WalletConnect v1 was using Waku which is the successor to Whisper messaging protocol in the original Ethereum yellowpaper. WalletConnect v2 is post VC funding and seem like it will have a API payment model, which is a major downgrade IMHO. I will stick to v1.
They’re deprecating v1 in 30 days. https://medium.com/walletconnect/walletconnect-v1-0-sunset-notice-and-migration-schedule-8af9d3720d2e