TWT Soars Nearly 40% as Trust Wallet Reveals Plans to Add 100X Perps, Prediction Markets – Crypto News – Crypto News
Connect with us
TWT Soars Nearly 40% as Trust Wallet Reveals Plans to Add 100X Perps, Prediction Markets TWT Soars Nearly 40% as Trust Wallet Reveals Plans to Add 100X Perps, Prediction Markets

De-fi

TWT Soars Nearly 40% as Trust Wallet Reveals Plans to Add 100X Perps, Prediction Markets – Crypto News

Published

9 months ago

on

Trust Wallet revealed plans for new use cases for its TWT token, sending its price to levels not seen since January.

The native token of Trust Wallet, TWT, surged sharply to its highest level since January after the team behind the self-custody crypto wallet revealed a new product roadmap, and plans to expand the token’s utility.

In a Thursday blog post, Trust Wallet — a noncustodial wallet acquired by Binance in 2018 — released its TWT tokenomics “litepaper” describing how the token will be used across the wallet’s new product features, including trading, payments and earn products. The post states that new utility benefits for TWT holders will be rolled out in phases over the next six months.

Following the announcement, TWT price jumped 38% to $1.23, a level last seen in January, per data from CoinGecko.

TWT price chart. Source: CoinGecko

Trust Wallet noted that its product roadmap includes perpetual futures markets with up to 100X leverage, as well as prediction markets.

The litepaper also proposes that TWT holders who lock their tokens gain access to benefits such as airdrops, boosted staking yields, and transaction discounts, while all holders can secure a 10% cut on gas fees if paid with TWT. The token may also be used for paying transaction fees, and “may be usable as collateral” across supported DeFi protocols, though the team hasn’t specified which platforms yet.

No Need to Reinvent the Wheel

Speaking with The Defiant, Trust Wallet CEO Eowyn Chen explained that the wallet’s vision for advanced trading is to give users the “same powerful tools they expect from centralized exchanges, but in a fully self-custodial way.”

Commenting on the planned integration of prediction markets, Chen told The Defiant:

“For prediction markets specifically, we don’t intend to reinvent what others already do well. Instead, Trust Wallet will focus on building the seamless trading hub and user experience, while integrating with credible third-party protocols that provide liquidity and proven prediction models.”

In addition to DeFi products, Trust Wallet said it will also roll out Trust Pay and Trust Card products, which Chen described as solutions that let users keep custody of their funds, without the need to move assets to other services to use them.

Even though Trust Wallet already supports Binance Pay as an integrated payments solution between wallet users, Chen explained that Trust Pay will function like an on-chain payment layer directly within the wallet, enabling gasless peer-to-peer transfers, merchant payments, and potentially subscriptions.

“Binance Pay remains an important partner, but our vision for Trust Pay is different. It’s about building an open, wallet-native payment rail that works universally, across chains, and even beyond Binance’s ecosystem,” Chen said.

Boosting Incentives

Although TWT’s supply is permanently capped, with just over 40% already in circulation, distributed via community airdrops, the team pledged to use the remaining allocation for growth initiatives, liquidity programs, strategic partnerships, and core team incentives in a bid to have a “sustainable and thriving ecosystem,” according to the blog post.

The utility expansion for TWT comes just two weeks after Trust Wallet joined the real-word asset (RWA) tokenization wave by leveraging Ondo Finance’s tokenized assets to provide direct access to some of the world’s most popular stocks and ETFs.

As The Defiant reported, earlier this month, Ondo launched a platform called Ondo Global Markets, giving qualified investors 24/7 access to tokenized U.S. stocks, though the tokens don’t grant ownership rights to the actual shares.

Related Topics:
Continue Reading

Trending