Bitget's $10M Ecosystem Fund and Onchain Layer Launch

The Bitget Onchain Layer will integrate native DApps through collaboration with builders, while the $10 million BWB Ecosystem Fund will support its development.

May 15, 2024 - 12:18
May 15, 2024 - 11:45
Bitget's $10M Ecosystem Fund and Onchain Layer Launch
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Bitget Wallet’s ecosystem fund is backed by their native token, BWB, set to debut this quarter. Bitget, a cryptocurrency exchange, aims to establish its on-chain ecosystem, inspired by the footsteps of platforms like Binance, OKX, and KuCoin.

In a statement from Bitget, they express their plans for the Bitget Onchain Layer, stating, “The Bitget Onchain Layer will not only integrate a host of native DApps [decentralized applications] within Bitget Wallet through joint collaboration with builders,” They also mentioned the establishment of a $10 million BWB Ecosystem Fund to speed up the Bitget Onchain Layer's development and support related projects.

The BWB token, similar to Trust Wallet's TWT, serves as the native token for Bitget's self-custody wallet. Additionally, Bitget has its native token, BGB, usable for trading fee offsets, akin to Binance's BNB, KuCoin's KCS, and OKX's OKB tokens.

Initially, the Bitget OnChain Layer Ecosystem Fund will focus on investing in and nurturing various Web3 trading services. This includes pre-market price aggregators, an on-chain derivatives market, trading bots, and an interchain swap service.

With over 20 million users, Bitget Wallet is a prominent self-custody wallet in the Asia-Pacific region. BWB's launch this quarter includes community member allocation during its pre-generation phase. Post-launch, BWB will drive governance voting, Launchpad event eligibility, staking rewards, and multichain gas fee payments for Bitget Wallet and OnChain Layer ecosystem.

The Bitget OnChain Layer and its ecosystem. (Source: Bitget)

This strategic move aligns with Bitget's objective to enhance day-to-day trading and extend its presence across the crypto world.

The trend is reminiscent of Binance, which introduced its BNB blockchain in September 2020, followed by Trust Wallet's TWT token exceeding a $1 billion market cap. Similarly, OKX has developed its self-custody wallet and a Web3 Marketplace, notably dominating Bitcoin Runes trading with a 51.08% market share on May 13.