The WalletConnect Foundation, steward of the communications protocol WalletConnect, has raised a total of $10 million from four consecutive oversubscribed public and private token sales.

The fundraising took place this month on Bitget's LaunchX platform, CoinList, Echo and a further private sale, attracting tens of thousands of participants and generating significantly more interest than the target amounts.

"The strong demand for the WalletConnect Token (WCT) underscores the growing need for seamless onchain connectivity and proven product market fit centric token with real fundamentals," the foundation said in a statement shared with The Block.

The Bitget LaunchX community round reached its $4 million target within two hours. Some 40,000 investors committed over $170 million, way beyond the allocation. Token distribution took place on Friday.

A further community round on CoinList was oversubscribed fourfold, attracting 18,000 participants from more than 100 countries. Investors pre-funded the sale with $15.5 million, far exceeding its $4 million target.

Meanwhile, a private sale hosted on Echo, a platform founded by crypto trader Jordan Fish (aka Cobie), saw its $500,000 target sell out in just 11 seconds. That sale was led by a group known as the Tea Club, WalletConnect Foundation founder and director Pedro Gomes told The Block.

An additional private sale conducted directly between the foundation and long-term supporters and strategic partners of WalletConnect raised a further $1.5 million. "It was a busy month to say the least," Gomes said.

Nearly 90,000 users registered across the sales collectively, expanding the WalletConnect ecosystem following Season 1 of its airdrop in November. The airdrop distributed 50 million of the total 1 billion WCT supply to 160,000 early adopters, including builders, contributors and users. All WCT tokens are currently non-transferable, though users can stake them for periods ranging from one week to two years.

"The response from the WalletConnect and broader crypto community has been incredible. Every round was oversubscribed, reaching its target in hours, if not seconds," Gomes said. "As the Network scales towards full permissionlessness, our community is growing alongside it. In a space crowded with vaporware, people are rallying behind real projects with true utility. We’re excited for the next chapter in the WalletConnect journey."

Despite the oversubscribed demand, the WallectConnect Foundation currently has no plans for further token sales, Gomes confirmed. "The oversubscribed demand is a clear signal that the crypto community wants projects who prove they can truly deliver on their product roadmap and bring real value to the ecosystem," he said. "They are  growing tired of the memecoin casino and vapourware, people want to support projects that they can firstly, actually use and secondly, that they can trust."

The funds will enable the WalletConnect Foundation to expand operations, grow its team and support ecosystem initiatives — benefiting developers, node operators and strategic partners, Gomes explained. "As the network advances toward full permissionlessness, these resources will play a vital role in facilitating adoption and engagement, particularly as more of tradfi and the broader internet comes onchain," he said.

Participants in the CoinList and Bitget LaunchX rounds acquired 1 WCT for $0.20, with a minimum purchase of $100 and a maximum of $10,000. There are no vesting periods, and the tokens will become liquid after a community vote on their transferability, the foundation explained. 

The date for the community vote is dependent on reaching five specific milestones, four of which have already been completed, Gomes told The Block. "The last milestone, which is currently underway, is open sourcing WalletConnect Network’s Service Node source code," Gomes said. "Once this is complete the community vote for transferability will be submitted. We’re expecting this to happen soon."

Once the vote concludes and the WCT token becomes transferable, it can also be listed on exchanges, Gomes added. While a true fully diluted valuation cannot be calculated until transferability is enabled and the token is trading on exchanges, the $0.20 CoinList price implies an FDV of $200 million.

WalletConnect is an open-source protocol that allows users to connect their crypto wallets to decentralized applications using a QR code or deep link. Once the connection is established, the dApp can request approval for transactions or other actions from the user’s wallet.

The main advantage is that it allows mobile users to connect their wallets to dApps on their desktops or other devices, eliminating the need to switch between devices or copy and paste addresses.

The protocol claims to have facilitated over 220 million connections from more than 35 million global users since 2018.

Last month, WalletConnect builder Reown, formerly WalletConnect, Inc., announced it had secured $13 million in a Series B funding round led by Union Square Ventures and 1kx, with participation from Shopify Ventures and Kraken Ventures, among others — bringing its total fundraising to $38 million.

Reown intends to use the fresh capital to further develop its onchain UX platform through its SDKs — Reown AppKit and Reown WalletKit — with a rise in traditional financial services offering crypto payments increasing the demand for a better onchain user experience, the company said. It aims to abstract away blockchain complexities, removing barriers such as gas fees and seed phrases for mainstream participants.

The WalletConnect Foundation introduced the WCT token in September, based on Optimism’s OP Mainnet Ethereum Layer 2 network, to facilitate governance and incentivize participation.

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