Trust Wallet announced that they have completed the burning of 89 billion TWT tokens to reduce the total supply from 90 billion TWT to 1 billion TWT and avail the token on the Binance Smart Chain.
The move is expected to enable TWT to leverage the strength of the growing Binance ecosystem, to unlock various DeFi applications to their users, and increase the token’s exposure to the wider Binance community.
According to the official Trust Wallet’s blog, TWT will be now available as both a BEP 20 token and as a BEP2 token. The expansive Binance ecosystem uses the BEP20 standard for its Binance Smart Chain (BSC) and the BEP2 token on the Binance Chain.
“All existing BEP@ tokens will remain unaffected and holders will now also have the option to bridge their TWT onto Binance Smart Chain to take advantage of the range of decentralized applications available there.”
Binance Chain is a blockchain project that was launched in April 2019 to allow users to utilize, issue, or exchange different digital assets and uses BNB as its native token. On the other hand, BSC was launched on September 1, 2020, as a parallel blockchain to enable users to create smart contracts and stake with BNB.
BEP2 tokens include LINK and USDT, while BEP20 listings are BTC, ETH, LINK, USDT, XRP, XTZ, ADA, LINK, BCH, BAND, BUSD, DAI, and EOS.
Trust Wallet Will Leverage BSC to Expand Its Ecosystem
Trust Wallet’s founder Viktor Radchenko stated that TWT was initially created to experiment on a loyalty reward program for Trust Wallet users and accelerate the growth of its community and has so far been a success.
“TWT has quickly become a powerful community and marketing tool got Trust Wallet. I’ve been working for some time to find the best way to enhance the TWT ecosystem. With the launch of Binance Smart Chain and the current market prevalence of Decentralized Finance, it makes sense to act now.”
The move will also allow TWT to expand more easily in the future and introduce better token economics to the digital wallet.
“We believe that this change will continue to help the Trust Wallet community to grow and it will give us the opportunity to bring more in-depth tokenconomics to TWT in the future.”
Binance CEO: Trust Wallet’s Decision Expresses Trust In Binance Ecosystem
Binance CEO CZ, approved the Trust Wallet Team’s effort and selfless decision to migrate into Binance Smart Chain, adding that the move shows that the Binance community believes in the future of its blockchain ecosystem.
“To me this shows the #Binance ecosystem teams are not driven by money, but by mission. @vikmeup is not poor, but nowhere near having enough FU money, yet. And yet he was not deterred the slightest by this amount of money, he led it the whole way, no fan flare, just business as usual.”
Binance acquired Trust Wallet as its first purchase in 2018, in a partnership that has seen Trust Wallet retain its operational independence and become one of the default wallets supported by Binance’s decentralized Exchange, Binance DEX.