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Bitget is currently in the rediscovery phase as the platform continues to evolve based on the community’s requirements. We caught up with the CEO of Bitget and asked a few questions about the reason behind the upgrade for BGB, and what users can expect from such developments.
Q: Hi, thanks for joining us today. Let us start from the beginning. Can you please tell our readers a bit more about Bitget?
Bitget: Glad to be here. In simple words, Bitget is a leading crypto derivatives trading platform established in 2018. Our platform is driven by innovation, which has helped us become one of the top futures trading platforms, serving more than two million users in over 50 countries. Since our launch, Bitget has also introduced the ‘hybrid margin’ initiative for coin-margined futures, one of only two platforms in the world that supports hybrid margin for traders.
Also, I should mention that Bitget offers the world’s largest crypto futures copy trading platform with over 20,000 top traders whose strategies our users can readily follow to place profitable trades. Bitget has quickly become the world’s largest cryptocurrency copy trading platform, and more importantly, we also rank among the world’s top five in the cryptocurrency futures trading sector according to CoinMarketCap and CoinGecko.
Q: Can you tell us more about the BGB token and its vision?
Bitget: As Bitget continues to develop and expand as a platform, we have realized that there is a lot of room for improvement in our tokenomics. Hence, we decided to create a Bitget platform token, BGB, an upgraded platform token for our users to access all types of functionality through one single platform and one single token.
The brand new and upgraded BGB represents this dynamic and innovative ecosystem at Bitget, which is ever-evolving and expanding, which explains why this update is necessary to be on par with our rapid development.
The vision behind the new BGB is to connect the vast world of crypto by bridging the gap in cross-chain technologies, which is driven by the belief that the crypto ecosystem should be simple, secure, and accessible for everyone around the world. More than just a token, BGB will be a seamless and vibrant Web3-ecosystem for all crypto holdings, community tokens, NFTs, Defi applications, and much more.
These ongoing and expanding use cases fit Bitget’s brand appeal and product value. We hope to provide a bridge to connect a divided world (physical, social, and crypto). It is our hope that BGB will be able to fulfil our vision to connect worlds, to connect cultures, to connect applications and to connect users.
You can refer to our BGB whitepaper to learn more about the advantages of BGB.
https://bitget.zendesk.com/hc/en-us/articles/4405311104781
Q: How will BGB fill the gaps that currently exist?
Bitget: We see three kinds of gaps that exist in today’s industry. They are with respect to technology, technology adoption cycle and the gap between culture and ideology.
When we talk about the gap in technology, as the multichain technology scales cross-chain trading and other interactions continue to be complex and expensive. Frequent security attacks haven’t made things friendly either. We are about to usher in the expansion of Layer 2s and many more application protocol layers and dApps on these Layer 2 chains.
But how to seamlessly move from POW consensus to POS consensus, and how to allow users and developers to enjoy cross-layer convenience and low gas fees safely and reliably is still a major issue. Recently, Ronin’s side chain was attacked again. Although ZK and Optimal Roll-ups are popular, they are still very nascent as ecosystems, so it is difficult for users to benefit from them. These are all issues we hope to bridge with BGB Token.
The gap in technology adoption exists between innovators and early adopters. A good example is an existing confrontation between Web2 and Web3. Although Web3 is already the consensus in the crypto industry, how to provide a reliable “Bridge” to enable builders and consumers in Web2 to move to Web3 successfully still remains a problem.
The third is a gap between the crypto economy and the legal fiat economy, which is also the gap between culture and ideology.
From the perspective of nation and society, we have never faced such a huge economic crisis, social estrangement, and national confrontation. The intensification of the Russian-Ukrainian war, the pandemic, and inflation between the rich and the poor. People need all kinds of bridges to connect the world that is breaking apart right now. This inspired us to utilize the resources we have to contribute to society and bridge the many gaps among us.
Based on the established use cases of the platform tokens, BGB as the platform token of the exchange focuses on providing products with the “Bridge” attribute, such as allowing deep derivatives/spot order book and DeFi tokens for trading, supporting various innovative projects and transactions that are cross-period, cross-layer, cross-chain and even cross-border (web2 to Web3). BGB’s bridge attribute should be highlighted in terms of exchange fee reduction, incentive fund system, innovative IEO issuance, cross-chain swaps etc.
Q: What are your goals for BGB in the future?
Bitget: We live in an increasingly divisive world, which has given rise to crypto as an asset class. But there is still a lot of building we need to do to connect worlds, to connect cultures, to connect applications and to connect users.
With BGB, we want to be the bridge that allows on-chain DeFi transactions through our exchange, the bridge to allow on-chain users to trade on exchange directly with their wallets, and last but not least, the bridge to allow for frictionless cross-chain swaps of any token or NFT and many other functions.
Our goal is to leverage BGB to create a vibrant ecosystem that transcends Web2 and Web3, that connects CeFi and DeFi, resulting in an expansive bridge to the vast web of crypto.
