Trust Wallet project, supported by Binance Smart Chain, announced that it will burn 89 billion Trust Wallet Token (TWT). It was announced that this move was made for the project to progress on stronger foundations. Support from Binance CEO Changpeng Zhao was quick for this step.
The Trust Wallet platform, supported by Binance Smart Chain, has decided to burn the vast majority of its local token, TWT. For TWT with a total supply of 90 billion, the supply of circulating tokens was less than 1%. With this in mind, Trust Wallet has decided to reduce its total TWT supply to 1 billion. For this, 89 billion TWT was burned and 25% of the remaining 1 billion in total supply is currently in circulation.
The approximate value of 89 billion TWT burned exceeds 2.3 billion dollars. It is not yet clear whether this move will affect the price in the long run depending on the supply-demand balance for TWT. However, the TWT price rose from $ 0.020 to $ 0.042 in the past 24 hours following this announcement.
Trust Wallet founder Viktor Radchenko emphasized that TWT has become a powerful marketing trump card for the project and that this step should be taken to improve the ecosystem. Explaining that this decision was reached in order to achieve a more realistic line, Radchenko stated that a better performance will be offered to users by getting the support of Binance Smart Chain.
CZ, Binance CEO, Proudly Spoke
Binance founder and CEO Changpeng Zhao (CZ) was also not indifferent to Trust Wallet’s move to burn TWT and shared his thoughts on social media. CZ said in his statements that burning the $ 2.3 billion worth of tokens takes courage and the Trust Wallet team is mature enough to take this responsibility.
Explaining that he is proud of the decisions made by this Binance Smart Chain-supported project, the CEO; He argued that the teams in the Binance ecosystem are progressing with a specific mission, not money. Stating that he has been following the process with great interest from the beginning, CZ expressed that he was really impressed by the team’s decision to make such a decision for more competent purposes.