Trust Wallet Token (TWT) is a Trust Wallet token supported by the Binance trading platform. It was originally launched on the Ethereum blockchain, then switched to Binance Chain (BEP2 standard). Since the beginning of October 2020, it has been working in parallel on the Binance Smart Chain (BEP20 standard). The developers considered this solution to be optimal for the further development of the project. In addition, of the 90 billion TWT, 89 billion was burned – of which less than 1% circulated, and now this figure is 25%.
On January 27, 2021, the Binance exchange listed Trust Wallet Token (TWT) in the innovation zone and opened token trading in the TWT / USDT, TWT / BTC, TWT / BUSD pairs. Visit binance.com for details.
Btcnewsweb.com editors have prepared an overview of the TWT token. You can also find an overview of the Trust Wallet wallet on our website.
|Name||Price||Market Cap||Supply||Change % (7D)||Performance|
|Name||Trust Wallet Token|
|Token standard||BEP-2; BEP-20|
|Blockchain||Binance Chain; Binance Smart Chain (BSC)|
|Course on 10/18/2020||0,1 $|
|Total emission||1 billion TWT|
|Blockchain observers||https://explorer.binance.org/asset/TWT-8C2; https://bscscan.com/token/0x4b0f1812e5df2a09796481ff14017e6005508003|
|Exchanges||Binance, Binance DEX|
Trust Wallet Token (TWT) chart
Binance TWT / USTD chart:
Briefly about the project
Trust Wallet promotes technological innovations such as:
- A unified interface for staking different currencies in the application.
- An open source cross-platform library that implements low-level cryptographic functionality of a mobile wallet and its compatibility with different blockchains.
- DApp browser that allows you to interact with decentralized applications running on different chains.
- Connect to nodes or APIs of supported coin providers and map transaction details and overall account balance history using a simple common JSON format.
- Assets tool, which is a repository with a lot of information about cryptocurrencies, tokens, protocols, updated daily for several years.
The main competitive advantages of the Trust Wallet mobile wallet lie in the simplicity of the interface, support for many blockchains and tokens, open source infrastructure, a professional development team and support for Binance, one of the most successful cryptocurrency exchanges to date.
Features and purpose of the token
The TWT token was created by the developers as an experiment in order to contribute to the development of the community and provide a reward for users who, through their actions, benefit the platform.
The experiment turned out to be successful, the token really increased the activity of community members. As its adoption increases, the developers 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, it was decided to destroy 89,000,000,000 TWT. The reduction in the volume of supplies 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 polls related to changes in the application, the integration of new options or coins;
✅ using TWT in DeFi projects;
✅ receiving discounts on payment of commission fees and exchange transactions in DEX;
✅ incentives for developers of modern DApps for mobile devices;
✅ encouraging other users to increase their reputation.
The creators say that the main direction of using the token is the acceleration of attracting new users and stimulating the active conduct of cryptocurrency transactions within the platform. Moving TWT to BSC is expected to open up new opportunities for members. However, the value of a token depends mainly on user behavior. The team, in turn, will work to improve its usefulness.
Moving to Binance Chain
Binance recently launched the Binance Smart Chain (BSC) blockchain, which will work on an equal footing with the main Binance Chain. The purpose of its creation is to allow the creation of smart contracts and run staking protocols.
TWT is now offered as a BEP-20 or BEP-2 token to take full advantage of the BSC ecosystem. Its owners can (but do not have to) exchange BEP-2 for BEP-20 and get the opportunity to fully work with the Binance chain and the wide range of DeFi applications available on it.
- Install Binance Chain Wallet (Chrome Extension Link).
- Deposit some amount of TWT and BNB tokens to your Binance Chain account.
- Find out the Binance Smart Chain Network address. You need to click the Network button on the main wallet screen.
- Click the Get button to see the QR code. Copy the address.
- Click on the Submit button, select TWT from the list of assets.
- Paste the previously copied address. Enter the amount and click Submit. Confirm the action.
- Binance Smart Chain transactions are completed within minutes. You can track the payment through the BscScan service.
If your Binance Chain Wallet is associated with Trust Wallet, then you can see your TWT BEP-20 token on it. If it is not displayed, then add it manually.
Where to store the Trust Wallet Token (TWT)
The two most successful TWT storage wallet options are Trust Wallet and Binance Chain Wallet. The second is presented in the form of a browser extension, which is very convenient. How to work with it:
- Install the Binance Chain Wallet Chrome Extension.
- Click “I don’t have a wallet.”
- Come up with a password that meets the requirements and click “Continue”.
- Copy the seed phrase to a safe place.
- By clicking on the plus sign at the bottom of the window, add the TWT asset to the main screen by searching for it.
After that, you can proceed to operations with it – receiving, sending, exchanging.
Where to buy, sell, trade TWT
The TWT token is not yet supported on the Binance exchange, but has been added to the list of Binance DEX coins since August 19, where it can be traded in tandem with the Binance Coin (BNB) cryptocurrency.
According to data from external aggregators, TWT is currently actively trading (10/21/2020) on the Hoo exchange (76% of all transactions with a token worth more than $ 1,000,000 were carried out on it in 24 hours).
You can buy a token using the official Trust Wallet by exchanging BNB for a TWT token:
Advantages and disadvantages
✅ Behind the token is a strong project with a high degree of utility.
✅ Support from the Binance crypto exchange.
✅ Reduced emissions.
✅ Moving to Binance Smart Chain.
❌ Listing on a small number of exchanges, and almost none of the top ones.
❌ The potential of the token is not completely clear.
The transition to the Binance blockchain and the reduction in emissions played a role, and over the past month, the TWT token rate has increased by 250%. The developers emphasize that they are going to develop towards decentralized finance – the most popular trend in cryptocurrencies today. Presumably, this will contribute to the further development of the asset.