From BBO to T2T2: A Detailed Explanation of the Wealth Effect of Bitget Launchpad

Author: Mia, ChainCatcher

As rumors about Bitcoin spot ETFs stretch to their limits and intensify, the price of Bitcoin has returned to its previous high from May 2022, while the crypto market is experiencing a wave of "small spring," with various tokens starting to rise one after another. According to data from blockchain analysis company Glassnode, the crypto market has seen a net inflow of funds through stablecoins or dollar-pegged tokens for the first time in over a year. In the past 90 days, the net supply of the four major stablecoins USDT, USDC, BUSD, and DAI has turned positive, indicating a flow of funds into the market. This is the first occurrence of such a situation since the collapse of Terra in mid-May 2022.

With the warming of the crypto market, the entire crypto industry and the CEX track are also quietly undergoing changes. According to the latest data from Coinglass, Bitget ranks fourth among cryptocurrency derivatives exchanges. Among the established CEXs, Bitget can be considered a true rising star. So what exactly has allowed Bitget to outpace major CEXs and become a dark horse in the crypto exchange arena?

Launchpad New Wealth Effect

For a long time, investors have shown a high level of interest and recognition for the investment method of participating in new projects. Whether in the stock market or the cryptocurrency field, subscribing to new projects is seen as an opportunity to achieve higher returns, with some even calling it "risk-free profit." The IEO model, with its lower risk and lower participation threshold, has become the most favored way for users to participate in new projects. By participating in IEOs, investors can more conveniently access and invest in promising cryptocurrency projects while also reducing some investment risks.

Bitget has inherited this new project investment principle and launched the "Bitget Launchpad," bringing the traditional stock market IPO model into the cryptocurrency field. Since its launch in January 2022, it has already listed 11 cryptocurrency projects, many of which have shown tremendous potential, making Bitget Launchpad the preferred strategy for investors.

According to historical data from CryptoRank, Bitget ranks first in the ATH Average ROI of the top ten platform Launchpads in 2023. Bitget Launchpad continues to pay attention to market changes and has introduced new investment strategies. In the recent Launchpad project T2T2, Bitget innovated the gameplay by introducing a group purchase model for the first time, lowering the participation threshold (starting at 50 BGB), allowing more investors to participate in the IEO to gain returns. Driven by this innovative "group purchase" model, Bitget Launchpad has reached unprecedented heights, and T2T2 has lived up to expectations, achieving a 30-fold return on investment, becoming another high-return token since the inception of Bitget Launchpad. According to ChainCatcher data, since the relaunch of Bitget Launchpad, the highest returns from PandaFarm (BBO) to the latest T2T2 have exceeded 25 times, marking Bitget Launchpad's return to the public eye with high returns.

Data Source: Highest return statistics since the relaunch of Bitget Launchpad.

The IEO sector has historically been a "battleground" for major CEXs, and T2T2's impressive performance in the recent "small spring" of the crypto market has allowed Bitget Launchpad to steal the spotlight in the IEO market, attracting the attention of crypto investors. After all, a maximum return rate of 30 times can undoubtedly be called a "wealth creation myth" in any market period. Previously, the crypto market had suffered from the lack of new "wealth creation myths" due to the impact of black swan events like FTX, and the emergence of T2T2's high multiple increase is like "timely help," combined with the market heat of Bitcoin spot ETFs, pushing the entire crypto IEO market to a new peak. Investors are gradually turning their attention to this new IEO market "Bitget Launchpad." Previously, according to CryptoRank, Bitget ranked first in the ATH Average ROI of the top ten platform Launchpads in 2023.

At the same time, with the rising popularity of "Bitget Launchpad," its entry ticket BGB has also surged to new heights. According to Bitget data, its platform token BGB briefly rose to $0.58, a tenfold increase from the initial price of $0.058, creating a new "wealth creation myth" aside from T2T2. Additionally, according to Bitget's official report for November, during the 24 hours from November 13 to 14, BGB's market cap reached $800 million for the first time, growing 19% overnight, making BGB the only platform token to set a new high in November 2023. With the significant growth of BGB, it briefly entered CoinGecko's list of popular coins, and according to official data, BGB has now climbed to the 69th largest cryptocurrency by market cap on CoinGecko and the 64th on CoinMarketCap.

As interest in Bitget's native token grows, the Bitget Launchpad empowered by BGB (holding BGB grants exclusive access to highly anticipated IEOs) has also begun to attract attention. Aside from the recent new project T2T2, "Launchpad" has performed impressively even in this year's liquidity-strapped bear market. According to CryptoRank data, from the beginning of 2023 to now, Bitget's IEO sector has performed strongly, with IEO projects like PandaFarm (BBO) and HALO (HALO) achieving maximum return rates of 200 times and 149 times, respectively.

PandaFarm (BBO)

After an 8-month hiatus, Bitget announced the relaunch of Launchpad in February this year, and PandaFarm, as the first project, successfully achieved a strong opening. The first project, PandaFarm, is a GameFi project on Arbitrum, and its ecosystem token BBO can be used to adopt pandas, exchange pandas, participate in games, and access advanced features. It is reported that the total supply of BBO is 100 million, with a total allocation of 1 million for the Launchpad.

On the opening day alone, BBO surged from the initial price of $0.05 to a peak of $10, demonstrating the explosive demand at launch. After that, it stabilized around $2 on the opening day, fulfilling expectations with positive returns.

Haloworld (HALO)

Building on the previous success of PandaFarm, the second phase of the relaunch, Haloworld (HALO), has also garnered high expectations from investors. According to Bitget's official data, a total of 52,410 users participated in HALO, a 12.17% increase in popularity compared to the previous BBO.

HALO also lived up to expectations, breaking through $2.99 from an opening price of $0.02 on the opening day, and subsequently stabilizing around $0.37.

With the "wealth creation" precedents set by PandaFarm (BBO) and Haloworld (HALO), Bitget Launchpad has undoubtedly become one of the hottest sectors in the crypto market. Subsequent projects like GoSleep (ZZZ) and BIP1 (BRC20) have also seen participation numbers exceeding 15,000, with maximum return rates also exceeding 25 times.

The Competition for CEX Launchpads Continues

At this point, it is not difficult to understand why Bitget has suddenly become a dark horse among CEXs, rising to the top exchanges. After all, investors in the capital market always follow the money. Bitget has swept through the CEX market with its explosive wealth effect in a short time, completely overturning the traditional concept of "established exchanges." Instead, it has become a mantra of "who can create wealth, who can gain traffic," and undoubtedly, Bitget has emerged as the winner.

Similarly, Bitget's rapid success will have far-reaching implications for the entire crypto CEX industry, stimulating innovation and progress among other exchanges, bringing more choices and possibilities to the industry. The increasingly fierce competitive relationship among CEXs will force them to face new challenges and competitive pressures, striving to find innovative business models and value-added services to win user and capital favor, which will drive the entire industry toward a more open, competitive, and user-centric direction.

With Bitget's success, the CEX market will usher in even more intense competition, with exchanges actively exploring new business opportunities, providing better trading experiences and value-added services to retain users and attract more capital. This will also bring more choices and opportunities for investors, promoting the development and growth of the entire market. This is bound to trigger a transformation in the entire industry and reshape the competitive landscape, opening up new competitive dynamics to adapt to the increasingly mature and diversified digital asset trading market.