- Rainbow Wallet Unveils RNBW Token as Part of Phase 3 Toward Web3 Financial Hub
- RNBW Token Boosted by Venture Capital Support and DeFi-Focused Strategy
- The token is tied to Rainbow’s Expansion Strategy and Clanker Integration Plans
Rainbow, a non-custodial crypto wallet, announced its plan to launch a token named RNBW by the end of this year. Rainbow is an EVM-compatible browser and mobile crypto wallet designed to be user-friendly.
It has now revealed advancements in its wallet that provide users with access to the future. The Rainbow team stated that RNBW is part of phase 3, which is the next stage of its development. Rainbow Wallet is steadily evolving from a simple crypto wallet into a full-fledged financial hub for Web3 users.
Among its most upcoming features is DeFi portfolio management, which will allow users to seamlessly track their decentralized finance assets across multiple protocols and networks. This includes real-time insights into token balances, staked assets, yields, and overall performance, all within the app. In addition, real-time price updates and instant balance changes after transactions will enhance user experience by removing delays and uncertainty, helping users make faster and more informed decisions.
In addition is perpetual contract trading, enabled through integration with Hyperliquid, a high-performance decentralized product exchange. This will allow users to trade crypto perps directly from their Rainbow Wallet, without needing centralized exchanges. These features signal Rainbow’s move toward becoming more than just a wallet and positioning itself as an all-in-one platform for Web finance, trading, and asset management.
Partnership is the Step Forward to Growth
Partnerships and targeted investments have propelled Rainbow’s growth. Alexis Ohanian, a co-founder of Reddit, founded the venture capital firm Seven Seven Six, which led the company’s $18 million Series A round in 2022. With the help of these resources, Rainbow has been able to take on well-known brands in the non-custodial wallet industry while concentrating on expanding its user base through incentive schemes that resemble games, including its points system.
The launch of the RNBW token coincides with a surge in innovation within the cryptocurrency wallet sector, as native tokens are being increasingly utilized to reward engaged community members and decentralize decision-making. According to experts, Rainbow’s strategy, which places a strong emphasis on DeFi features and ease of use, positions it to draw in institutional and retail users seeking more flexible ways to manage digital assets.
Related: MetaMask to Launch MASK Token and Perpetual Futures Trading
Clanker X Rainbow Proposal
The launch of RNBW is to increase user participation and engagement within its network. When the points system first launched in late 2023, it served as a “vampire attack” to lure users away from competitors’ wallets, such as MetaMask. Rainbow hopes to cultivate a devoted user base and encourage sustained engagement by connecting these points to the upcoming coin.
The open letter from Rainbow detailing the proposal recommended incorporating CLANKER token holders into its broader acquisition strategy for Clanker.
According to the Rainbow Foundation, if the acquisition of Clanker is successful, CLANKER token holders will receive 4% of the total RNBW supply, or roughly 20% of the supply in circulation at the time of the token generation event (TGE). Rainbow will also handle all CLANKER tokens that have accrued as liquidity provider (LP) fees since the Clanker token’s launch. Following the acquisition of Clanker, the Rainbow Foundation will help the community build the protocol into the largest Launchpad platform on Ethereum.
