Bitget Native Token BGB Explained
What is BGB
BGB is the native token of Bitget exchange. With the introduction of this token Bitget measures itself with other industry leaders and opens up many possibilities to enhance the internal ecosystem of the entire exchange. While BGB runs on the Ethereum Blockchain (ERC20), it is an already improved version from its predecessor BFT (Bitget Defi Token), and has been its replacement since its release.
Infamous by now, retail investors in WallStreetBets, a Reddit stock forum, chanted the slogan YOLO (You Only Live Once), and worked together to push the share price of a game retailer Gamestop from less than $20 to nearly $500, and resulted several large hedge funds which shorted the stock to force closing positions with significant losses. This milestone event was imminent proof that the power of retail investors is on the rise, and can have significant influence on market sentiment.
Throughout the history of the entire securities industry, we found that with the development of the Internet, investment transactions are gradually becoming popular and community-based. The copy trading platform eToro, established as early as 2007, has now developed into one of the world's largest online trading platforms. This has spawned a large number of investment influencers and opinion leaders, they may not be from professional institutions or graduated from top universities, but they have their own unique investment methods that can help their followers to make trading easier.
Why does Bitget need a native token?
The cryptocurrency investment market is growing rapidly, and the industry needs a better copy trading platform that is convenient and easy to use. The goal of Bitget is to make cryptocurrency trading easier and more popular. Bitget strives to become a world-class cryptocurrency exchange with a copy trade feature and provide sufficient impetus for the future of the cryptocurrency industry.
What are the uses of BGB token?
- Fee deduction
If you hold BGB you can use your bgb to pay for your fees that come with a discount. Currently working on the spot market at a 20% discount rate, and soon to be made available for the Futures markets as well where you will be able to enjoy a 15% discount rate on trading fees.
- Contract Margin
You can also use bgb as margin for contract trading. A great opportunity to try out our unique Coin- M futures product, where you can use multiple assets as one collateral!
- Stake Trade to earn
Looking for a more passive approach for its use of the token? Bitget has got you covered. You can use BGB for staking, allowing you to earn rewards over time similar to interest. Are you more of a trader? Then trading the BGB pair will reward you increasingly as your trading volume increases as well.
- Multiplying income
By holding and owning BGB you can participate in wealth management products to get multipliers which can increase your APY or holdings!
- Launchpad Launchpool
BGB is used in the Launchpad, which means you can use BGB to subscribe to Launchpad initiatives and access early-stage investment opportunities. In addition to that you can use BGB to make sure you are seeing your favorite project supported by Bitget exchange platform.
- Voting rights
BGB can be used to vote on which project will be added and made available to trade on BitGet on top of additional rewards.
- Discounts
BGB holders can get high discounts (up to 50%) on popular currencies.
- Airdop eligibility
By simply holding BGB tokens, you have a chance to receive free airdrops.
This is only the beginning
With BGB making its introduction, a solid foundation across the exchange is being laid out, in which multiple projects and assets can be launched, funded, and thrive through an independent ecosystem from within the exchange. This makes it safe, and gives the token a practical use-case example. While the above selection are some of the use-cases that have been recently released, this also means that now, with the improved version of the original BFT token, the solid foundation and support has been built for more features the exchange will release in the near future!
Risk warning
BGB is a utility-type token of the Bitget platform. It is not financial derivatives such as securities, stocks, bonds, etc. Any users holding BGB need to comply with their local laws and regulations, and at their own risk.
Disclaimer:
The information provided above is not financial advice but for educational and entertainment purposes. Please do your own due diligence or consult a financial advisor before investing in any digital assets.
All opinions expressed on Bitget’s Soapbox (also known as the ‘Soapbox’) are opinions of individual traders using the Bitget platform, and do not reflect the opinions of Bitget or its affiliate companies and partners. The Soapbox author’s opinions are based upon information they confirm to be reliable, but neither Bitget nor its affiliates warrant its complete accuracy, and it should not be relied upon as such.
