Trust Wallet (TWT) Price Today

What is Trust Wallet Token?

The Trust Wallet Token is a BEP-20 utility token for the very popular Trust cryptocurrency wallet. As the native token for the wallet, this token provides a range of benefits and incentives to Trust Wallet users. Trust Wallet came up with the token as a BEP-2 asset on the Binance Chain, before relaunching it as a BEP-20 token on the Binance Smart Chain in October 2020.

The Trust Wallet Token, like the wallet, is secured by Binance Smart Chain’s rigorous Proof-of-Stake consensus mechanism. It’s also supported by Binance’s bug bounty program. The token revolves around two main utilities which are user rewards and governance. According to its founders, these tokens create awareness around governance, and community voting and instils a sense of ownership among its users.

The Trust Wallet mobile app is a multi-crypto wallet with a built-in DEX for android users. After joining the Binance ecosystem in 2018, it has now become the official crypto wallet of the Binance SmartChain. The wallet provides fiat on boarding, allowing users to purchase crypto with credit cards. Users can also buy, hold or exchange their crypto assets from within the wallet’s interface, thanks to integration with other DEXs such as Pancake Swap, Uniswap or Binance DEX.

Trust Wallet Token Price Trends

At the time of writing, Trust Wallet Token’s price is at $1.45 with a 24-hour trading volume of $27.54M. These tokens suffered a recent crash which has frustrated many traders. TWT price (USD) has fallen more than 34% in 7 days. The decline came after a brief rally following the crash of the FTX exchange in November. These tokens reached an all-time high of $2.75 on November 14^th after staying at the $0.40 mark for most of the year.

How does Trust Wallet Token Work?

As mentioned before, these tokens have two main uses – utility and governance. Holders of TWT get a variety of benefits ranging from DEX services to discounts on in-app purchases TWT also allows its users to participate in decision-making processes. This includes adding new tokens, features and blockchain support.

TWT acts as an educational tool as well as a community builder. It plays a major role in the governance of Trust Wallet. TWT holders vote on the proposals submitted by different projects and blockchains. When the proposal reaches a certain threshold, it is integrated into the Trust Wallet core.

Voting power depends on the amount of TWT held in the user’s wallet, where 1 TWT= 1 Vote.  Voting takes place through snapshots. When users cast a vote, the app submits a snapshot of the wallet’s Smart Chain address. This means that voting power remains unaffected even if TWT is moved from the account before the voting period ends.

Apart from the uses mentioned above, TWT is also used for other aspects of the Trust Wallet ecosystem such as the following.

• Swapping for other assets

Trust Wallet users can receive TWT rewards by completing certain in-app tasks, participating in quizzes and referral programs and purchasing crypto. Trust Wallet app allows the accrued tokens to be swapped for other tokens.

• In-app discounts

Users can use their TWT rewards to access discounts on swaps, crypto trades and purchases.

TWT Key Events

The following are some of the key events that took place after these tokens came into existence.

• Viktor Radchenko launches Trust Wallet in 2017.
• In July 2018, Binance acquires Trust Wallet.
• Price of Trust Wallet Token reaches its all-time low of $0.0027 on June 9th, 2020.
• TWT price reaches its all-time high of $2.72 on December 12^th, 2022.
• In December 2022, Trust Wallet launches Cardano staking for iOS devices.

TWT Mining

Unlike other cryptocurrencies such as Ethereum and Bitcoin, these tokens do not support mining.