Trust Wallet, one of the wallets most popular self-custody platform in the cryptocurrency ecosystem, announced today, October 15, 2024, that its first launchpool or platform staking. This function is new because it adds a launch platform for tokens to one wallet private cryptocurrency. That is, it allows you to gain exposure to emerging tokens from self-custody.
The Trust Wallet is a launchpool decentralized that allows users to do staking of Trust Wallet Token (TWT) and others tokens compatible to earn passive income in cryptocurrencies from emerging projects.
In this mechanism, users lend their holdings for a certain time as proof of their participation in that ecosystem and receive a reward in return. This launchpool helps such projects get an early boost by fueling with a well-known and Binance-associated brand like Trust Wallet.
In your advertisementTrust Wallet announced the possibility of using the token slisBNB, based on Binance’s BNB Chain, to make staking in Trust Wallet and get the rewards in WHY, another token from BNB Chain. According to the private wallet statement, 4.2 billion $WHY tokens (for one) are now available for distribution.
In this way, the platform staking Trust Wallet could be useful to diversify investments and to access emerging projects at an early stage without the need to move the tokens of the wallet private nor to execute movements and transfers with the funds.
That is, users retain self-custody of their funds in their wallet private while executing the procedure staking of the Trust Wallet token. Unlike centralized platforms, on this platform staking works without intermediaries and users interact directly with smart contracts.
Given the high volatility of the price of these tokens and the possible lack of information about these new projects, the investments in these tokens emerging markets usually represent a high risk action.
Trust Wallet uses Wallet Connect
Trust Wallet is a cryptocurrency wallet that has been on the market for years. It has a dApp explorer that uses Wallet Connect to connect with other applications and protocols within the networks it supports. This represents a decentralized alternative compared to traditional centralized platforms that host passive income and launchpool offerings, albeit in a more limited quantity.
As CriptoNoticias reported in an interview with Eowyn Chen, executive director of Trust Wallet, self-custody wallets are essential as they are “free from the vulnerabilities and risks associated with centralized platforms, such as data breaches, hacks or mismanagement of funds.”