Trust Wallet has launched the public beta of Swift, its crypto wallet for smart contracts based on account abstraction.
The new user-centered feature is the native abstraction of gas fees that allows you to pay gas fees in over 200 tokens, which is more than 350% higher than currently possible.
Summary
Swift: Trust Wallet’s crypto project
Swift is designed primarily for new Web3 users, to make their usage less complex and more secure, especially in the proper management of seeds and private keys.
Integrate an improved user experience and security, with the new native feature of gas rate abstraction.
All this is made possible thanks to the collaboration with Stackup and Biconomy, and allows for example one-click transactions and passkey with biometric protection.
Swift wants to be a highly secure crypto wallet for smart contracts, so much so that the development team of Trust Wallet has prioritized security from the design phase. Among other measures taken in this regard, there are also multiple internal audits and external checks by Halborn and Certik.
Furthermore, Ancilia support allows continuous monitoring of smart contracts, to enhance protection against potential cyber threats.
Now the 80 million Trust Wallet users worldwide can already choose the new Swift beta as an additional option for the wallet.
In fact, Swift is presented as an optional additional option within the Trust Wallet app, available for both Apple iOS and Android devices, but users can also choose not to activate it and continue using the traditional wallet.
Trust Wallet
Trust Wallet is one of the most used non-custodial crypto wallets for smartphones in the world.
It has existed since 2017, and in 2018 the company that develops it was acquired by Binance.
Initially it was created for Ethereum and ERC-20 tokens, but now it also supports many other blockchains, including Bitcoin, BNB, Tron, and many others. It also allows to store NFT.
Now its development has specifically oriented towards Web3 and dApps, so much so that it has integrated a mobile DApp Browser within it.
It also features the Trust Wallet Security Scanner, and now supports over 10 million digital assets on more than 100 different blockchains.
The launch of Swift fits right into Trust Wallet’s traditional multi-chain approach, supporting seven main low-cost EVM chains including Arbitrum, Polygon, BSC, opBNB, Base, Optimism, and Avalanche, with the intention of adding more in the future.
To help users experience the new Account Abstraction feature, the wallet has added a discount on gas fees if paid with the TWT token.
The impact of Swift’s announcement on Trust Wallet’s crypto token (TWT)
The Trust Wallet Token (TWT) was launched on the crypto markets in mid-2020, before the last major bull run.
The initial price was less than a cent, although shortly before the last major bull run, at the end of 2020, it had already risen to $0.1.
Interestingly, however, the maximum price was not reached in 2021, even though that year it first jumped to $1 and then even to $1.5.
Despite a x15 decrease in less than a year, during 2022 while the last colossal bear-market of the crypto market was taking place, the price of TWT practically did not drop below $0.5 anymore, and in fact, in May 2022 it reached its all-time high of over $2.7.
In 2023, it dropped below 0.8$, only to then rise to 1.7$ in November when the late 2023 mini-bull run started.
In this 2024 it first dropped to $1, and then rose above $1.3.
Excluding the bubbles, it is a token that has held up very well during the bear market, and seems to have a fairly continuous growth trend up to now.
If we only consider the minimum peaks following the various bull runs, we go from $0.3 at the beginning of 2021 to $0.5 in 2022, then rise to $0.7 in 2023 and, for now, to $1 in the beginning of 2024.
The comment
The CEO of Trust Wallet, Eowyn Chen, stated regarding the launch of Swift:
“By leveraging our pioneering role in the Web3 wallet sector, we are excited to contribute to evangelizing Account Abstraction (AA) technology to more people. True to our mission of creating an open and seamless Web3 hub for mass adoption, we are continuously committed to improving security and onboarding experiences, especially for newcomers to Web3. By integrating AA technology with practical yet secure key management solutions, we anticipate a significant improvement in user experience, anticipating a surge in Web3 adoption as a potential bull market is just around the corner.”
