Today, WalletConnect announced that its native token, WCT, is now available on the Solana blockchain. This launch, facilitated by Wormhole’s Native Token Transfers (NTT), is the token’s first expansion outside of Optimism and Ethereum blockchain networks.
Since its launch in 2018, WalletConnect was initially integrated into the Ethereum network. The protocol has grown to be an interoperable blockchain, and as a result, its recent expansion to Optimism and now to Solana, makes WCT truly multi-chain.
Accelerating real-world utility for cryptocurrency
With its launches on multiple blockchains, WalletConnect leverages Wormhole’s native asset multi-chain (NTT) solution to execute non-wrapped native multi-chain circulation. In other words, the presence of Wormhole highlights the importance of its NTT solution to WallectConnect’s integration into multiple blockchains.
Cross-chain token transfers normally happen this way: Wrapped tokens on a particular chain are transferred to another blockchain network like WCT being sent from Ethereum to Solana. However, this traditional approach can trigger issues like liquidity fragmentation, security vulnerability (in case the wrapped coin de-pegs), and a poor user experience.
Wormhole NTT’s burn-and-mint approach is the solution to this problem. With this integration, when WallectConnect’s WCT is transferred (for instance) from Optimism to Solana, NTT burns it on Optimism and then natively mints it on Solana. This approach removes liquidity fragmentation, giving out an integrated supply of WCT tokens across blockchains and maintaining control over metadata, token ownership, and upgradeability. This solution is essential for WCT’s application and governance, as it ensures consistent token behavior in whichever blockchain it operates on.
Improved token accessibility
Expanding on this integration, WalletConnet is a public blockchain whose mission is to function as a bridge between crypto wallets and dApps. It today integrated Wormhole, a renowned cross-chain protocol, to simplify the linkage between users’ wallets and decentralized applications.
The integration of Wormhole NTT is crucial for making its WCT natively cross-chain. Using this approach, WalletConnect can offer a more frictionless and simplified experience for customers engaging with decentralized applications across various blockchains, particularly on rapid-processing blockchains like Solana.
This integration is therefore set to improve the accessibility of Web3 products to a greater level, as it removes obstacles facing entrance into the Web3 world for people who want to interact with DApps on different blockchains.
