Trust Wallet, owned by Binance, has reached the milestone of five million users and has gone more in-depth in the DeFi sector.
The crypto tycoon Binance acquired Trust Wallet two years ago today. In a short period, this service has reached 5 million users and is now expanding to the development of the DeFi sector.
In addition to the main phase of five million users, Trust Wallet claims that 10% of this rapidly acquired user base has access to various DApps and DeFi platforms. He plans an aggressive expansion in this sector because crypto investors are looking for ways to promote liquid agriculture.
Immersion of DeFi
To balance DeFi’s fast-growing ecosystem, Trust Wallet has integrated token exchange platforms such as Kyber and its decentralized BinanceDEX exchange.
The Android version of this wallet has a default dapp browser that gives full access to the DeFi world and several popular protocols, including Aave, which recently updated its tokenomics and compounds. An open protocol called Wallet Connect is also used, which connects DApps to the mobile wallet using end-to-end encryption by scanning the QR code.
Trust Wallet founder, Viktor Radchenko told the Cointelegraph that there are plans to include several DeFi protocols in the iOS and Android Trust Wallet applications to increase liquidity and provide access to the liquidity pooling protocol to get a loan. He added that incorporating protocols built into your environment makes it safer and more intuitive for users.
Being Lowkey yet Outstanding
With the booming growth of the DeFi sector, Radchenko said: “DeFi is now sure to be successful. You can see good progress in developing new protocols that give developers more access to making further financial applications. This is also the right time for a decentralized protocol to make the process governance to make community-based minutes. “”
Regarding increasing consumer base, he added that the key is “keep it simple”. Adding DApp features that will meet the majority of cryptocurrency user cases over the next few years is also a priority for progress, he said.