Trust Wallet Token

<blockquote>Trust Wallet is one of the most popular wallet applications. Shortly after the FTX collapse, the price of its native token $TWT jumped to a new high, and its market cap is now among the top 50 in the entire crypto market. Let&#39;s find out what happened together.</blockquote><p></p><p>In the aftermath of the FTX collapse, <a href="https://tokeninsight.com/en/research/market-analysis/trust-crisis-how-far-will-the-centralized-exchanges-transparency-go" rel="noopener noreferrer nofollow">centralized exchanges faced a trust crisis</a> as users began to wonder if the exchanges were misappropriating their funds. More and more users chose to withdraw their assets held on centralized exchanges to their self-custodial on-chain wallets in panic. According to Glassnode, the major exchanges have seen a net outflow of about $2.6 billion in <a href="https://tokeninsight.com/en/coins/ethereum/overview" rel="noopener noreferrer nofollow">$ETH</a> over the past month. And so, once again, the topic of which wallet is better has become the talk of the town.</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/f49a3eddb42a4574a5d54937096cf7e4.jpg" /><p><a href="https://tokeninsight.com/en/coins/trust-wallet-token/overview" rel="noopener noreferrer nofollow">Trust Wallet</a> is undoubtedly the most eye-catching one, not only with its new product launch during the crisis, but also with the promotion from CZ and its native token jumping to new highs. We also raised our rating of Trust Wallet to AA from A on Nov. 28, ranking it first in the <a href="https://tokeninsight.com/en/tags/cryptocurrencies?tag&#61;Wallet" rel="noopener noreferrer nofollow">wallet category</a>.</p><p>Trust Wallet is a non-custodial crypto wallet supporting both mobile and browser extensions. It was founded by Viktor Radchenko in November 2017 and then <a href="https://www.binance.com/en/support/announcement/binance-acquires-trust-wallet-a-secure-mobile-crypto-wallet-360010790652" rel="noopener noreferrer nofollow">acquired by Binance</a> in August 2018. Now it is the official wallet of Binance.</p><p>Trust Wallet stands out with the multi-functioned mobile crypto wallet, which supports not only asset storing and transfer functions but also allows users to interact with DApps, buy crypto with Fiat, manage NFTs, staking, etc.</p><p>According to the statistics of Similarweb, the Monthly Active User of Trust Wallet performs much better than MetaMask on mobile.</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e6e60af3c7474f6f91853c98845fb701.png" /><p></p><h2 id="header-0">Tokenomics</h2><p>$TWT, the native token of Trust Wallet, is primarily used for community governance. Since most of the services on Trust Wallet are charge-free, <strong>the usage of the token is relatively limited within the wallet.</strong> As disclosed, the token mainly has 5 use cases:</p><ul><li>Participate in governance</li><li>Deduct fees for in-app crypto purchasing</li><li>Submit Pull Requests for adding new wallet-supported assets</li><li>Incentivize developers for DApp review and promotion</li><li>Incentivize and expand the community</li></ul><p>But the token did not start as a functional token designed to support a token economy. Instead, it was supposed to be used as a &#34;value-free&#34; token for Trust Wallet&#39;s referral program and educational purposes. The current utilities of the token are gradually improved at a later stage.</p><p>At Genesis, the team minted 90 billion $TWT tokens and started to distribute the tokens as rewards. But after 6 months, only less than 1% of the token was circulated. Therefore, the team left 1 billion tokens and burned the rest. <strong>According to the team disclosure, all of the tokens have been distributed with no unlocking schedule, and there is no token allocated to the team.</strong> As of Dec 2022, more than 40% of $TWT tokens have been distributed to the community, and the remaining will be further spent via promotions and giveaways.</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/18195c41ad2e418f906b2ad3c819b1fe.png" /><h2 id="header-1">Roadmap &amp; Progress</h2><p><a href="https://twitter.com/TrustWallet/status/1592188803539963905" rel="noopener noreferrer nofollow">Trust Wallet launched a browser extension version on November 15</a>, making up for the lack of PC-based products. However, compared to its mobile wallet, the browser extension version needs to be taken care of more in terms of function development.</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/5c9f2e7de07f47789999a6f44b15a238.png" /><p>The good news is that CZ, the CEO of Binance, <a href="https://twitter.com/cz_binance/status/1592214126298038272" rel="noopener noreferrer nofollow">helped promote Trust Wallet in the first place</a>, which is likely one of the main reasons for the spike in $TWT prices.</p><h2 id="header-2"></h2><h2 id="header-3">Token Performance</h2><p>According to the statistics of TokenInsight, $TWT is now listed on 28 exchanges, supporting 51 spot trading pairs. The 24h trading volume of the token is $148,363,720. The market cap of $TWT is $940,734,962 (ranked #44 on TokenInsight).</p><p>In November 2022, just after the Sam Bankman-Fired and FTX collapse, <a href="https://twitter.com/cz_binance/status/1591804109224550401" rel="noopener noreferrer nofollow">CZ called for people to transfer their money to the on-chain wallet and touted for Trust Wallet</a>. Two days later, Trust Wallet launched its browse extension. The price and trading volume of $TWT surged. The price went up 60.4% from Nov 12 to Nov 18. The all-time-high price of $TWT was achieved on December 11, 2022, reaching $2.74.</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/8262e8999ec94e3c9ef253d69ac1e4ab.png" /><p></p><p></p><h2 id="header-4">Closing Thoughts</h2><p>In summary, we think Trust Wallet has done well over the past month. But we also note that $TWT now has a market cap of over $1 billion, which is unheard of for a wallet, as $TWT is neither as widely used as a native coin of a public chain nor as consistently profitable as DeFi tokens. We would like to see wallet apps develop better products and attract more users with the goal of improving the user experience, rather than being driven by volume and price.</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/46ebed7bba134a38bac8e6e932d5ad69.png" /><p></p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/818d708c5ff148d08f88a8e673d25821.png" /><p></p>

Trust Wallet Rating Update

Innholdsfortegnelse

TokenInsight

Andre artikler publisert på 15. des. 2022

MYSTERY BOXES

SolidProof Unveils New Website with Improved Customer Experience

SBF's Alameda Research Secretly Funded This Crypto News Website

Crypto Lender Amber Terminates Chelsea FC Sponsorship

Plant a tree today for tomorrow that is better

DigiCorp Labs Partners with Shell to Kick-off Master Data Management Proof of Concept Based on We...

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!