Original | Odaily Planet Daily
Author | Asher
Today, within 30 minutes of the opening of the whitelist for the second phase of Bitget Wallets Launchpad project MetalCore (MCG), it reached the 200% oversubscription hard cap, oversubscribed by 870%, and completed the subscription ahead of schedule. Subsequently, within 10 minutes of the opening of the public round, it reached the 1000% oversubscription hard cap, and completed the subscription ahead of schedule, which shows how popular this Launchpad event is.
For the whitelist round, you need to hold more than 2,000 BWB to participate. It is worth mentioning that the golden shovel attribute of BWB has been greatly enhanced. According to official information, if the MCG token subscribed this time breaks within 3 days after listing, 100% refund will be made. It is precisely because of this that Odaily Planet Daily paid attention to the new golden shovel - Bitget Wallet (BWB).
Bitget Wallet: From entry to platform, redefining Web3 wallet
Project Description
Image source: Official Twitter
Bitget Wallet is a decentralized multi-chain crypto wallet dedicated to providing secure and convenient one-stop digital asset management services to users around the world. Bitget Wallets solution is to build and polish its own native trading aggregator: Bitget Swap. It aggregates hundreds of DEXs from nearly 50 public chains, provides users with optimized and cheap trading paths, and launches gas-free trading functions, ultra-fast trading modes, and more. For users, all they need to do is simply click to select tokens and trade.
Wallets have always been called private key management tools and Web3 portals. In fact, with the prosperity and activity of the on-chain ecosystem, the position and role of wallets determine that it is not enough to be just a portal. In our opinion, Web3 wallets need to be redefined, and the portal should be transformed into a platform. For Bitget Wallet, what the team needs to do is to build the Bitget Onchain Layer.
Token Economics
BWB is the official ecological token of Bitget Wallet and also the system token of Bitget Onchain Layer. It plays multiple roles in the ecosystem, including community governance, staking, Bitget Wallet Launchpad and various airdrop activities, as well as the qualification to participate in Bitget platform activities. It also has the qualification to airdrop in Bitget Onchain Layer ecological projects, and can be used to pay multi-chain gas fees after the launch of AA wallet.
According to the official document released by Bitget Wallet, its native token is BWB, and the maximum supply of tokens is fixed at 1 billion. The specific distribution is as follows:
Private placement investors: 100,000,000 BWB, accounting for 10.00% of the total supply . 10% of the BWB supply will be allocated to private placement investors. After 12 months of lock-up, the TGE will release it linearly and unlock it in 12 months.
Public offering: 11,000,000 BWB, accounting for 1.10% of the total supply . 1.1% of the BWB supply will be distributed to users through public offering, of which 0.1% of the tokens will be publicly offered on Bitget Wallet’s own Launchpad platform;
Pre-TGE Airdrop: 50,000,000 BWB, accounting for 5.00% of the total supply . 5% of the BWB supply will be allocated to the pre-TGE airdrop event. Users who participate in the event to obtain BWB Points can redeem BWB Points for BWB;
BKB holders: 30,000,000 BWB, accounting for 3.00% of the total supply. 3% of the BWB supply will be allocated to BKB holders. BKB is the platform points issued by BitKeep, the predecessor of Bitget Wallet. The total number of BKB is 600 million, and the total number of BWB is 1 billion. Every 6 BKB can be exchanged for 10 BWB;
Team: 100,000,000 BWB, accounting for 10.00% of the total supply . 10% of the BWB supply will be allocated to Bitget Wallet team members to motivate team building and attract more outstanding talents to join Bitget Wallet. This part will be locked for 12 months after the start of TGE, and then released linearly over 36 months;
Ecosystem construction: 180,000,000 BWB, accounting for 18.00% of the total supply . 18% of the BWB supply will be used for ecological development and construction such as Bitget Onchain Layer, and will be unlocked linearly after TGE. This part will be used for the development of the ecosystem, investment incubation and cooperation incentives to better promote the development of Bitget Wallet towards Bitget Onchain Layer;
Staking Incentives: 60,000,000 BWB, accounting for 6.00% of the total supply . 6% of the BWB supply will be used to encourage users to stake BWB to obtain incentives;
Community Treasury: 469,000,000 BWB, accounting for 46.90% of the total supply . 46.9% of the BWB supply will be used as the community treasury for platform user growth, community incentives, etc. 6.9% of it will be issued at the BWB TGE to meet the marketing and liquidity needs of the platform, and the remaining tokens will be released through linear unlocking.
BWB will be distributed and released over a five-year period according to the schedule shown below.
BWB had very little token circulation at the time of TGE, and the tokens of private investors and the team would not be unlocked until a year later; tokens for staking incentives, ecological construction, and community treasury were unlocked linearly and slowly. Therefore, there was no significant token selling pressure on BWB tokens within a year after TGE.
Market capitalization comparison of the same sector
According to CoinGecko data, the four most well-known wallet projects with the highest market capitalization are:
Safe (SAEF): Total supply: 1 billion, currently 427 million in circulation, market value: 598 million USD;
Trust Wallet (TWT): Total supply: 1 billion, currently 416 million in circulation, market value: 422 million USD;
SafePal (SFP): Total supply: 500 million, currently 462 million in circulation, market value: US$380 million;
Coin98 ( C98 ): The total number of coins is 1 billion, with 733 million coins currently in circulation and a market value of US$237 million.
The top four data of wallet market capitalization
For the short-term price growth space of the project, the circulating market value is an important factor. According to the official information provided by Bitget Wallet, the circulation of BWB is only 127 million pieces. Calculated at the current price of $0.48, its circulating market value is $60.96 million, which is 3.9 times that of C98 , 6.2 times that of SFP, 6.9 times that of TWT, and 9.8 times that of SAEF. BWB has the support of exchanges and has the potential to enter the first echelon of the wallet sector in the short term, so the short-term growth space is very objective.
