TON Introduces W5 Smart Wallet For Gasless Transactions, Here’s All

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As a seasoned blockchain analyst with years of experience in following the developments in the crypto space, I am thrilled to see the recent announcement of the W5 Smart Wallet standard on the TON blockchain. This innovation, developed by Tonkeeper and endorsed by the TON Core team, is a game-changer that has the potential to bring gasless transactions to the masses using USDT, eliminating the need for users to hold Toncoin for completing transactions.

Transactions without the use of gas can now be carried out on the TON blockchain through the introduction of the W5 smart wallet standard. This advancement allows users of the associated application to execute trades in USDT and Notcoin, eliminating the requirement of possessing Toncoin for completing such transactions.

TON Launch of W5 Smart Wallet Standard

As a blockchain analyst, I’d like to share some insights about the latest development on the TON blockchain. The W5 smart wallet standard, spearheaded by Tonkeeper and supported by the TON Core team, is now in place. This new standard empowers users to pay transaction fees using USDT instead of the traditional Toncoin. Previously, users were obligated to hold Toncoin for carrying out transactions, but this new approach offers a more flexible solution for those preferring or primarily using USDT and Notcoin.

The TON Core team, working together with @tonkeeper, has introduced the W5 Smart Wallet for the TON network. This new wallet allows users to carry out transactions without paying gas fees and supports up to 255 transactions in one go.
But what does that mean for Telegram’s 950M users?
Let’s dive in
— TON (@ton_blockchain) July 25, 2024

The W5 Smart Wallet was created with the objective of delivering top-notch security, quickness, and ease of use to its users. As stated by Oleg Andreev, CEO of Tonkeeper, this wallet holds the potential to introduce blockchain technology to a wider audience.

The TON Foundation highlighted that the latest wallet specification simplifies the sign-up process for new users, thereby promoting broader use of the blockchain technology.

Features and Benefits of the W5 Smart Wallet

The W5 Smart Wallet has several features that enhance the user experience on the TON blockchain. Importantly, it allows gasless transactions paid in USDT, so there is no need for users to have toncoin. This is expected to reduce the barriers to entry and thus increase the adaptability of the blockchain.

As an analyst, I would describe this feature by saying: I can process up to 255 transactions simultaneously with the enhanced capabilities of this wallet. This functionality proves beneficial when dealing with numerous Non-Fungible Tokens (NFTs), such as managing decentralized subscriptions or implementing security measures like two-factor authentication and freezing the wallet.

As a researcher studying TON, I’ve come across Anatoliy Makosov’s insights as the Technical Lead at TON Core. He mentioned that certain features are being implemented with the intention of enhancing the social and user-friendly aspects of TON transactions.

Rollout and Expansion

The W5 Smart Wallet standard is currently active on Tonkeeper and will soon be incorporated into other self-custodial wallets like TON Space and MyTonWallet. Over the next few months, we anticipate that this standard will be adopted by more TON wallets, making gasless transactions accessible to a larger audience.

In addition to introducing the wallet, TON Blockchain entered into a partnership agreement with Animoca Brands’ Mocaverse and the MOCA Foundation.

Through this collaboration, we aim to create a vast, interconnected consumer platform with an estimated user base surpassing 1.6 billion people. As part of the agreement, there will be a token exchange deal involving $20 million in TON and MOCA tokens. This transaction is designed to expedite user acquisition and link users to the PointFi network.

TON Price Trend 

Despite the recent announcement, the price of Toncoin (TON) has continued to slide due to the broader crypto market decline.

In this downturn, the total value of the crypto market decreased by 4% to reach approximately $2.32 trillion. The price of TON saw fluctuations, ranging from a high of $6.99 to a low of $6.51 during the day.

In this downturn, TON‘s total market value dropped by 5.57%, landing at approximately $16.5 billion, as the daily trading volume marked a significant increase of around 46%, amounting to nearly $280 million. Amidst this, investors took advantage of the price drop and bought up TON tokens. The token was then being traded at a price of $6.56, representing a decrease of about 5.70% compared to its peak price for the day.

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2024-07-25 19:28