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TWT Burns 89 Billion Tokens as It Migrates to Binance

TWT Burns 89 Billion Tokens as It Migrates to Binance
  • 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

Aside from the token burning, TWT has also decided to migrate to the Binance Smart Chain (BSC). This migration will allow TWT token to expand its reach into the growing community of Binance.

This major event made the Binance CEO Changpeng Zhao react in a tweet:

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.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.