Trust Wallet Token (TWT) is a Trust Wallet token supported by the Binance trading platform. Initially launched on the Ethereum blockchain, then switched to Binance Chain (BEP2 standard). Since the beginning of October 2020, it has also been running on Binance Smart Chain (BEP20 standard) in parallel. The developers considered this solution optimal for the further development of the project. In addition, out of 90 billion TWT, 89 billion were incinerated — less than 1% of that circulating, and now the figure is 25%.
Trust Wallet promotes technological innovations such as:
- A unified interface for staking various currencies in the application.
- An open-source cross-platform library that implements the low-level cryptographic functionality of a mobile wallet and its compatibility with different blockchains.
- DApp browser allows you to interact with decentralized applications running on different chains.
- Connect to supported coin providers’ nodes or APIs and correlate transaction details with an overall account balance history using a simple, common JSON format.
- The Assets tool, which is a repository with a lot of information about cryptocurrencies, tokens, and protocols, is updated daily for several years.
- The main competitive advantages of the Trust Wallet mobile wallet are the simplicity of the interface, support for many blockchains and tokens, open source infrastructure, a professional development team, and the support of Binance, one of the most successful cryptocurrency exchanges today.
The TWT token was created by the developers as an experiment to contribute to the development of the community and provide a reward for users who benefit from the platform through their actions.
The experiment turned out to be successful, the token really increased the activity of the community members. As its adoption increases, the developers have assessed the market situation, supply, and demand, in order to make positive adjustments. At the start, the offer was 90,000,000,000 TWT, which turned out to be too much – no more than 1% of the volume was in circulation. Therefore, the decision was made to destroy 89,000,000,000 TWT. The reduction in the volume of deliveries has led to the fact that now about a quarter of the total issue is in circulation. This move will increase the value of the token and help its value grow.
Asset distribution methods:
- referral bonuses;
- rewards for certain actions in the wallet;
- quizzes, etc.
Ways to use TWT:
- participation in voting regarding changes in the operation of the application, the integration of new options or coins;
- using TWT in DeFi projects;
- receiving discounts on the payment of commission fees and exchange transactions in DEX;
- stimulating developers of modern DApps for mobile devices;
- encouraging other users to increase their reputation.
- The creators call the main direction of using the token the acceleration of attracting new users and stimulating the active conduct of cryptocurrency transactions within the platform. The transfer of TWT to BSC will presumably open up new opportunities for participants. However, the value of a token depends mainly on user behavior. The team, in turn, will work to improve its usefulness.