May 25, 2024
Latest Cryptocurrency News

Bitget Forges Ahead with On-Chain Ecosystem Development

Bitget, a prominent crypto exchange, is charting a new course by venturing into the realm of on-chain ecosystem, drawing inspiration from industry giants like Binance, OKX, and KuCoin.

The exchange is poised to launch the Bitget Onchain Layer, a platform designed to integrate various native DApps (decentralized applications) within the Bitget Wallet through collaborative efforts with developers.

Moreover, Bitget has established a $10 million BWB Ecosystem Fund, aimed at expediting the development of the Bitget Onchain Layer and supporting aligned projects.

Bolstering the Ecosystem with Native Tokens

Bitget’s native token, BWB, akin to Binance’s BNB and Trust Wallet’s TWT, will play a pivotal role in the ecosystem.

Additionally, Bitget boasts another native token, BGB, similar to Binance’s BNB, KuCoin’s KCS, and OKX’s OKB tokens, which can be utilized to offset trading fees.

Fostering Innovation and Investment

The Bitget OnChain Layer Ecosystem Fund will focus on investing in and nurturing various Web3 trading services.

Presently, the fund is geared towards supporting pre-market price aggregators, an on-chain derivatives market, and trading bots, all of which will complement Bitget Wallet’s interchain swap service.

The Bitget OnChain Layer and its ecosystem. Source: Bitget

Expanding Reach and Functionality

Bitget Wallet is already popular in the Asia-Pacific region with over 20 million users. Thus, it will enhance its offerings with the imminent launch of BWB, its native token.

This move will empower community members with governance voting rights and participation eligibility in Launchpad events. It will also provide staking rewards and facilitate the payment of multichain gas fees.

Embracing Innovation in the Crypto Space

To sum up, Bitget’s endeavor follows a broader trend within the crypto industry. Exchanges like Binance and OKX are carving out their own niches in the ecosystem. By leveraging on-chain technology and native tokens, Bitget aims to foster a vibrant and self-sustaining ecosystem. This approach caters to the evolving needs of crypto traders and enthusiasts worldwide.

Image by fullvector on Freepik

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