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Bitget Hot Takes (November 21 - November 27)

Bitget Hot Takes (November 21 - November 27)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

Bitget Hot Takes last week can be found here.

Central Themes

• BGB put on another strong performance.

• The Cardano ecosystem will have two stablecoins by the end of Q1 2023; Curve released whitepaper and code for crvUSD; renBTC removed from and GNO added to DAI collaterals.

• The UAE enabled blockchain-based gold trading.

• Wallet of Fenbushi Capital’s Bo Shen was hacked, US$42 million was stolen.

• Bitget registered in Seychelles.

BGB As The Top Exchange Token

For the last few months, BGB has maintained its spot in the top three exchange tokens, competing with BNB most of the time for the first place. BGB continues its impressive track record with a weekly growth of 5.85%, only second to BNB’s 14.28%. Bitget and Binance are the only two exchanges with a fund for FTX’s victims - Bitget is proud to say that we were the first to announce the Bitget Builders Fund on November 13 already.

Bitget Hot Takes (November 21 - November 27) image 0

Check out BGB’s price movements for the last few months for a detailed analysis here:

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

Builders Keep Building

We are seeing the stablecoin race intensifies. Two new stablecoins will soon be launched on Cardano, one regulated and one algorithmic, which would hopefully lead to a more prosperous DeFi season on this blockchain. Emurgo Fintech revealed the expected launch for USDA, the first fully fiat-backed stablecoin on Cardano, for Q1 2023, while Cardano’s lead developer Input Output has partnered with Coti Group to introduce the crypto-backed, soft-pegged algorithmic stablecoin DJED in January 2023. Good news for the whole ecosystem after Cardano-based Ardana halted the development of their decentralised stablecoin. Meanwhile, on the Ethereum network, Curve has released the official whitepaper and code for its stablecoin (crvUSD) and MakerDAO has passed proposals critical for DAI stability, that is, to remove Alameda-linked renBTC and approve GNO as DAI collaterals.

The UAE is demonstrating a new application for blockchain technology by digitising gold trading. According to the official announcement by the Emirates News Agency, ComTech Gold will deposit gold bars into vaults approved by Dubai Multi Commodities Centre (DMCC) - the largest free-trade zone in the UAE, register these deposits with DMCC’s proof tracking platform Tradeflow before issuing the corresponding ComTech Gold Tokens (CGO). Each token is equivalent to one gram of gold stored in DMCC’s vaults, which is all securely and transparently verified by Tradeflow warrants.

Let’s talk funding. There are still many dedicated builders out there still working hard to create new solutions for the digital space, therefore we make sure that all eligible projects have access to our US$5 million Bitget Builders Fund. Blockchain research and development firm Proximity Labs is another one to support developers by announcing the US$10 million developer fund for trading protocols built on Near. And Solana-native projects can still apply for shares of the US$100 million social media fund and US$150 million blockchain gaming fund by Solana Labs as ‘nowhere near half’ of the capital has been deployed since November - December 2021, per Anatoly Yakovenko, CEO of Solana Labs at Breakpoint 2022 in Lisbon.

The new fundraising this week includes:

• NFT utility platform Tropee: US$5 million

• Crypto privacy startup Nucleo: US$4 million

Web3 and VR gaming studio Thirdverse: US$15 million

• Cosmos-based DeFi protocol Onomy: US$10 million

• Polkadot-based smart contract hosting platform t3rn: US$6.5 million

• Multichain DAO builder XDao: US$2.3 million

The NFT market seems to be buzzing with excitement, especially in accordance with the World Cup 2022. After Argentina’s shocking loss to Saudi Arabia, Saudi’s fans have been scooping up The Saudi’s NFT collection, which resulted in a 2,100% volume surge and a 2.8% increase in the price floor (price of the cheapest item) on November 22. Magin Eden is expanding their operations to Polygon, and ApeCoin DAO is about to launch a new, bespoke marketplace for the Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherdeed NFT collections.

The Latest Bitget News

To our Brazilian crypto lovers: Bitget has launched operations in Brazil! What’s more important is we have secured a partnership with Pix, the Brazilian government payment system, to allow fiat trading pairs of the Brazilian Real! This is also the activation of Bitget’s bigger and better on-ramp program.

How has your first World Cup week been? Busy collecting The Saudi’s NFT or intensively focusing on Bitget’s KCGI? The final list of KCGI Teams are released: The top 32 teams are competing with a total of 13,141 team members to share the US$30,000 registration prize pool!

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Don’t forget to watch the games with Lionel Messi and show us your prediction to share ONE MILLION BGB!

New for us, new for you: Bitget Insights is officially launched! Bitget Insights is a feature that allows high-quality traders to share their professional opinions publicly to not only help their fellow traders but also earn more followers on Bitget Copy Trade. For a limited time, Bitget Insights is open for all users - the best will secure the right to permanent publishing and access to juicy rewards!

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