Governance is a an important pillar of decentralization within web3, allowing community participation in decision-making. It ensures that networks evolve in a transparent, democratic manner, with stakeholders actively shaping a network’s future.
Over the past year, the WalletConnect Network has expanded its infrastructure, introduced the WCT token, and established a strong foundation for decentralized coordination. Now, governance is being introduced to empower the community, so that WalletConnect remains user-driven and aligned with its mission to provide the best onchain UX and decentralize wallet connections for a better digital landscape.
As we move towards this major next milestone for WalletConnect, this blog will dive into what governance is on the WalletConnect Network, how it will function, who it impacts, and more.
Understanding Governance on the WalletConnect Network
As the WalletConnect Network continues its journey toward full decentralization, governance is the next logical step, giving WCT holders a structured way to influence key decisions.
Why Does the Network Need Governance?
Decentralization isn't just about running onchain infrastructure, it’s about ensuring that decisions are made by the people who use and contribute to the network. Making sure power is distributed among those people, governance will enable WalletConnect community members to shape technical upgrades, strategic improvements, and overall protocol direction.
Who is Governance Relevant To?
Governance is relevant to all participants within the WalletConnect ecosystem:
- Developers: To influence technical improvements and contribute proposals
- Users: To provide feedback, engage in discussions, and vote on proposals
- Ecosystem Participants: To help drive broader strategic decisions and network enhancements
How to Get Involved in WalletConnect Governance
WalletConnect governance is facilitated through two key platforms—Snapshot, and Discourse.
Snapshot provides the ability for individuals to do onchain voting, its the home for governance proposals to be formally voted on. WCT holders who stake their tokens can participate in deciding the future of WalletConnect.
Discourse is a little different — its an open forum for proposal discussions, feedback, and idea refinement before proposals move to Snapshot for voting. Its the platform voters can go to discuss the roadmap and intentions for the network with other voters and key network stakeholders ahead of, during, or after a proposal.
Together, these platforms ensure a structured governance process. Discourse allows discussion, while Snapshot executes votes.
Who Can Vote and How?
To vote in WalletConnect governance, you must stake WCT tokens (stWCT). Staked WCT (stWCT) token holders gain voting rights, allowing them to participate in key governance decisions.
Things to note:
- Voting power isn’t just “one token = one vote.” Voting power is actually determined by the amount of WCT tokens you have staked and the “locking period”, and only staked tokens count toward voting.
- Your voting power is locked in at the moment the proposal snapshot is taken.
- StakeWeight defines the voting power, StakeWeight = StakedTokens * ( WeeksLocked / 208)
- Example:
- A Snapshot proposal goes live.
- A voter has 20 WCT staked for 1 year (52 weeks) at that moment.
- The voter's voting power will be 5 stWCT.
- The voter can cast one vote using their full 5 stWCT voting power.
Steps to Vote:
- Visit Snapshot
- Connect your wallet (ensure it holds staked WCT tokens)
- Review active proposals and cast your vote
Upcoming Governance Votes & Key Dates
Current Governance Discussions
There isn’t a governance proposal on Snapshot yet. Instead, WalletConnect has released an Initial Governance Process document (by Pedro Gomes, Foundation Director) to gather community feedback and refine governance collaboratively.
Other discussions that will be released are:
First Governance Vote: UX Council
The first governance vote will be held on February 4th, to revise the council structure originally outlined in the WalletConnect whitepaper. This council will initially serve in an advisory capacity before transitioning into a decision-making role.
Governance Timeline for Early 2025
- Discourse launches for governance discussions
- UX Council vote begins
- UX Council voting concludes
- Transferability criteria proposal submitted for discussion
Why You Should Participate in Governance
Your vote is your voice in shaping the future of the WalletConnect Network. Governance allows community members to influence key technical and strategic decisions, ensuring the protocol remains transparent, innovative, and community-driven.
Engage in discussions, share your insights, and participate in voting. Your input is essential in strengthening the WalletConnect Network and wider web3 UX, as well as driving the future of decentralized connectivity.