TON, the blockchain platform renowned for its innovative solutions, has unveiled the W5 Smart Wallet, a game-changer for gasless transactions using USDT. Despite this breakthrough, Toncoin’s price has experienced a 6% decline, reflecting broader crypto market trends.
TON Launches W5 Smart Wallet Standard
The W5 Smart Wallet, crafted by Tonkeeper and supported by the TON Core team, is now live on the TON blockchain. This new wallet standard allows users to pay transaction fees in USDT when conducting transactions with USDT and Notcoin, eliminating the previous requirement of holding Toncoin for transaction completion.
This strategic shift aims to enhance security, speed, and user convenience. Oleg Andreev, CEO of Tonkeeper, emphasized the potential of the W5 Smart Wallet to bring blockchain technology into the mainstream by removing significant barriers for new users.
Features and Benefits
The W5 Smart Wallet boasts several features designed to improve the user experience on the TON blockchain. Notably, it supports gasless transactions with fees paid in USDT, removing the necessity for users to hold Toncoin. This change is expected to lower entry barriers and increase blockchain adoption.
Additionally, the wallet supports multiple transaction processing, enabling up to 255 transactions simultaneously. This capability is particularly useful for processes involving numerous NFTs, managing decentralized subscriptions, implementing security measures like two-factor authentication, and freezing wallets.
Anatoliy Makosov, Technical Lead at TON Core, highlighted that these features aim to provide a more social and user-friendly experience for TON transactions.
Rollout and Expansion
The W5 Smart Wallet is currently available on Tonkeeper and will soon be integrated into other self-custodial wallets, including TON Space and MyTonWallet. This expansion is expected to extend gasless transaction capabilities to a wider user base.
In addition to the wallet rollout, TON Blockchain has partnered with Mocaverse by Animoca Brands and the MOCA Foundation. This collaboration aims to develop a massive interconnected consumer platform that could potentially reach over 1.6 billion users. As part of this partnership, a $20 million token swap deal involving TON and MOCA tokens has been initiated to accelerate user acquisition and connect users with the PointFi network.
Toncoin Price Trends
Despite the introduction of the W5 Smart Wallet, Toncoin (TON) has been experiencing a bearish trend, mirroring the overall crypto market downturn. The total crypto market capitalization fell by 4% to $2.32 trillion, impacting TON’s value.
Toncoin’s price fluctuated between an intra-day high of $6.99 and a low of $6.51. During this period, TON’s market capitalization dropped by 5.57% to $16,508,050,853, while the 24-hour trading volume surged by 46% to $280,392,249, as investors seized the opportunity to buy the dip. At the time of writing, Toncoin was trading at $6.56, marking a 5.70% decline from its intra-day high.
Conclusion
The launch of the W5 Smart Wallet marks a significant milestone for TON, promising enhanced accessibility and convenience for blockchain transactions. However, the 6% decline in Toncoin’s price underscores the volatility of the crypto market. As TON continues to innovate and expand its user base, the long-term impact of these developments remains to be seen.
