Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Trust Wallet moved its TWT tokens to Binance Smart Chain, a move it claims to provide more strength to TWT while simultaneously leveraging the Binance ecosystem.
In a surprising move, the Trust Wallet project backed by Binance Smart Chain announced its new token burn on Saturday, October 3. The project announced that it will be burning 89 billion native TWT tokens worth a whopping $2.3 billion.
The total supply for TWT tokens is 90 billion. However, the supply of the circulating tokens was less than 1%. Hence, Trust Wallet reduced the total supply to just $1 billion. Trust Wallet justified this move saying that they want to leverage the strength of the Binance Ecosystem while making TWT stronger. At present, 25% of the total 1 billion supply of the TWT token is currently under circulation. Speaking about this new development, Trust Wallet Founder Viktor Radchenko said:
TWT has quickly become a powerful community and marketing tool for 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. Bringing TWT to BSC will unlock various DeFi applications for our users. By combining this with a token burn to generate more realistic tokenomics, I’m excited to ride the next wave of community and product growth; fueled by TWT.
While the cryptocurrency is wondering about the impact of burning $2.3 billion worth tokens, Binance CEO Changpeng Zhao expressed optimism on the move. In a series of tweets, CZ applauded Trust Wallet Founder for his bold decision. CZ said that the decision was for the larger benefit of the community. He further noted that the teams in the Binance ecosystem are driven by value instead of money.
TWT Token Price Shoots 100%
Just as expected, the token burning also helped investors. Soon after the announcement, the TWT token price has jumped over 105% in the last 24 hours. At press time, TWT is trading at a price of $0.046.
Binance Smart Chain (BSC) is the newly launched project of the Binance Chain. The BSC works in parallel with the Binance Chain and facilitates the creation of smart contracts along with the staking mechanism for BNB. With the latest move, TWT is available as a BEP20 token as well as the BER2 token.
Although the existing BEP2 TWT tokens remain unaffected, holders still get an option to bridge their TWT on the Binance Smart Chain.