gm WalletConnectors, and welcome to the first issue of the WalletConnect Ecosystem Edit.
The Ecosystem Edit is a new series focused entirely on giving the WalletConnect Community a first look at progress and development across the ecosystem—from user and builder growth to new node operators and technical upgrades.
Each update shares new advancements and glimpses into what’s coming up for the network next. Whether you’re a community member, a node operator, or a user, the Ecosystem Edit is the place to keep updated on the WalletConnect Network.
As 2024 comes to a wrap, issue #01 looks back on a monumental year for the network, so without further ado, let’s dive in!
The ecosystem in 2024: A year of growth
Over the past year the WalletConnect Network has grown significantly, providing a backbone of connectivity to the onchain ecosystem for what has been a behemoth year for the industry’s development, growth, and all-around usage.
In 2023, the WalletConnect Network had provided the foundations for 7.2 million users to make 41 million connections across the onchain world. This year, the network has facilitated more than 179 million connections for over 31 million users, more than quadruple the impact on the previous year.
Where 2023 saw the industry close with an uncertain but hopeful outlook for the year ahead, the WalletConnect Network was actively facilitating 9.4 million monthly connections for 2.4 million users. As we close out this year, connections have more than doubled at over 22 million, spanning a total of 5.8 million users, an impressive 140% increase on the previous year, and record number of active users for the network in a single month.
In 2023, there were 16.5K app projects connecting users via the WalletConnect Network, a number that has steadily increased throughout 2024, with an additional 35.3K app projects building with WalletConnect over the past 12 months, and 13.5K connecting users to the onchain ecosystem in a single month.
A huge indicator for the trajectory of WalletConnect, these numbers also show a promising outlook for the wider industry as we head full-force into the year ahead. As we look to 2025, WalletConnect remains steadfast on scaling these milestones further and driving innovation across the decentralized ecosystem.
The Network in 2024: 12 Months of Milestones
As we reflect on 2024, the WalletConnect Network has not only experienced extraordinary growth but also achieved several transformative milestones. These accomplishments set the stage for a more decentralized and community-driven future within its ecosystem and across the broader onchain landscape.
Progress Toward Decentralization
In September 2024, the network underwent a major protocol update, transitioning from a closed protocol to an open one. This update improved performance for high-traffic apps and introduced steps toward multi-chain interoperability.
As part of its evolution into a decentralized network, WalletConnect welcomed its first-ever node operators in September. This move further decentralized the network and enhanced its reliability. By the end of the year, the network boasts 16 node operators, including industry leaders such as 1kx, Ledger, ConsenSys, and Figment.
Another significant milestone was the Token Generation Event (TGE) in November 2024, which introduced the WalletConnect Token (WCT). During this event, highly engaged users of the WalletConnect Network were eligible to participate in a WCT airdrop, empowering them to play an active role in shaping the network's future.
November 2024 also marked the first instances of community participation in network development. With the introduction of staking functionality, token holders can now actively contribute to network security and governance while earning rewards. This development creates additional incentives for community engagement and represents a key step in WalletConnect’s journey toward becoming a fully decentralized and community-owned network.
Formation of the WalletConnect Foundation
In August 2024, the WalletConnect Foundation was established to advance the mission of building a permissionless and decentralized onchain UX ecosystem. The Foundation is dedicated to empowering its community of builders and users while playing a crucial role in supporting the growth, security, and decentralization of the WalletConnect Network.
One of the Foundation’s key goals is to achieve a fully permissionless network by 2025. The goal for the network to be truly decentralized allowing anyone who meets the necessary criteria to run a node. This shift will create a self-sustaining, open ecosystem.
Another target set by the WalletConnect Foundation is to enable the transferability of the WalletConnect Token (WCT). This will require a community vote, but once approved, the token will become tradable.
Beginnings of a Thriving Community
The introduction of the WalletConnect Token in November 2024 marked the first time millions of users could actively participate in the WalletConnect ecosystem. Season 1 of the token’s airdrop has distributed over 24 million tokens to more than 125,000 users, with over 60% of claimed tokens now securely staked to the network.
In December, staking rewards began distributing, allowing dedicated WalletConnectors to directly experience the benefits of their contributions to the network.
Claimability for Season 1 of the airdrop ends on January 3, 2025. Following this, WalletConnect plans to launch various initiatives and projects aimed at further growing and rewarding its community. To check eligibility and claim tokens for season 1 of the airdrop, head here.
What’s next?
Looking ahead to 2025, the WalletConnect Foundation is focused on enhancing decentralization by further expanding node operator participation and evolving the network’s permissionless state. There will also be a major drive to continue supporting and growing the 35-million-strong community of WalletConnect users, and ensuring key players get a chance to take a more active role within the network’s future.
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