Bitget Announces Launch of BWB Token and $10 Million Ecosystem Fund to Boost Onchain Layer Development

Bitget Announces Launch of BWB Token and $10 Million Ecosystem Fund to Boost Onchain Layer Development

Bitget Wallet is poised to introduce its native token, BWB, within this quarter, marking a significant stride towards establishing its own on-chain ecosystem, akin to industry giants like Binance, OKX, and KuCoin.

In a statement shared with Cointelegraph on May 15, Bitget unveiled its ambitious plans for the Bitget Onchain Layer. This layer is not merely about integrating native DApps into Bitget Wallet but also entails a commitment to fostering collaboration with developers. Alongside this initiative, Bitget has earmarked a substantial $10 million BWB Ecosystem Fund, aimed at expediting the development of the Bitget Onchain Layer and providing support to aligned projects.

BWB serves as the native token for Bitget Wallet, akin to Trust Wallet’s TWT. Additionally, Bitget boasts its own native token, BGB, which functions similarly to Binance’s BNB, KuCoin’s KCS, and OKX’s OKB tokens, facilitating the offset of trading fees.

Initially, the focus of the Bitget OnChain Layer Ecosystem Fund will be on investing in and nurturing various Web3 trading services. Presently, the exchange has identified three pre-market price aggregators, an on-chain derivatives market, and trading bots to complement Bitget Wallet’s interchain swap service.

Bitget Wallet commands a significant user base in the Asia-Pacific region, boasting over 20 million users. The eagerly anticipated launch of BWB this quarter allocates 5% of its maximum supply of 1 billion to community members in a pre-generation event. Subsequently, BWB will play a pivotal role in powering the Bitget Wallet and OnChain Layer ecosystem through governance voting, eligibility for participation in Launchpad events, staking rewards, and covering multichain gas fees.

This strategic move underscores Bitget’s commitment to facilitating seamless day-to-day trading experiences and expanding its footprint across various facets of the crypto landscape.

Drawing parallels with industry precedents, Binance pioneered its BNB blockchain in September 2020. Concurrently, Trust Wallet, initially an offshoot of Binance and now an independent entity, introduced its TWT token, which has since achieved a fully diluted market cap surpassing $1 billion. Notably, in 2021, PancakeSwap, a decentralized exchange, became the first billion-dollar project on the BNB Chain.

Similarly, OKX has forged ahead with its self-custody wallet and Web3 Marketplace, catering to trading nonfungible tokens, engaging with decentralized applications, and exploring innovative assets such as Bitcoin Runes, Ordinals, Atomicals, and BRC-20 tokens. As of May 13, the OKX Web3 Marketplace emerged as the premier exchange for trading Bitcoin Runes, commanding a dominant 51.08% market share.