Crypto wallet that is based on the TRON blockchain, TronWallet has introduced the TWX Swap Burn Mechanism, as per which, the wallet will collect swap fees for Bitcoin and TRON, in TWX.
? TronWallet Introduces New TWX Swap Burn Mechanism, Amid Rising Swap Volume@TronWalletMe is excited to announce a new token burn mechanism: #TWX fees collected from each Swap of #Bitcoin, #TRON & #TRX tokens on #TronWallet
Read more in our Medium ??https://t.co/p6gqkNEWta
— TronWallet (@TronWalletMe) February 7, 2020
The built-in swap feature in the wallet was recently introduced, which facilitates smooth exchange between Bitcoin (BTC), TRON (TRX), and other TRON-based tokens. In the official post on Medium, the development team of TronWallet said that the new swap feature is proving to be extremely useful for common users, who generally don’t need to trade on exchanges, saving valuable time, and on top of all, it is highly secure and safe. It further added,
The usage of the Swap tool has grown significantly over the month of January with thousands of users using the Swap on a daily basis. Given the successful Swap launch, the numbers and volumes of TronWallet Swaps are projected to increase exponentially over the coming months as we add more coins, tokens, blockchains, and features to the Swap tool.
The article stated that the user base of the TronWallet is witnessing a steep rise, over 12,000 daily active users, and over 50,000 monthly active users. Globally, the wallet has witnessed over 177,000 downloads, and the demand is expected to grow rapidly as the world is shifting from a hostile to the moderately accepting point of view for the crypto industry.
Initially, TronWallet employed a buyback model of crypto burning for about five months, and over 183 million TWX, the native token of the wallet, was burnt in five phases. The new Swap Burn mechanism will allow the users to pay an even lesser swap fee by using or holding the TWX token, as the fees will be deducted in form of the native token, which will be subsequently burnt.