalletConnect Ireland Ltd., an Ireland limited company.

(b) IP ownership & control

/ subsidiaries: Reown, Inc. develops key software and infrastructure for the WalletConnect Network. Reown owns WalletConnect trademarks, and code repos published on GitHub that enable connection to the WalletConnect Network. https://github.com/walletconnecthttps://github.com/reown-com

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

Powers over DAO, treasury, resources, token administration

Reown received an initial allocation of 70,000,000 WCT and makes post-TGE token-based compensation to its own team members from that allocation; it receives milestone-based funding from the Foundation. Reown controls its own corporate treasury. Reown does not control the Network treasury or Network token administration. As noted, no DAO has been established.

(d) Powers over Foundation

Reown does not control the WalletConnect Foundation.

(e) Contract/admin powers

Certain Reown personnel are among the signers on the Network multisigs (which include participants from several organisations). These individuals execute their signatures, or refrain from signing, in their individual capacities and not on behalf of Reown.

(f) Current economic arrangements and distribution policies

No value-accrual mechanisms from the Network are expected to directly benefit Reown, Inc. equity holders via dividends or revenue sharing. Reown receives milestone-based funding from the Foundation and manages its WCT treasury allocation (used in part for Reown team compensation).

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(d) Compensation and material economic arrangements

Blockworks note: Protocol Contributor

There are no APCs that have control or authority over the Network.

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(a) Launch supply totals

1,000,000,000 WCT were minted on the TGE date. Initial circulating supply was 186.2m WCT; the remainder (≈ 813.8m WCT) are released into circulation over time. For more information regarding the projected unlock or release schedules for the non-circulating supply, please see CoinMarketCap (https://coinmarketcap.com/currencies/walletconnect-token/#token_unlocks).

(b) Recipient categories & use of funds

Of the 1 billion WCT TGE supply: WalletConnect Foundation 27% earmarked for grants, marketing and operations; Ecosystem Airdrops 18.5% earmarked for community initiatives, incentives and education campaigns; Early Team 18.5% allocated to these individuals according to unlock schedules; Flexible Rewards 17.5% earmarked for network incentives that are periodically distributed to token stakers and node operators; Early Backers 11.5% allocated to early financial contributors to the Network according to unlock schedules; Core development 7% earmarked to support Reown as a core contributor to the Network.

(c) Initial price per token

(at TGE): Initial price discovery was set organically by the market after listing on centralized exchanges.

(d) Ticker / market symbol

WCT (WalletConnect Token).

(e) Total supply & supply regime

Total supply is 1,000,000,000 WCT, currently capped. The cap may be increased only by a community vote; WalletConnect Foundation and Reown, Inc. are not aware of any plan or intention to increase the 1bn supply.

(f) Initial vesting / release schedules

WCT received via token warrant (investors of Reown, Inc.): 4-year lock-up with a 1-year cliff beginning from 26 November 2024. WCT allocated to core team members at TGE: unlock schedules with a 1-year cliff beginning from the respective team member’s start date with Reown. Custodial services enforce insider lock-up/vesting schedules.

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(a) Post-TGE employee lock as % of total supply

Up to 3% of the total supply of WCT is earmarked for future (post-TGE) team members, funded out of the existing WalletConnect Foundation and Reown, Inc. allocations.

(b) Typical post-TGE vesting schedule

Post-TGE team members of Reown are eligible for annual token bonuses based on position and overall compensation package. Receipt of each bonus is conditioned on the team member reaching a tenure milestone (typically a calendar year). The bonus program expects to be in effect each year. Tokens received after completing a tenure milestone are not subject to any continued vesting or lock-up. The WCT used for these bonuses are sourced from Reown’s initial allocation from TGE.

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• Existence: Aside from team members known and engaged directly by the WalletConnect Foundation, there are no additional advisory agreements between Reown, Inc. team members and the Foundation, and Reown, Inc. team members do not receive compensation from the Foundation. On that basis, no separate token-based advisory billings to external advisors are disclosed. Currently neither the Foundation nor Reown has any of these advisory. WCT is pay certain invoices or grants but not any existing advisory services.

• Total token allocation: N/a

• Payer entity: N/a

• Description of advisory/services: Description of services

  N/a

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• Existence & scope: WalletConnect Foundation works with a group of content creators referred to as the WalletConnect Creators Cabal. The objectives of the group are to build curated group of technical and lifestyle creators who can create and publish content about WalletConnect; guide consistent, high-quality content output across regions; and focus on authentic content collaboration, not transactional ambassador-style programs.
• Usernames & roles: Membership in the cabal is adjusted overtime meaning that the involved individuals may change over time. Accordingly there is no set list of usernames or roles.
• Token allocation & vesting/locks: Token allocations to the members of the cabal ranges from 1,000-10,000 in WCT per month depending the level of productive engagement with their content. These allocations are not subject to vesting or unlock schedules. Since January 2026, a total of 305,300 has been allocated to cabal members (as of 17 June 2026).

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• Market Maker Name: GSR
  • Token Allocation Committed: 8.0M WCT
  • Term Duration: Expires between April 2026 and April 2027
  • Structure Name: Loan agreement
• Market Maker Name: Flow Traders
  • Token Allocation Committed: 7.5M WCT
  • Term Duration: Expires between April 2026 and April 2027
  • Structure Name: Loan agreement
• Market Maker Name: Selini
  • Token Allocation Committed: 7.0M WCT
  • Term Duration: Expires between April 2026 and April 2027
  • Structure Name: Loan agreement
• Market Maker Name: Lhava
  • Token Allocation Committed: 4.0M WCT
  • Term Duration: Expires between April 2026 and April 2027
  • Structure Name: Loan agreement

Blockworks note: WalletConnect has token-loan agreements with four active market makers providing liquidity across centralized exchanges and AMM/DEX pools. All arrangements are native-token loans; no cash/fiat retainer model is used. Aggregate exposure was previously disclosed as 25M WCT (2.5% supply); following a market-maker restructuring it is now ~26.5M WCT (~2.65% supply).

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• Exchange Name: Binance
  • Token Allocation Committed: 50m WCT (5% of supply)
  • Term Duration: N/A
  • Native Token Listing Fees: N/A
• Exchange Name: OKX
  • Token Allocation Committed: 10m WCT (1% of supply)
  • Term Duration: N/A
  • Native Token Listing Fees: N/A
• Exchange Name: Gate, Kucoin, Crypto.com, Bitkub, Coins.ph, CoinDCX (Learn & Earn / similar campaigns)
  • Token Allocation Committed: 2m WCT (0.2% of supply)
  • Term Duration: N/A
  • Native Token Listing Fees: N/A

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• Token repurchases or secondary-market accumulations (if any): Token repurchases / secondary-market accumulations

  N/A

• Protocol-owned liquidity (POL): N/a

• Liquidity deals / purchased TVL: N/a

• Token-secured loans/lines (incl. against unissued tokens): WalletConnect Limited entered into loan agreements with GSR, Flow Traders, Selini and Lhava with an aggregate principal loan amount of 25m WCT (2.5% of total supply). These agreements expire between April 2026 and April 2027. N/a

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• Series Name: Equity fundraises with issuance of token warrants. Token Warrants were issued to Stock purchasers of Reown
  • Date Of Sale: Closing began 29 October 2024
  • Number of tokens sold: 115m WCT allocated to token warrant holders (11.5% of supply)
  • Vesting Schedule: 4-year unlock from 26 Nov 2024; 25% unlocks 26 Nov 2025, then linear monthly for the remaining 3 years
• Series Name: Private and public sales of WCT by WalletConnect Ltd.
  • Date Of Sale: February 2025
  • Number of tokens sold: 51.9m WCT (≈ 5.19% of supply)
  • Vesting Schedule: Transferable upon transferability enablement on 15 April 2025, except 1.25m WCT on a 4-year unlock from 26 Nov 2024 (25% on 26 Nov 2025, then linear monthly for remaining 3 years)

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(a) Entity existence

• Foundation — the WalletConnect Foundation exists.
• Lab/DevCo — Reown, Inc. (formerly WalletConnect, Inc.) exists.

A DAO is not formally organized.

(b) Material sources of funding or economic inflows

Network fees are not yet enabled, so the Network currently generates no fee revenue. Node operators and wallet partners receive WCT rewards disbursed from the dedicated ‘rewards’ token allocation and paid out by WalletConnect Limited (it is intended that, over time, rewards will be funded by Network fees). Reown, Inc. is funded via milestone-based funding from the Foundation. The Foundation holds assets across on-chain and off-chain venues (including traditional banks and custodians) and token reserves.

(c) Operational use of resources

Resources fund ongoing software/infrastructure development (Reown), rewards to node operators / wallet partners / stakers, and broader ecosystem support and operations.

(d) Onchain Resource Usage

• CoinMarketCap token-unlocks page (circulating-supply and unlock tracking): https://coinmarketcap.com/currencies/walletconnect-token/#token_unlocks;
• WCT Dune dashboard (on-chain insights, airdrop claims): https://dune.com/walletconnect/wct;
• WalletConnect blog / forum (monthly KPI and ecosystem updates): https://walletconnect.network/blog; on-chain treasury addresses are listed in Section 11.

Reporting cadence: the Foundation currently publishes monthly updates via its public forum and maintains monthly token/circulating-supply updates with CoinMarketCap and major exchanges; commencing no later than Q1 2026 it plans to issue quarterly updates on its financials and activities via a public forum.

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(a) Date & component affected

No exploits affecting tokenholders or protocol funds have occurred as of 17 June 2026.

(b) Exploit vector summary

N/A

(c) Quantified impact

N/A

(d) Remediation/response taken

N/A

(e) Current status

N/A

(f) References (optional)

N/A

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