Analyzing BitKeep Business, a sample of a Web3 ecological open platform

Written by: Aaron

Source: Foresight news

2022 marks the 10th anniversary of the WeChat public platform, which has created an open ecosystem that allows small individuals to have their own brands.

Similar platforms have emerged in the Web3 space. We have observed that the multi-chain wallet BitKeep recently launched a new product feature called Business, an open platform for Web3 ecosystem projects.

As a field that emphasizes "openness," "decentralization," and "composability," Web3 needs more entrepreneurs and project teams to explore its open boundaries. Let's take a closer look at BitKeep Business and see what role it plays and what functions it serves in the open ecosystem of Web3.

BitKeep Business, connecting projects and users

"Open platform for Web3 ecosystem projects," this is the most prominent phrase on the BitKeep Business official website. Under the label of "open platform," there is a very simple and powerful business logic.

Platforms/users need projects, and projects need traffic. With BitKeep Business, both parties can connect quickly and effectively. BitKeep gains projects, while project teams can gain exposure and acquire users through BitKeep.

Through BitKeep Business, project teams can independently apply to go live on BitKeep. Currently, it supports Token, NFT, and DApp projects on four chains: Ethereum, BNB Chain, Polygon, and Klaytn.

Recently, BitKeep Business also launched a commission mechanism. In addition to project teams applying for entry, users can also recommend quality projects for entry. After successful onboarding, both parties can receive commission incentives.

Of course, there is a key question in the middle: why can BitKeep do this?

First, the traffic is large enough. Data shows that BitKeep currently has over 6 million users. In the still-developing Web3 space, such a user base cannot be obtained overnight. For project teams, leveraging BitKeep would be a better choice.

Second, there is support for multiple chains. "Multi-chain" has always been a core selling point for BitKeep. Currently, it supports over 70 main chains, and the wallet also includes ChainList, allowing users to add over 300 EVM mainnets with one click. Although BitKeep Business currently only supports four public chains like Ethereum, its support for "multi-chain" gives BitKeep the potential and capability to build an open platform.

Finally, and most importantly, is the richness and maturity of product features. Although it is in the wallet sector, BitKeep's product features far exceed that of a wallet, including Swap, NFT Market, DApp center, etc. These features make BitKeep resemble a DEX, an NFT trading market, and a super aggregator for Web3. After going live on BitKeep, project teams can not only gain traffic and attention but also trade their tokens and NFTs here, enjoying one-stop platform services.

Traffic pattern starting from openness

After answering the question of why it can be done, the next question is: how to do it well?

The product vision behind BitKeep Business is based on the open and shared genes of the Web3 industry. BitKeep officials state that a truly open platform environment should not impose significant barriers on project teams and users. Only when everyone has the right to recommend and every project has equal development resources and exposure opportunities can the ecosystem flourish.

In the BitKeep Business ecosystem, projects and users are both important components. With the help of the open platform, leading projects can receive broader and more genuine user feedback, allowing them to improve their products and enhance usability; mid-tail projects can gain initial traffic, expand their user base, and tap into new markets; the platform and projects share user voice and traffic, and users' voices are also valued, meeting everyone's expectations for more quality applications.

In the NFT and GameFi fields, where user fragmentation and personalization needs are most concentrated, BitKeep Business provides genuine and trendy product certifications for NFT collections and offers opportunities for certified projects to apply for royalties. At the same time, GameFi will also be included in the category of projects that can be independently listed on BitKeep Business, forming a gaming cluster within the ecosystem and potentially giving rise to phenomenal applications.

For the WeChat open platform, developers and subscription account creators can earn platform revenue. Projects that enter the BitKeep Business platform can also receive generous commissions. However, in the WeChat oligopoly-friendly environment, opportunities for newcomers and those starting from the long tail and low frequency are squeezed. BitKeep Business has optimized this, allowing high-quality projects that enter BitKeep to have equal opportunities, enabling newcomers to board the big ship of platform traffic to reach the other shore.

A small step for platform innovation, a giant leap for industry iteration

As a part of the wallet ecosystem, BitKeep Business reflects BitKeep's efforts in innovation—changing a business process, adjusting a growth model, leading to a larger narrative.

In fact, we understand that BitKeep has always placed great importance on and actively pursued innovation.

Currently, the Web3 industry is in the early stages of technological development. As a participant, BitKeep has been leveraging its strengths in product research and development, investing significant effort in technological iteration and product innovation.

In terms of independent innovation, BitKeep has created a powerful and innovative cross-chain Swap, supporting 20 mainstream public chains, over 70 DEXs, 13 cross-chain bridges, and over 250,000 Tokens. It automatically matches the best quotes across the network and provides precise DEX market K-line functionality. Additionally, BitKeep Swap supports the innovative feature of "borrowing Gas fees for trading," allowing users to trade easily even without mainnet tokens as Gas. It can be said that BitKeep is already a leading cross-chain exchange wallet globally.

In terms of industry innovation, BitKeep has been supporting quality projects. In the newly launched NFT Market section this year, BitKeep introduced the Initial NFT Offering feature to discover and support promising projects, providing users with early participation opportunities. To address liquidity issues in the NFT market, it has also launched activities such as NFT trading dividends and million-dollar subsidies to incentivize traders.

"You must start with user experience and then work backward to determine what technology to use, rather than the other way around." It is precisely due to the emphasis on core user demands that BitKeep has consistently retained users through its core product features. The entire wallet ecosystem serves as an open platform, connecting user needs with the services that application developers can provide, meeting the diverse demands of user ecosystem experiences, and achieving Web3 value interconnection through scale effects and refined user operations.

Web3 is a new wave, and BitKeep has been engaged in foundational construction and innovative practices amidst the wave. Often, it is a small step for platform innovation and a giant leap for industry iteration. The construction of an open ecosystem requires more platforms and entrepreneurs, and BitKeep Business undoubtedly provides a great learning sample.