CoinMarketCap takes a deep dive into Trust Wallet, one of the most popular hot wallets for cryptocurrencies.
Trust Wallet (TWT) is a non-custodial hot wallet for cryptocurrencies. As a decentralized wallet, Trust Wallet allows you to hold the keys to your cryptocurrency wallet. Thus, you always stay in possession of your coins and retain control over your funds. This is the biggest benefit and a central reason why Trust Wallet is such a popular crypto wallet solution.
Moreover, unlike with centralized wallets, you have access to DApps through Trust Wallet. You can interact with different decentralized applications from the comfort of your mobile phone. It does not keep your personal information, making it the ideal crypto wallet solution. You can access over 20,000 Ethereum-based and EVM-compatible tokens, 63 blockchains, and over one million crypto assets.
Trust Wallet was founded in November 2017 and purchased by Binance in 2018. Eowyn Chen, the former Binance Marketing VP, has been the CEO of Trust Wallet since early 2021, taking over from its founder Viktor Radchenko.
How Does Trust Wallet Work?
As a mobile wallet with access to a multitude of cryptocurrencies, you can access several blockchains from one application. Every blockchain is directly accessible upon downloading the app. Trust Wallet is a more convenient solution than browser-based wallets that require each blockchain’s details to be added. Thus, Trust Wallet works like a bridge connecting different blockchains with the user.
As a non-custodial wallet, all fungible and non-fungible tokens are controlled by the user. Trust Wallet does not hold or control any of the cryptocurrency in users’ wallets. Furthermore, the wallet is completely free to download and does not earn any fees from usage. All the fees are paid to miners and validators on the various blockchains.
A central feature of Trust Wallet is its in-built DApp browser. Trust Wallet offers a selection of vetted decentralized applications to ensure users’ safety and maintain a high-quality standard on the application. Users can interact with various decentralized applications right in the Trust Wallet app and do not need to navigate their browser-based equivalents. Additional sign-ins or logins are not required. The browser includes all of the most popular decentralized applications, including NFT marketplaces like OpenSea, money market protocols like Aave or 0x, and decentralized exchanges like PancakeSwap and Uniswap.
Another function offered by Trust Wallet is its NFT support. Trust Wallet offers storage of all important NFT token standards like ERC-721, ERC-1155, and their BEP equivalents. You can move your NFTs from a marketplace like OpenSea and safely store them in Trust Wallet.
Furthermore, Trust Wallet offers staking and token swaps straight in the application. The services are provided by the Binance DEX and 1inch, a DEX aggregator. Users can also access different AMMs and decentralized exchanges like Uniswap in the Trust Wallet dApp browser. Finally, Trust Wallet offers the option of purchasing cryptocurrencies with fiat currencies through its on-ramp providers. More than 40 different cryptocurrencies are available for purchase. You can pay with a credit or debit card or via Apple Pay, Google Pay, and bank transfer.
Unique Features of Trust Wallet
Trust Wallet is one of the most popular mobile wallets for several reasons:
Ease of Use and Safety
More than 25 million people use Trust Wallet to store their cryptocurrency. That is a good indicator of the popularity Trust Wallet has gained, thanks to its simple and clear user interface. Moreover, as its is a non-custodial wallet, users retain control over their funds. Those two factors explain why Trust Wallet has managed to attract such a massive user base in only a few years.
DApp Browser
The in-built dApp browser is, without a doubt, one of Trust Wallet’s strongest arguments. Trust Wallet was the first mobile wallet to offer access to decentralized applications directly from the application. With its seamless connection between the user and blockchains like Ethereum and BNB Chain, the dApp browser is the ideal tool for a fully optimized mobile web3 experience.
Staking and Token Swaps
Another part of Trust Wallet’s appeal is the option to stake, swap tokens, and purchase cryptocurrency straight from the mobile wallet. It facilitates the onboarding of new users to the world of cryptocurrencies and allows them to manage their portfolios on the go.
NFT Support
The NFT support by Trust Wallet is the ideal option for NFT collectors that do not want to store their collectibles in a browser-based wallet or a cold wallet. With Trust Wallet, all the non-fungible tokens remain accessible in one place and always at the user’s fingertips.
Trust Wallet Token Tokenomics
Trust Wallet Token (TWT) is a governance token allowing token holders to influence the Trust Wallet governance process. TWT token holders vote on in-app features and updates to Trust Wallet. TWT token holders also benefit from discounts on in-app purchases and DEX services.
The total supply of TWT is 1 billion, with a circulating supply of 288 million. The token allocation is as follows:
- Reserves and Incentives: 46.7%
- Reserve Wallet: 30%
- Developers: 15%
- User acquisition: 8.3%
There is currently no roadmap for spending the allocated but unspent tokens.
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