The crypto exchange Bitget; aims to create its own blockchain ecosystem, following in the footsteps of exchanges like Binance, OKX, and KuCoin. According to a Bitget announcement on May 15, the Bitget Onchain Layer will not only integrate a series of native DApps into the Bitget Wallet through collaboration with developers but also accelerate the development of the Bitget Onchain Layer and support compatible projects.
Notable Steps by Bitget
BWB, the exchange’s native token, similar to Trust Wallet token (TWT), is noteworthy. Meanwhile, the exchange also has a native token, BGB, which can be used to offset transaction fees, similar to Binance’s BNB, KuCoin’s KCS, and OKX’s OKB tokens.
Initially, the Bitget OnChain Layer Ecosystem Fund will invest in various Web3 trading services and provide staking services. According to the exchange, there are currently three pre-market price aggregators, an on-chain futures market, and trading bots to complement Bitget Wallet’s cross-chain swap service.
Bitget Wallet is currently one of the most popular personal custody wallets in the Asia-Pacific region, with over 20 million users. The local token of the wallet, BWB, is planned to be launched this quarter, with 5% of its maximum supply of 1 billion allocated to community members during the pre-launch event. Following the launch, BWB aims to strengthen the Bitget Wallet and OnChain Layer ecosystem through governance voting, participation rights in launchpad events, staking rewards, and payment of multi-chain transaction fees. This step follows Bitget’s efforts to facilitate daily trading transactions and expand into all aspects of the crypto ecosystem.
Web3 and Centralized Exchanges
The world’s largest crypto exchange, Binance, first launched its BNB blockchain network in September 2020. Around the same time, Trust Wallet, created by Binance and now a separate entity, also launched its TWT token, surpassing a $1 billion market process since then. In 2021, the decentralized exchange PancakeSwap became the first billion-dollar project on the BNB Chain.
Similarly, the crypto exchange OKX; created a Web3 marketplace for trading notable assets like Bitcoin Runes, Ordinals, Atomicals, and BRC-20 tokens, interacting with decentralized applications and an NFT marketplace. On May 13, the OKX Web3 marketplace became the largest exchange for Bitcoin Runes trading with a 51.08% market share.
