Trust Wallet Token ($TWT) Use Case 1: Governance
Trust Wallet Token (TWT) is the native token of Trust Wallet, the most trusted non-custodial crypto wallet in the world. The token is currently available as a BEP-2 token on BNB Beacon Chain and as a BEP-20 token on BNB Smart Chain, as well as on the Solana network as an SPL token.
Trust Wallet users can benefit from holding TWT tokens in numerous ways, including taking part in Trust Wallet’s governance process. Read on to discover how you use TWT tokens to give your vote in the popular wallet’s decision-making processes.
What Is Governance?
As a member of the Trust Wallet Community, you have the right to vote on major decisions related to the wallet. These decisions could include any proposals that developers and the community create, decisions to support new tokens and blockchains, or deciding on the kinds of services or product features the wallet’s developers roll out next.
TWT plays a major role in this governance process as it allows the community to lead the creativity, innovation, and usability of the app.
The goal of the token is to help you, as a community member, choose what you want to happen and what suits your Trust Wallet experience.
To take part in the governance process, you will be required to hold some TWT in your wallet, the more TWT you own, the stronger your vote is.
The process of voting is free for all users and has no fees involved. Instead, when you vote, the voting portal takes a snapshot of your Smart Chain address. Once you are done voting, it is important that you don’t move your TWT or use it in transactions until the voting process is completed because your vote will lose its power. However, no TWT is used during the process, so you will still have all your TWT at the end of voting.
Below, we look at how you can use TWT to vote on decisions related to Trust Wallet. Remember that one TWT is equal to one vote!
How to Vote Using TWT
First, click on the dApps section on the Trust Wallet home screen, then scroll down to the section titled ‘Utility’ and click on ‘Trust Wallet Governance.’
After you click on this, you will be led to a new site, the ‘Trust Wallet Governance’ dashboard.
Next, you will need to switch to the Smart Chain Network if you are already not connected to it. To do this, tap on the ETH logo in the upper right corner and pick ‘Smart Chain.’ Once you choose the chain, tap on ‘Connect Wallet’, then on ‘Trust Wallet’, and on the last prompt, tap on ‘Connect Wallet’ again.
Next, you will choose the proposal you want to vote on. And then, you will tap on ‘Vote.’ In this example, we vote on the integration of Filecoin into Trust Wallet.
Lastly, you will confirm your vote by tapping again on ‘Vote’ and then on ‘Confirm’ to validate the vote.
And that’s it! You would have successfully used TWT as a governance token to place a vote on proposals.
How to Get Your Hands on TWT Tokens to Vote on Proposals
To take part in the Trust Wallet governance process by voting on proposals, you will need to hold TWT tokens on BNB Smart Chain (BEP-20).
If you already hold tokens on BNB Smart Chain in your Trust Wallet, you can seamlessly swap your existing BEP-20 tokens for TWT (BEP-20).
For example, you could swap BEP-20 BNB tokens into TWT tokens.
Alternatively, you could swap a wide range of BEP-20 assets on decentralized exchanges, such as PancakeSwap, directly within the Trust Wallet app using the dApp Browser.
If you don’t already hold BEP-20 tokens in your Trust Wallet, you could access a centralized exchange like Binance and choose any currency supported in TWT trading pairs. Examples include USDT, BUSD, and BTC. To fund your account, you can use crypto or a range of fiat currency funding options, which will depend on your geographical location.
Download Trust Wallet and start taking part in the app’s governance decisions today.