Circulation Plan Adjustment: Upbit announced an increase in WalletConnect (WCT) circulating supply from 351,144,932 WCT to 359,328,670 WCT for Q1, adding 8.2 million tokens, reflecting a dynamic response to market demand that could impact investor confidence and liquidity. Enhanced Transparency: This adjustment was made at the explicit request of the WalletConnect project team, indicating a coordinated strategy between Upbit and project developers, which enhances market trust and may encourage broader community participation. Market Impact Analysis: While the increased token supply could exert downward pressure on price, the transparent and pre-announced nature of this adjustment may lead to a relatively mild market reaction, prompting investors to reassess the new circulation timeline. Governance Power Distribution: As the governance token for the WalletConnect protocol, changes in WCT supply will directly affect governance power distribution, potentially fostering greater community engagement and increasing project development funding, thereby driving long-term success for the protocol.
Upbit has revised its WalletConnect (WCT) circulation plan, lifting the circulating supply from 351,144,932 WCT to 359,328,670 WCT for Q1 and adding 8.2 million tokens. The move reflects a dynamic response to market demand and could influence investor confidence and liquidity. The adjustment was made at the explicit request of the WalletConnect project team, signaling a coordinated effort between Upbit and the developers that enhances market transparency and may encourage broader community participation. As the governance token for the WalletConnect protocol, changes in WCT supply will directly affect governance power distribution, potentially fostering greater community engagement and increasing funding for ongoing development.
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