- TWT (Trust Wallet Token), the Native token for Trust Wallet, a renowned decentralized exchange, surged over 60% within 24 hours.
- The pump follows the TWT team’s recent release of a white paper detailing more utilities for the token.
- Former Binance CEO Changpeng Zhao affirms that the token’s expansion in use cases has set it on an upward trajectory.
Trust Wallet’s native token, TWT (Trust Wallet Token), surged by over 60% within 24 hours following the release of a new Tokenomics Litepaper by its team, which outlined novel use cases for the token. Its revised disclosures also include a comprehensive roadmap for the asset, which aims to serve over a billion more people in no time.
TWT Unlocks New Era With Rich Utility Lineup
TWT, a Binance Smart Chain (BEP-20) utility token, proposes a new strategy direction and utilities aimed at driving engagement and improving user experience. The team has described it as the beginning of a new era where it will top its current 210 million global users with 1 billion more users via the utilities and incentives that TWT is projected to unlock for its community.
Binance visionary and former CEO Changpeng Zhao recounted the lowly beginning of TWT, which “started as an experiment” that did not have many utilities, leading to short-term success, which was facilitated by its FDV (Fully Diluted Value) skyrocketing too soon.
The insane FDV was primarily due to the team burning 99% of the TWT supply, leaving a very attractive total value of the tokens in circulation. The large FDV for a relatively new token with no utility attracted short-term speculative traders instead of long-term buyers who base their conviction on utility.
The huge FDV also discouraged new investors from buying TWT because they thought that the asset was already at its upside and may bring little or no returns. Additionally, the lofty FDV raised credibility concerns with many potential investors seeing it as driven by hype instead of actual utility.
With the new utility offerings and clearer roadmap, what launched in 2020 as a test token with minimal utility and was distributed to pioneer Trust Wallet users will now become the fuel powering the engine of the Trust Wallet ecosystem.
TWT Sees 64% Pump Amid Utility Facelift
According to the new Tokenomics Litepaper, the team wants to solve a lingering problem of TWT’s utilities not impacting Trust Wallet’s dynamic growth. To solve that problem, the team has proposed several utilities, such as a flexible loyalty system that rewards users in TWT for several activities and auto-adjusts its scale and frequency as the user base and activities expand.
Furthermore, the team seeks to expand to an earn utility running in defi protocols, where TWT can serve as the collateral.
A fee discount utility also aims to give discounts for activities such as swaps and asset buy and sell with fiat, with greater discounts expected as ecosystem activities increase.
Users would now enjoy more timely and premium support and services on the platform, and users can readily access and vote on matters related to community and marketing. A transparent, tiered reward system also enhances the utility stash.
Following the utility and roadmap reforms, TWT soared over 64% between 11:00 pm UTC Thursday and 6:02 am Friday. As of this writing, TWT sits at $1.12 and is up over 26% in the last 24 hours.
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