As an experienced analyst in the crypto space, I see Bitget’s move to create its own on-chain ecosystem as a strategic response to the growing trend of exchanges expanding beyond traditional trading services. With over 20 million users, particularly in the Asia-Pacific region, Bitget is positioning itself to become a one-stop-shop for all crypto needs, from trading to self-custody wallets and decentralized applications (DApps).
Bitget, a cryptocurrency exchange, aims to develop its own on-chain system modeled after industry leaders like Binance, OKX, and KuCoin.
“Bitget’s Onchain Layer will collaborate with builders to add various decentralized apps (DApps) to the Bitget Wallet. Additionally, a $10 million BWB Ecosystem Fund has been created to finance the growth of the Bitget Onchain Layer and aid compatible projects.”
The self-custody wallet of this exchange is identified by its native token, BWB, which is comparable to the Trust Wallet token (TWT). Additionally, the exchange carries its own native token, named BGB, functioning similarly to Binance’s BNB, KuCoin’s KCS, and OKX’s OKB tokens in offsetting trading fees.
To begin with, the Bitget OnChain Layer Ecosystem Fund is intended for investing in and nurturing different Web3 trading platforms. At present, there are three price aggregators prior to market launch, an on-chain derivatives marketplace, and trading bots that will collaborate with Bitget Wallet’s interchain swap feature, as announced by the exchange.
In the Asia-Pacific area, Bitget Wallet has gained significant popularity amongst self-custody users, boasting over 20 million accounts. The upcoming quarter is set to see the introduction of BWB, the wallet’s native token, with a pre-generation event offering community members a chance to secure 5% of its total supply of 1 billion tokens. Once launched, BWB will serve as the driving force behind Bitget Wallet and OnChain Layer through governance votes, eligibility for Launchpad events, staking rewards, and the payment of gas fees across multiple chains.
As a crypto market analyst, I would describe it this way: In line with my mission to simplify cryptocurrency trading for everyday users and broaden my scope within the crypto industry, Bitget has implemented this new strategy.
Back in September 2020, Binance, the leading cryptocurrency exchange globally, introduced its own BNB blockchain. Simultaneously, Trust Wallet, a digital wallet developed by Binance and now an independent entity, debuted its TWT token. The value of this token has since exceeded $1 billion in a fully diluted market cap. In the year that followed, PancakeSwap, a decentralized exchange, became the first project on the BNB Chain to reach a valuation of over $1 billion.
Just like OKX, this cryptocurrency exchange has developed its own self-custody wallet and Web3 Marketplace. With this platform, users can trade non-fungible tokens (NFTs), engage with decentralized applications, and buy innovative assets such as Bitcoin Runes, Ordinals, Atomicals, and BRC-20 tokens. As of May 13, OKX’s Web3 Marketplace holds a dominant market share of 51.08% for trading Bitcoin Runes.
Read More
- Top gainers and losers
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- SILLY PREDICTION. SILLY cryptocurrency
- LUNA PREDICTION. LUNA cryptocurrency
- KAI PREDICTION. KAI cryptocurrency
- ADA PREDICTION. ADA cryptocurrency
- CEL PREDICTION. CEL cryptocurrency
- PRE PREDICTION. PRE cryptocurrency
2024-05-15 13:24