- TWT burns 89 billion of its token
- TWT migrates to Binance Smart Chain (BSC)
- TWT increases its token circulation
TWT has burned 89 billion of its token to increase its circulating supply as it migrates to Binance Smart Chain (BSC).
TWT Token Burning
The crypto market has been home to many different kinds of cryptocurrencies that offer various use cases. These cryptocurrencies also continue to upgrade their ecosystem to ensure that they provide the latest technology and stay competitive.
Recently, Trust Wallet Token (TWT), a token that is mainly used to reward the users of its Trust Wallet and its community, burned up to 99% of all of its token, with hopes that the burning of 89 billion out of 90 billion maximum supply will increase the token circulation in the crypto market.
Looking back, TWT has a huge amount of 90 billion TWT tokens, but only less than 1% was seen to be circulated in the crypto market. After burning the 99% of the token, the crypto’s circulated token supply has grown to as much as 25%.
Trust Wallet founder Viktor Radchenko said:
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.
TWT BSC Migration
This major event made the Binance CEO Changpeng Zhao react in a tweet:
Well, you can read this simple blog post by @vikmeup and team. But it doesn’t say much, other than it was an experiment to begin with, and they felt it was the right thing to do. https://t.co/AkT1bokqKJ
— CZ Binance (@cz_binance) October 3, 2020
Furthermore, as part of the migration, the token will now become both a BEP-20 token and a BEP2 token. The token holders as well will now be able to use the BSC technology and take advantage of its decentralized properties.