Suspected to be a bull? How did Bitget become the “elephant in the room”?
Original author: Kevin
Original source: Vernacular Blockchain
With the recent popularity of Bitcoin ecology and other sectors, many people have begun to become anxious, and the suspected bull noise can be vaguely heard. Driven by the expectation of spot Bitcoin ETF, the market has recently begun to rise generally, from various concepts such as MEME and BRC 20. It’s overwhelming, and the market restart seems to happen in just a blink of an eye.
For ordinary users, as the market gradually recovers and hot spots rotate rapidly, there is no doubt that there is optimism but also anxiety. In particular, how to plan the bull market in advance has become the most urgent need for everyone in the early stages of the bear market.
The platform that stands at the center of the crypto stage
For most ordinary users, the feeling of missing out on every opportunity to make money is undoubtedly the most painful.
After all, whether it is considered from the perspective of time or energy, it is a very high threshold to be able to sense potential tokens in a timely manner and quickly access hot concepts. To be honest, is there any easy way to lower the threshold, efficiently lay out hot spots, and seize the opportunity?
The bull market has not yet arrived, but securities companies should take the lead. This rule of thumb from the traditional financial market is actually completely applicable to the encryption industry.
Judging from historical experience, in the encryption industry, CEX will always be the track that reaps the most dividends and gathers wealth. Especially in the early stages of the bear market, the leading platform, as the first entrance to blockchain traffic, is often the first to sense the market. , one of the most intensely shuffled tracks:
They can rely on the advantages of rigid demand and high frequency to take the lead in laying out the potential for explosive growth, and be the first to enjoy the dividends of Niuchu through the wealth creation effect of the leading Token.
Take the latest bear-bull conversion cycle from 2020 to 2022 as an example. From the beginning of innovative projects such as COMP, LINK, and AAVE in DeFi Summer, to the incredible performance of star projects such as AXS and YGG in the subsequent GameFi boom, many of them actually They are all seed players who have been laid out in advance on the head platform.
Therefore, for ordinary users, it is particularly critical to track the project layout trends of the platform, especially the head platform. Especially those platforms that are rising rapidly have the most bellwether effect:
At the time of the bear-bull transition, the emergence of new hot spots often leads to user migration and the reshuffling of the CEX landscape. Therefore, a platform that can rise rapidly in this process itself shows that it must have extremely high sensitivity and hot spot mining capabilities.
From the recent new actions of some leading platforms, we can see some clues about the recent evolution of the CEX landscape:
First, last month, after the copying function pioneered by Bitget in 2020 became the standard configuration of the leading platform, Binance also belatedly launched the contract copying function;
Then this month, as the OKX Web3 wallet, which has been highly praised in the past six months, continued to conquer the city with the help of the BRC 20 concept, Binance also announced the opening of its own APP built-in Web3 wallet interface.
Bitget The Elephant in the Room
In the ever-changing encryption industry, the CEX landscape often changes rapidly and quietly, which results in everyones understanding often lagging behind the actual situation.
For example, many people may not realize that from a data perspective, Bitget has actually squeezed into the top echelons and has become the elephant in the room of a platform track:
The latest data from Coinglass shows that CME Bitcoin futures open interest is approximately US$4.17 billion, ranking first, followed by Binance (US$3.88 billion), Bybit (US$2.63 billion), OKX (US$1.79 billion), and Bitget (US$1.15 billion). U.S. dollar) followed in fifth place.
Judging from the overall performance of CEX in the third quarter, the spot trading volume of CEX in the third quarter was US$1.33 trillion and the derivatives trading volume was US$4.8 trillion, a decrease of 22% and 23% respectively. Especially in September, CEXs combined spot and derivatives trading volume fell for the third consecutive month, falling by 20.3% to $1.67 trillion.
However, Bitgets market share increased by 0.77%, an increase of 9.43%. It is one of the few CEX players that maintains a posture of going against the trend.
In addition, it has now been a year since FTX suddenly collapsed in early November 2022, and some major hidden changes have also occurred in the landscape of the entire encryption industry and the CEX track.
In particular, the leading CEXs have successively launched reserve asset certificates, which has promoted the further development of CEX transparency, which has also given reassurance to the markets trust in CEX to some extent.
Bitget is also one of the first CEXs to launch reserve certificates. It has completed 12 monthly updates. The latest reserve data shows that its reserve rates for BTC, ETH, USDT, and USDC are 426%, 141%, 117%, and 117% respectively. 2556%, and the comprehensive reserve ratio is about 200%.
Gracy Chen, managing director of Bitget, said: “The reserve rate of nearly 200% means that for every US$1 deposited by users, the platform also reserves an additional US$1, effectively ensuring the security of users’ assets.” It is understood that this is also the highest rate among mainstream CEXs. reserve ratio.
Leading with fast and slow movements
At the same time, as the elephant in the room that is easily overlooked, Bitgets actions are not only not clumsy, but also create a differentiated competitive advantage through a strategy of using fast to beat slow and providing wealth effects:
Experienced trading users over the past year should all have deep experience. Whether it is following popular narratives, quickly launching currency areas such as MEME, L2, AI, BRC 20, etc., or planning early and launching the wealth creation effect of BLUR, Bitgets performance has been outstanding. Very eye-catching in the past year:
MEME area, BLUR, Bot area, AI area, ARB futures, SUI futures, ORDI, SATS, etc., can respond quickly to the rotation stage of each trading hotspot and launch options that allow Bitget users to enjoy early dividends.
This is indeed Bitgets biggest differentiated competitive advantage - deeply exploring those potential projects, scooping out early high-quality Tokens from the community at a speed that is half a step ahead of other leading platforms, and being the first to go online to provide early entry for platform users. opportunity. Many users are even joking about the day when big exchanges go online, when BG users make profits.
Including the currently popular GAS, Hifi, GROK, etc., they are all ahead of other platforms and actively follow the layout of popular tracks and their wealth effects.
In martial arts, nothing is strong but fast. Bitget, who has been making constant moves and frequently leading hot topics since last year, should be fully aware of this.
long term concept
If you had 100 million yuan, would you dare to beat Messi before the 2022 World Cup?
The answer given by Bitget was to sign a contract, and it spent nearly 100 million yuan to sign a contract with Messi for two years. Bitget entrusted IMG, the worlds largest public relations agency for sports events and entertainment activities, and made great efforts to finally join hands with Messi. .
Looking back, compared with the returns from other leading platforms for sponsoring major sports events, signing Messi before the 2022 World Cup can be described as Bitget’s “key move” in breaking the circle. The returns in commercial value naturally do not need to be much. Word.
Bitgets seemingly good luck actually reflects the tone of its actions: searching in advance, lurking for opportunities to maximize wealth effects, and making strategic preemptive arrangements. This is not a long-term investment in another sense. The embodiment of the concept of ism.
This can also be verified by copying, which has recently become a new trend in CEX layout. However, what few people know is that Bitget is actually the first CEX player in the industry to create its own copying service and make it an industry feature.
Since the end of 2019, the Bitget team has developed the follow-up function and decided to vigorously promote this product. In May of the following year, this function was officially launched.
Currently, Bitget has more than 110,000 order experts and 520,000 follower users, and has achieved a total profit of US$380 million for users.
In addition, Bitget Launchpad, as Bitgets platform for launching popular and high-quality encryption projects, has also discovered many high-quality projects for users.
CryptoRank announced the ATH Average ROI of LaunchPad, the top ten platforms in 2023, with Bitget ranking first.In general, everyone needs more certainty. Whether it is the new ecological narrative of Bitcoin such as ORDI and SATS, or the hot rotation of AI concepts and Bot concepts, who can respond quickly and provide everyone with a smooth value-added experience? can attract maximum user traffic.
Grasping popular narratives with one hand to ensure user transaction needs; grasping potential projects with the other hand to give users wealth effects is highly consistent with Bitget’s long-term vision and is an indispensable core service requirement for ordinary crypto users in the current market environment.
As a proven path to the rise of leading platforms in the past, this is also the core password for Bitget to become a leading CEX player in the past year. Therefore, in such a market atmosphere, it is no longer important to discuss the previous XX Big ranking. significance.
Everyone’s mutual competition only exists in the wealth effect and reputation gained by users. A new cycle is about to begin. In the early stages of bearishness and bullishness, the platform and users are destined to complement each other:
Platforms that can truly benefit users will naturally be pushed to the front row by users.
