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Bitget Monthly Report: July 2024 Edition

Bitget
Bitget Monthly Report: July 2024 Edition

TLDR;

● BGB added to Forbes list for top crypto in 2024 and CCData highlighted its market share growth.

● Bitget Wallet topped Nigeria App store, shipped MPC solution which now supports the TON mainnet, making it the largest TON ecosystem wallet.

● Bitget partnered with Upland to launch SPARKLET on Ethereum and established a virtual headquarters, purchasing 888 properties.

● In collaboration with Nansen, Bitget Research released insights on token-discovery strategies, aiding traders in early-stage investments in high potential projects.

Introduction

In July 2024, the crypto market experienced significant impacts due to several key macro events. The ongoing repayment process for creditors of the defunct Mt. Gox exchange continued to exert selling pressure on Bitcoin, contributing to market volatility. Leading political figures in the US leaned unto crypto including Donald Trump at a Bitcoin conference in Nashville showed the growing political interest and involvement in crypto. Additionally, the conversion of the Grayscale Ethereum Trust into an exchange-traded fund led to substantial outflows, with $484 million withdrawn in a single session, which showcased institutional movements on Ethereum’s price.

With a multitude of events affecting the overall economy, Bitget had a decent start to Q3, which historically is known for its bearish sentiments. In July, Bitget released several reports around crypto landscape providing information and awareness to its users, while Bitget Wallet recorded significant growth surpassing famous apps like Tik Tok and WhatsApp in Nigeria. Not just this, Forbes included BGB in the list of top performing cryptos to in 2024 and CCData highlighted Bitget recording the highest growth amongst CEXs in H1 of the year.

Monthly Highlights

Upland Collaboration

Bitget and Upland , the leading immersive Layer1 gaming platform formed a strategic partnership centered around the launch of the utility token SPARKLET on Ethereum. This collaboration included the establishment of Bitget’s virtual headquarters in the metaverse built by Upland, with extensive token airdrops and rewards for both Upland and Bitget communities. As part of this initiative, Bitget purchased Treasure Island, the last unminted neighborhood in Upland’s San Francisco, comprising 888 properties. Additionally, it exclusively listed SPARKLET on Bitget launchpool prior to any other CEX giving its users a competitive advantage over others.

Bitget Research <> Nansen Report

Bitget Research and Nansen Research, the premier blockchain analytics platform, released a collaborative research on token-discovery strategies. This report equips traders with essential insights and strategies for investing in early-stage and chain governance tokens. By evaluating two sets of data correlated to token prices, Bitget and Nansen provide valuable insights.

Bitget Wallet MPC TON

Bitget Wallet announced the launch of an MPC wallet solution that supports the TON mainnet, making it easy for users to create and own TON wallets just like using Web2 products. Bitget Wallet’s MPC solution lets users create and import wallets via email, Google, Apple ID, and other methods without needing complex authentication details like mnemonic phrases or private keys. With this users can safely access TON on Bitget wallet with minimum requirements. This also pushed Bitget wallet to become the largest integrated wallet in the TON ecosystem for its activities.

Growth in numbers

In July 2024, Bitget listed 29 new tokens, taking its total count to 872. The total trading volume (TVL) reached 204.3 billion, with a 7.2% monthly growth. Bitcoin (BTC), Ethereum (ETH), and XRP led the top 10 cryptocurrencies by TVL, followed by Solana (SOL), PEPE, WLD, WIF, NOT, ZRO, and MEW.

Bitget's PoolX product, where users can redeem stake-to-mine benefits, has also listed many major projects such as ZKLINK (ZKL) , TimeSOL, Mongy, LiquidSwap (LSD) and others. In July, Avacoin (AVCN) ranked highest with 588% APY on PoolX.

In Pre-market Bitget added tokens like Orderly network (ORDER), Swell (SWELL), TON-based Catizen (CATI), OGCommunity (OGC), and more trending memecoins allowing users early access to high potential tokens. In total, both the newly launched platforms PoolX and Pre-market have listed over 100+ projects since its launch in April 2024.

Copy Trading Highlights

In August, the platform retained 25 million users with a daily trading volume of $10 billion. It currently hosts over 180,000 professional traders and 800,000+ copy trading followers.

Bitget Monthly Report: July 2024 Edition image 0

With 80 million+ successful trades, users gained $500 million, and elite traders shared $23 million in profits. The platform offers 800+ tokens and 900+ spot trading pairs, with a daily spot trading volume of $400 million and $7 billion in USDT-M Futures. Ranked among the top three for futures and top nine for spot trading, the platform saw 410 new listings and 10 launchpad projects this year.

New features and Integrations

BGB Contract Update

On 1st July, Bitget announced the upgrade of its native token BGB's smart contract address. This enhancement aimed to increase the utility and potential of BGB, paving the way for its use in various dApps and facilitating future listings on more centralized and decentralized exchanges. New BGB tokens were airdropped at a 1:1 ratio to on-chain holders on July 2, 2024, at 11:00 AM (UTC+8). Centralized exchange users had their BGB automatically exchanged.

BGB Futures Listing

Bitget Token (BGB) , is now exclusively made available for futures trading on the Bitget platform. The first BGB perpetual futures (BGBUSDT-M) went live on July 8, 2024, with a maximum leverage of 50x. BGB has shown impressive market performance, reaching an all-time high of $1.4306 in June 2024.

Bitget Fiat OTC

In July, Bitget launched fiat Over-the-counter (OTC) platform for block trade. The service initially supports Euros (EUR), Pounds (GBP) and US Dollar (USD), soon to be extended to Turkish Lira (TRY), Brazilian Real (BRL), and South African Rand (ZAR) for fiat to crypto and vice-versa settlements. This new offering caters to institutional investors and professional crypto traders, ensuring enhanced privacy, broader liquidity, and expedited settlements for large-order trading.

Events across the world

ETHCC

We had an exciting side event with Halborn! We co-hosted the Rooftop Hash Hour at the iconic Brussels Centre for Fine Arts together with Stellar, Sendblocks, Beffy, and Somnia. It was a night of networking, engaging conversations, and breathtaking views from the historic BOZAR rooftop.

Blockchain Rio

Experience the energy of Blockchain Rio with our COO Vugar leading the way. With a packed audience of 14,000 attendees, Vugar shared insights on scaling in the web3 industry and discussed the current crypto landscape. We had the fun hammer blow activation and refreshing Bitget smoothies at the event that drew lots of traffic.

Bitget Monthly Report: July 2024 Edition image 1

Malaysia Blockchain Week

At Malaysia Blockchain Week, we kicked things off with a thrilling Pull & Bull Challenge that got everyone buzzing. Our CEO Gracy delivered an inspiring keynote address that made an impression. To top it all off, we were honored to have the Malaysia Prime Minister visit our booth and extend his greetings. A very memorbale event we had.

Bitget Monthly Report: July 2024 Edition image 2

Bitget Wallet

Full Support for TON Mainnet

Bitget Wallet has launched the industry's first MPC wallet solution supporting TON mainnet. It is the first top ranking wallet to fully support the TON ecosystem's trading features. Users can trade any tokens on the TON mainnet, and acquire TON tokens through cross-chain swaps and fiat purchases via Banxa, Simplex, Onmeta and other 7 channels. In line with its efforts in building the TON ecosystem, Bitget Wallet also kicked off TONNECT 2024, a major online event aimed at accelerating the growth and development of the TON ecosystem. Supported by the TON Ecosystem Foundation, the event sees over 50 leading TON projects with the likes of Catizen, Cat Gold Miner, STON.fi, and Tomarket joining hands with Bitget Wallet in this milestone campaign. By interacting with these projects with Bitget Wallet, users will stand a chance to earn their share of an impressive $1 million prize pool.

Second Largest Web3 Wallet in Japan Market

Bitget Wallet achieved strong growth in the Japanese market in Q2 of 2024 according to a report released in July by Bitget Research. With a notable 34% increase in new user adoption within the region, it ranks second in Japan's Web3 wallet market for downloads in the first half of this year, closely trailing MetaMask. Additionally, according to data from CoinMarketCap, BWB was ranked among the top ten most popular cryptocurrencies in Japan, which shows decentralized wallet's growing popularity.

Tops App Store Charts in Nigeria

The Bitget Wallet App has continuously topped the charts in Nigeria, surpassing world-famous apps such as Tik-Tok, WhatsApp, Telegram and Youtube on Apple's App Store. Bitget Wallet currently ranks #1 in both the general and finance categories on the App Store in Nigeria and is among the top 5 on Android's Google Play. This success highlights the growing utility of decentralized wallets in the region. In June, Bitget Wallet's user base in Nigeria grew by over 233%, making it the top choice for crypto users in the region.

Must reads

In July, we released 50+ new educational pieces on Academy and Blog. Here's the must-read list:

#TonEcosystem: What Are Tap-to-Earn Games? , Top TON projects on Bitget Pre-market , The Impressive Growth of The Open Network (TON) , Top 5 Wallets on TON

#MarketUpdates: Mt. Gox Bitcoin Repayments , Forecasting Market: Bitcoin's Post-Halving , The Launch of Spot ETH ETFs in the US

#BitgetVerse: The New Bitget Rewards Center , Bitget Daily Treats

Bitget on the news

# Gracy's Interview:

Ambito Financiero: Crypto boom in Latin America and gender gap in the industry

# Commentary:

Forbes Argentina: stablecoins popular in Argentina

Cryptopolitan: BRICS CBDC

BeinCrypto: stablecoins in Russia

BTC ECHO: Bitcoin ETF

# Others:

Bitpinas: BGB Outperforms Bitcoin in H1 2024

Bitpinas: Bitget Dominates Crypto App Downloads in the Philippine Market

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