Bitget Dedicates $10M to Develop Its Own On-Chain Layer

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Bitget Dedicates $10M Fund to Develop Its Own On-Chain Layer

Written by Aaron S.,

Editor-In-Chief

Last Updated: May 15, 2024

Key Takeaways

Bitget has launched a $10 million ecosystem fund to develop its own on-chain layer and integrate dApps into its wallet;
The Bitget Onchain Layer aims to enhance trading capabilities with features like price aggregators, on-chain derivatives, and trading bots;
The launch of Bitget's native token, BWB, will offer governance voting, Launchpad event eligibility, staking rewards, and multichain gas fee payments.

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Bitget Dedicates $10M Fund to Develop Its Own On-Chain Layer

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The Bitget crypto exchange has launched a $10 million ecosystem fund aimed at developing its own on-chain layer.

This initiative places Bitget among other leading crypto exchanges, such as Binance, Coinbase, and OKX, which have successfully integrated native ecosystems into their operations.

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The new initiative, known as the Bitget Onchain Layer, will incorporate various decentralized applications (dApps) directly into the Bitget Wallet.

The development of this on-chain layer is being driven through collaboration with developers and supported by the newly established $10 million BWB Ecosystem Fund. This fund aims to accelerate the development of the on-chain layer and support projects that align with Bitget’s objectives.

The Bitget Onchain Layer will enhance trading capabilities for users, initially focusing on investments and the incubation of Web3 trading services. Planned features include pre-market price aggregators, an on-chain derivatives market, and trading bots, all designed to complement Bitget Wallet’s interchain swap service.

Additionally, Bitget's native token, BWB, is expected to launch this quarter. During its pre-generation event, approximately 5% of BWB's one billion maximum supply will be allocated to community members.

After its launch, BWB will be used for various functions within the Bitget Wallet and Onchain Layer ecosystem, including governance voting, eligibility for Launchpad events, staking rewards, and payment of multichain gas fees.

This initiative not only promotes innovation within the Bitget platform but also strengthens its position in the competitive crypto exchange market.

In other news, OKX has recently partnered with BitGenie to integrate Layer-2 solutions like bridged Runes and Ordinals into the OKX Wallet.