Bitget Wallet Roadmap and Tokenomics
Announcement
1. From Wallet to Bitget Onchain Layer
1.1 Redefining the Web3 Wallet: From Gateway to Platform
Since its inception as a multi-chain wallet in 2018, Bitget Wallet has evolved into a comprehensive platform featuring native functions such as multi-chain wallet, Swap, intelligent market data, Launchpad, inscriptions tool, and earning center, reflecting its transformation from an asset management tool to a full-stack DeFi ecosystem and platform.
In this journey, Bitget Wallet has attracted over 20 million users globally and has gained widespread recognition. Just last month, the platform achieved a record high in Swap data, with trading and order volumes surpassing MetaMask.
As Bitget Wallet continues to build, several enduring yet unresolved challenges in the Web3 space demand attention. Users face complexities in navigating different blockchains, selecting the right decentralized exchanges, choosing from numerous liquidity pools, and managing fluctuating gas fees. Furthermore, obstacles such as slippage, network congestion, and unexpected MEV attacks are prevalent, contributing to a complex and oftentimes frustrating user experience.
As the forerunning access point and gateway to Web3, Bitget Wallet is committed to empowering seamless user interaction with the Web3 ecosystem. To produce innovative solutions to these problems, it was imperative for us to identify primary user needs. Following in-depth analysis of user behaviours and requirements, we found that user needs reside within four main categories: asset management, asset discovery, onchain trading, and earning. Among these, On-Chain Trading and Earning stand out as the most significant focal points. Bitget Wallet has prioritized its efforts towards enhancing these particular areas to better serve its users.
We started with solving user problems in onchain trading by creating a native swap aggregator: Bitget Swap. Today, Bitget Swap consolidates liquidity from nearly 50 blockchains and hundreds of DEXs to offer users with the most optimized and cost-effective trading paths. Deploying it as a native feature also provided us with the means to introduce value-added features including gas-free transactions and multiple trading modes to enhance the overall trading experience for users. This step laid the foundation for addressing user challenges, but more comprehensive solutions were necessary to keep pace with the ever-evolving Web3 landscape.
Yet this was just the beginning of our quest to fully address user needs. Since then, numerous novel DeFi use cases beyond swaps have emerged in the dynamic Web3 world, prompting wallet projects to open up new gateways and access points for these emerging protocols. Despite this, there still remained glaring pain points and obstacles, including poor user experience and complex interfaces.
To solve these problems and achieve true Web3 mass adoption, Web3 wallets needed to undergo a transformative upgrade to go beyond just simply serving as a gateway, and instead provide an even more integrated platform dedicated to optimizing the overall user journey.
Recognising this, Bitget Wallet will embark on its next evolutionary phase: the creation of the
Bitget
Onchain
Layer.
1.2 Building the Bitget Onchain Layer
On a macro level, the
Bitget Onchain Layer serves as an intermediate layer that abstracts away complexities for users to interact with the Web3 world. Powering the
Bitget Onchain Layer are
Modular
Feature DApps
(MFDs). These specialized DApps can function both as standalone DApps as well as native features integrated directly into Bitget Wallet. By working with industry developers to create effective and purposeful MFDs, Bitget Wallet aims to meet users' needs in a more efficient manner, while also supporting developers and DApp projects in Web3.
Aside from trading, the
Bitget Onchain Layer also aims to provide native accessibility for new narratives, assets, and opportunities across Web3 from Bitget Wallet by introducing an open and collaborative ecosystem strategy to offer comprehensive coverage over a spectrum of financial services.
The
Bitget Onchain Layer comprises of three fundamental aspects:
User Experience,
Liquidity, and
Security.
-
(i) Security: Security is a fundamental requirement in the industry, serving as a safeguard against potential threats in Web3. The architecture of the Bitget Onchain Layer establishes a natural protection barrier against potentially dangerous DApps by reducing the need for users to authorize multiple contracts and interact with unfamiliar DApps. This also means that Bitget Onchain Layer can isolate malicious DApps from eroding user assets and prevent various hidden dangers and risks.
-
(ii) Liquidity: The Bitget Onchain Layer aims to become the ultimate liquidity aggregator. Bitget Swap already aggregates spot liquidity from hundreds of DEXs today. In addition to spot liquidity, the Bitget Onchain Layer will also aggregate liquidity in multiple sectors including OTC, Onchain derivatives, and Pre-Market sectors. With the help of Bitget Solver, it will screen the best liquidity channels or permutations for users to achieve intent-based trading. In addition, the Bitget Onchain Layer will also aggregate DeFi earning opportunities, providing users with seamless and effective ways to earn on Bitget Wallet's across staking, asset management, Onchain arbitrage, airdrops and other features.
-
(iii) User Experience: The Bitget Onchain Layer offers a superior mobile-native product experience. "Mobile First" has been Bitget Wallet's guiding principle, as we believe that the large-scale adoption of crypto hinges on mobile infrastructure development. While the Web2 world has since transitioned from a PC-centric service to a mobile-centric one, the Web3 world is still lacking in this aspect. The Bitget Onchain Layer integrates MFDs that will utilize standardized development SDKs and UI kits to promote even more user-friendly and native experiences on mobile.
Implementing the
Bitget Onchain Layer involves a thorough and comprehensive consideration of various user needs and industrial demands spanning various sectors in Web3, and is set to redefine how users interact with the Web3 world in terms of functionality, user experience, and security.
1.3 $10 Million BWB Ecosystem Fund and Open Collaboration
To accelerate the development of the
Bitget Onchain Layer, Bitget Wallet will be establish a $10 Million BWB Ecosystem Fund. Through the use of this fund, Bitget Wallet will be incubating and investing in various projects and assets aligned with our long-term goals. In its initial phase, the fund will be geared towards accelerating the development of Modular Feature DApps (MFDs) focused on onchain trading.
Currently, Bitget Wallet is expanding into three types of trading products/services: Pre-Market, on-chain derivatives market, and Trading Bot through investment and incubation via the BWB Ecosystem Fund. These services, in the form of MFDs, will further complement Bitget Wallet's existing Swap trading service. Further details will be released soon.
In addition to encouraging the development of MFDs, the BWB Ecosystem Fund will also focus on developing new assets, particularly within the Meme ecosystem. This sector stands out as a key area of interest, boasting remarkable growth and building strong communities across Web3.
To further its efforts in the Meme sector, Bitget Wallet recently launched an experimental Meme coin, $MOEW. Moving forward, Bitget Wallet will tap on $MOEW and its presence in the community to further its exploration and participation in meme culture and tokenomics. Additional endeavours will also be initiated by Bitget Wallet to ramp up its involvement in the greater Meme ecosystem, including the establishment of a Meme Grant, and participating in various Meme-centric online and offline events.
By combining the BWB ecosystem fund with other supporting pillars in the form of branding, user growth, and product R&D, Bitget Wallet aims to nurture the growth of new Onchain trading products and assets with collaborating projects. This holistic support framework will ultimately foster mutual growth for all parties working within the Bitget ecosystem to revolutionize the overall user experience.
1.4 The Decentralized Future of Bitget
Ever since the DeFi summer, the on-chain ecosystem has been thriving, as evidenced by an increasing number of CEXs that have launched their own native Web3 wallets. The increasingly competitive landscape and hyper-growth state of the Web3 sector underscores the significance of building an on-chain layer in the Bitget Ecosystem.
With the
Bitget Onchain Layer, Bitget Wallet is far more than just a Web3 wallet; it
is the onchain extension and Web3 future of the entire Bitget ecosystem. Leveraging resources from Bitget's ecosystem, together with melding synergies between on-chain and off-chain services, the
Bitget Onchain Layer is set to embark on a successful expedition in onboarding the next 1 billion into Web3.
2. BWB Tokenomics
2.1 About Bitget Wallet and BWB
As a leading non-custodial wallet, Bitget Wallet offers an expansive suite of functionalities encompassing multi-chain wallet, intelligent market data, Swap, Launchpad, inscriptions tool, and earning center. By aggregating over 100 popular blockchains, hundreds of thousands of tokens, and a rich collection of DApps, Bitget Wallet allows users to be the first to discover new assets and opportunities as they appear in Web3.
Bitget Wallet has accumulated over 20 million users worldwide ever since its establishment in 2018, becoming one of the largest non-custodial wallets globally. In April 2024, Bitget Wallet's Swap trading order volume and transactions surpassed even that of MetaMask, reaching new historic highs and marking a pivotal milestone in the platform's growth.
Today, Bitget Wallet stands as more than just a wallet - it has evolved into a robust decentralized ecosystem platform poised to embark on the next chapter in its evolutionary journey as Bitget Onchain Layer.
Complementing Bitget Wallet's evolution is BWB, Bitget Wallet's very own official ecosystem token and the native token of Bitget Onchain Layer.
2.2 BWB Utility
BWB serves multiple purposes within the Bitget Wallet ecosystem, primarily:
-
Community governance;
-
Staking;
-
Payment of gas fees on multiple chains upon the future release of the Account Abstraction (AA) wallet;
-
Access to Bitget Wallet's Launchpad and Bitget's platform events;
-
Access to Fair Launchpool and GetDrop airdrop events; and
-
Eligibility for Bitget Onchain Layer ecosystem project airdrops.
3.2 Distribution of BWB
In line with Bitget Wallet's commitment to supporting the development of multi-chain ecosystems, BWB will be deployed across multiple chains. The token will initially launch on Ethereum, Solana, and Base, with plans in motion to also include more blockchains in the future.
With a total supply of 1 billion, BWB follows a distribution model as shown:
-
Private Investors — 10% 10% of the BWB supply is allocated to private investors. This portion is subject to 12 month cliff and 12 month linear vesting.
-
Public Offering — 1.1% 1% of the BWB Supply is allocated for public launchpad, and an additional 0.1% of BWB supply will be available via the wallet IDO launchpad (a native feature within Bitget Wallet app).
-
Pre-TGE Airdrop — 5% 5% of the BWB supply is allocated to the pre-TGE airdrop campaign, where users who earned BWB points can redeem them for BWB tokens.
-
BKB Holders — 3% 3% of the BWB supply will be distributed to BKB holders. Initially, BKB functioned as a points currency on BitKeep before the platform was acquired by Bitget, leading to its eventual rebranding as Bitget Wallet. BKB has a total supply of 600 million tokens, and every 6 BKB can be exchanged for 10 BWB.
-
Team — 10% 10% of BWB supply is allocated to our dedicated core team. This will help us to retain and acquire talent necessary for the continual development and growth of Bitget Wallet. Team tokens are subject to 12 month cliff and 36 month linear vesting.
-
Ecosystem Development — 18% 18% of the BWB supply is allocated to ecosystem development for Bitget Onchain Layer and other initiatives, which will be linearly released following the TGE. It will be used for ecosystem growth, grants, incubation and collaborations to support the progression of Bitget Wallet toward the Bitget Onchain Layer.
-
Staking Incentives — 6% 6% of the BWB supply will be used to incentivize users for staking BWB.
-
Community Treasury — 46.9% 46.9% of the BWB supply is allocated to the community treasury to support platform user growth, community incentives and future growth initiatives. Of this amount, 6.9% will be released at TGE to support platform marketing and liquidity needs. The remaining tokens will be released linearly.
2.4 BWB Release Schedule
BWB will be distributed according to the timeline outlined in the graph below over a five-year period.
2024-05-15
Bitget Wallet Token (BWB) makes debut on the Bitget Launchpad
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