The crypto contract market landscape changes, with Bitget growing the fastest
With the continuous development of the encryption industry, the derivatives market has become an essential part of the encryption industry. Since the bankruptcy of the world-renowned crypto derivatives trading platform FTX in 2021, the landscape of the crypto contract market has been quietly changing in the past 2 years.
Bitget, a crypto trading platform centered on user needs, came from behind. Especially in 2022, Bitget has experienced rapid development, with total transaction volume increasing by 300% in 2022. According to data released by Tokeninsight, after the collapse of FTX, Bitgets derivatives market share increased from 3% to 11%. Its growth rate exceeded that of many established contract trading platforms, and it became one of the top 5 crypto derivatives trading platforms in the world. . The Boston Consulting Group also released a report in July 2022: Bitget ranks among the top three global crypto derivatives exchanges.
Looking back on Bitgets rapid development over the past two years, it is mainly due to the unique advantages of its contract products.
1. A contract trading platform suitable for novices
As a high-quality contract trading platform, Bitget is very suitable for novice and novice users. First of all, it provides a clear and smooth product interface, which can bring users a better contract trading experience. Secondly, Bitget’sFollow-up productsDone exceptionally well, it helps novice users trade contracts like professional traders. Compared with the copying products of other trading platforms, Bitget has more professional traders. Users can reasonably choose traders to follow based on the rate of return, winning rate, etc., thus helping users get started with contract trading faster. In addition, if you are a zero-based contract user, the Academy platform on Bitget’s official website also provides many reliable educational resources, including graphics, texts, videos and other content. There are not only operation tutorials and basic contract knowledge suitable for novices, but also a lot of content suitable for professional traders to learn, which can help you grow into a professional contract trader faster.
2. Complete functions and stable system
Bitget Contracts provides a variety of contract products, not only USDT-based contracts and currency-based contracts, but also launched the first contract product with USDC as margin in July 2021 in cooperation with Circle. At the same time, Bitget also supports delivery and perpetual contracts.
In addition to a rich product matrix and services, Bitget contracts also respond quickly to the launch of new currencies. Many popular small currency contracts Bitget will be launched immediately, which also provides users with more choices and profit opportunities. In addition, Bitget performs well in terms of system stability and almost never experiences downtime. Because of this, Bitget has won the reputation of many old users, which also laid a solid foundation for the rapid development of the Bitget contract.
3. Pay attention to security and financial transparency
In terms of security, Bitget also invests a lot of manpower and resources. Not only does it have an industry-leading security team, but it also established a Bitget Protection Fund to ensure that users assets are protected in the event of any accident. In November 2022, Bitget increased the size of the fund to over $300 million, covering a portfolio of highly liquid cryptocurrencies including BTC, USDT and USDC, such as btcusdt contract trading. And Bitget has promised to maintain the value of the fund above US$300 million in the next three years.
On October 11, Bitget released the latest data on protection funds in September. The data showed that the highest size of protection funds in September was US$340.9 million (September 20), the lowest size was US$331.7 million (September 2), and the average size was 3.347 The scale of the protection fund continued to remain above US$330 million in September.
Since the FTX incident, crypto trading platforms have begun to pay attention to the transparency of platform funds. Bitget is also at the forefront of the industry. In December 2022, Bitget was the first to launch its digital currencyReserve Certificate Page, the reserve certificate is updated every month. Since its launch, the reserve rate has always exceeded 200%, stably remaining at more than twice the industry standard (100%).
On October 12, Bitget released its September reserve report, with a comprehensive reserve rate of 207%. Among them, the reserve ratios of BTC, ETH, USDT, and USDC are 423%, 144%, 132%, and 2052% respectively. Data as of October 10 show that the cumulative value of Bitgets reserves has exceeded US$1.38 billion, including 31 mainstream digital assets.
Conclusion
As more and more players flock to the crypto derivatives trading circuit, ordinary users are also able to enjoy better products and services. Contract trading platforms represented by Bitget are also quietly changing the landscape of the crypto derivatives circuit. I believe that as Bitget Contract launches more innovative products and attentive services, it will become one of the important builders in promoting the development of the crypto contract field, and we will wait and see.
