Cryptocurrency exchange Bitget has announced its venture into establishing its own blockchain ecosystem, mirroring the strategies of industry giants like Binance, OKX, and KuCoin. The May 15 announcement revealed that the Bitget Onchain Layer aims to incorporate various native decentralized applications (DApps) into the Bitget Wallet through developer collaborations. This initiative is also set to enhance the development pace of the Bitget Onchain Layer and support compatible projects.
What are Bitget’s Key Actions?
Bitget’s native token, BWB, holds significance similar to Trust Wallet’s TWT token. Additionally, Bitget’s other token, BGB, can offset transaction fees akin to Binance’s BNB, KuCoin’s KCS, and OKX’s OKB tokens. The Bitget OnChain Layer Ecosystem Fund will initially focus on investing in various Web3 trading services and offering staking services. Presently, the platform supports three pre-market price aggregators, an on-chain futures market, and trading bots, supplementing its cross-chain swap service.
The Bitget Wallet, a leading personal custody wallet in the Asia-Pacific region, boasts over 20 million users. This quarter, Bitget plans to launch the local token BWB, allocating 5% of its maximum supply of 1 billion to community members during a pre-launch event. Post-launch, BWB aims to fortify the Bitget Wallet and OnChain Layer ecosystem via governance voting, launchpad event participation, staking rewards, and multi-chain transaction fee payments.
How Does Web3 Influence Centralized Exchanges?
Binance, the world’s largest crypto exchange, initiated its BNB blockchain network in September 2020. Trust Wallet, initially a project by Binance, also launched its TWT token, which has since achieved a market value exceeding $1 billion. PancakeSwap became the first billion-dollar project on the BNB Chain in 2021. Similarly, OKX has developed a Web3 marketplace for trading assets like Bitcoin Runes, Ordinals, Atomicals, and BRC-20 tokens. As of May 13, the OKX Web3 marketplace became the leading exchange for Bitcoin Runes trades, commanding a 51.08% market share.
What Can Users Expect from Bitget’s Ecosystem?
Bitget’s new ecosystem presents several user benefits:
- Access to various Web3 trading services.
- Opportunities for staking rewards and governance participation.
- Enhanced cross-chain swap services.
- Increased utility of the BWB and BGB tokens for transaction fee reductions.
- Engagement in launchpad events and multi-chain financial operations.
In conclusion, Bitget’s initiative aims to broaden its reach within the cryptocurrency ecosystem, facilitating a more integrated and comprehensive trading experience for its users. With its new blockchain ecosystem, Bitget aspires to strengthen its market position and offer innovative solutions in the crypto space.
