The South Korean crypto exchange Upbit has announced a new listing for a wallet-focused altcoin, triggering explosive price action.

According to a new announcement, Upbit is supporting Wallet Connect (WCT) for trading over the Optimism (OP) network on its platform starting Wednesday.

The project, launched in 2018, is a Web3 communications open-source protocol that aims to connect crypto wallets to decentralized applications (DApps) through encrypted connections using QR code scanning and deep linking.

“Traditionally, connecting wallets to apps on the blockchain required complex steps, which often discouraged new users and created a fragmented ecosystem. WalletConnect simplifies this by offering a universal connection method compatible across hundreds of wallets and thousands of apps.”

WCT is the native token of the WalletConnect network, which is used for staking, rewards, fees and governance.

The initial supply of WCT tokens is capped at 1 billion, with 7% earmarked for core development, 17.5% for staking and performance rewards, 18.5% for airdrops, 18.5% for team members, 11.5% for early supporters, and 27% for the WalletConnect Foundation.

Following the announcement from Upbit, WCT exploded from Tuesday’s low of $0.28 to Wednesday’s high of $0.62, a more than 121% gain.

WCT has since retraced and is trading for $0.42 at time of writing, up 34.6% on the day.

With a market cap of $79.13 million, WCT is the 482nd largest crypto project.

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