WalletConnect Introduces WCT Token

• WalletConnect introduces WCT token.

• EigenLayer to release programmatic incentives.

• Pectra Devnet 3 goes live.

• Congressmen seek SEC clarity on airdrops.

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WalletConnect, a protocol that connects wallets to applications, introduced its native WCT token on OP Mainnet. WTC has a total supply of 1 billion and will serve as a fee, staking, and governance token. WalletConnect also rebranded as Reown, aiming to enhance web3 accessibility through its AppKit and WalletKit toolkits. About 185 million tokens are allocated to airdrops for wallets, apps, nodes, developers, and communities who have engaged with the WalletConnect Network. The first WCT airdrop will open on September 24, with distributions starting in October, although the token will initially be non-transferable. Launched in 2018, WalletConnect has facilitated 150 million wallet connections across 40,000 applications and 600 wallets.

EigenLayer announced plans to release Programmatic Incentives on mainnet on October 8, 2024, allowing restakers and operators to earn rewards for securing Actively Validated Services (AVSs). 4% of the total EIGEN supply is allocated to programmatic incentives with initial weekly emissions of 1.3 million EIGEN tokens. Restakers and operators will receive retroactive incentives proportional to their stake starting from August 15, 2024. To be eligible, restakers must have delegated their stake to a registered AVS operator. Actively Validated Services (AVSs) leverage the economic security of Ethereum restakers to secure consensus for their own networks.

The third Pectra devnet is now live, allowing developers to experiment with eight supported EIPs, including EIP-2537, EIP-2935, EIP-6110, EIP-7002, EIP-7251, EIP-7549, EIP-7685, and EIP-7702. A devnet is a testnet environment that allows developers to test EIPs. Developers can start using the available Pectra Devnet 3 RPC, faucet, and block explorer. A key feature of Devnet 3 is EIP-7702, an account abstraction standard initially proposed by Vitalik Buterin, which enables EOAs to temporarily function as smart wallets during a transaction. This week, core developers will decide whether to split Pectra EIPs and ship Devnet 3 as a standalone fork, with the remaining EIPs following in a subsequent fork.

Congressmen Tom Emmer and Patrick McHenry sent a letter to SEC Chair Gary Gensler seeking clarity on the agency’s stance regarding airdrops. The lawmakers argue that the SEC is overstepping its authority by classifying certain airdrops as unregistered securities. The congressmen compared airdrops to loyalty rewards, asking how the SEC differentiates between the two. The letter asks for Gensler to provide answers to their questions by September 30th.

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