TON down following launch of W5 wallet for gasless transactions
|- TON Foundation launched the W5 smart wallet to promote gasless transactions.
- Users can now facilitate transactions on the TON blockchain without holding Toncoin.
- TON is down over 5% amid the W5 smart wallet launch.
The TON Core team launched their latest smart wallet, the W5, on Thursday to enable users to make payments without necessarily holding the TON token. Meanwhile, the price of TON has declined by over 5% in the past 24 hours.
TON Core launch W5 wallet amid price decline
The TON Core team launched the new TON ecosystem W5 wallet standard in partnership with TON blockchain's non-custodial wallet Tonkeeper on Thursday. The new smart wallet is said to help facilitate gasless transactions on the TON blockchain.
The W5 wallet will operate as an open wallet, allowing users to perform up to 255 operations in a single transaction, thereby facilitating reduced charges. The wallet will also serve as a replacement for the TON ecosystem's previous version 4 wallet.
Tonkeeper further alleges that the wallet allows users to conduct transactions using USDT and Notcoin for fees. This means that users can now pay network fees on USDT transfers using USDT and Notcoin transfers using NOT. As a result, users no longer need to hold or acquire Toncoin for payments.
The TON Foundation had previously announced its plans to launch TON Teleport BTC, a trustless bridge designed to facilitate secure Bitcoin transfers across the TON blockchain.
Meanwhile, TON is down 5.8% following the announcement. This stretched its weekly loss by 9%, as the token struggled between the $6 and $7 price level.
TON has been on a rough path since the beginning of H2 2024, following its high performance in H1. The token was listed as one of the top gainers in H1 after seeing an impressive 240% price growth. Many investors speculate that the launch of the W5 wallet will boost TON to begin another rally.
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