Original | Odaily Planet Daily
Author | Asher
Today, Bitget Wallet's second phase Launchpad project MetalCore (MCG) whitelist was opened and reached 200% over-subscription hard cap within 30 minutes, oversubscribed by 870%, and completed the subscription in advance. Subsequently, the public round was opened and reached 1000% over-subscription hard cap within 10 minutes, completing the subscription in advance, showing the high popularity of this Launchpad event.
For the whitelist round, holding more than 2000 BWB is required to participate. It is worth mentioning that the gold shovel attribute of BWB this time has been greatly strengthened. According to official information, if the subscribed token MCG breaks within 3 days after listing, a 100% refund will be provided. It is precisely because of this that Odaily Planet Daily has paid attention to the new gold shovel - Bitget Wallet (BWB).
Bitget Wallet: Redefining Web3 Wallet from Entry to Platform
Project Introduction
Image source: Official Twitter
Bitget Wallet is a decentralized multi-chain encrypted wallet dedicated to providing global users with secure and convenient one-stop digital asset management services. Bitget Wallet's solution is to build and polish its native trading aggregator: Bitget Swap. Aggregating hundreds of DEXs on nearly 50 public chains, it provides users with optimized and cost-effective trading paths, and introduces features such as gas-free transactions and high-speed trading mode. For users, all they need to do is simply click to select tokens and trade.
Wallets have always been referred to as private key management tools and Web3 entry points. In fact, with the prosperity and activity of the on-chain ecosystem, the position and role of wallets determine that being just an entry point is not enough. In the team's view, Web3 wallets need to be redefined, and the entry should be transformed into a platform. For Bitget Wallet, the team's goal is to build Bitget Onchain Layer.
Token Economics
BWB is the official ecological token of Bitget Wallet and also the system token of Bitget Onchain Layer, playing multiple roles in the ecosystem, including community governance, staking, participation in Bitget Wallet Launchpad and various airdrop activities, as well as eligibility to participate in Bitget platform activities, and the qualification for airdrops of Bitget Onchain Layer ecological projects, as well as the use of multi-chain gas fees after the launch of the AA wallet.
According to the official document released by Bitget Wallet, its native token is BWB, with a maximum token supply fixed at 1 billion. The specific allocation 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, with a 12-month lock-up period after the TGE starts and linear release over 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 in the form of a public offering, with 0.1% of the tokens being 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 pre-TGE airdrop activities, and users who participate in the activity to obtain BWB Points can exchange 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 supply of BKB is 600 million, and the total supply 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 for team building incentives and attracting more outstanding talents to join Bitget Wallet. This part will be locked for 12 months after TGE starts, followed by linear release over 36 months;
Ecosystem development: 180,000,000 BWB, accounting for 18.00% of the total supply, 18% of the BWB supply will be used for the development of the Bitget Onchain Layer and other ecological development, with linear unlocking after TGE. This part will be used for ecosystem development, investment incubation, and cooperation incentives to better promote Bitget Wallet towards the direction of 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 incentivize users to stake BWB for rewards;
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, and other aspects. 6.9% of it will be distributed at the BWB TGE to meet the platform's marketing and liquidity needs, and the remaining tokens will be released through linear unlocking.
BWB will be distributed and released over five years according to the schedule in the following image.
At the time of TGE, the circulation of BWB tokens is very limited, and the tokens for private placement investors and the team will not start unlocking until one year later; the tokens for staking incentives, ecosystem development, and community treasury will be slowly unlocked linearly. Therefore, within the first year after TGE, there will not be significant token dumping of BWB tokens.
Market Value Comparison in the Same Sector
According to CoinGecko data, the four well-known projects with high market value in the wallet sector are:
Safe (SAEF): Total supply of 1 billion, currently circulating 427 million, with a circulating market value of 598 million US dollars;
Trust Wallet (TWT): Total supply of 1 billion, currently circulating 416 million, with a circulating market value of 422 million US dollars;
SafePal (SFP): Total supply of 500 million, currently circulating 462 million, with a circulating market value of 380 million US dollars;
Coin98 (C98): Total supply of 1 billion, currently circulating 733 million, with a circulating market value of 237 million US dollars.
Top four market value data in the wallet sector
For the short-term price growth potential of projects, the circulating market value is an important factor to consider. According to the information provided by Bitget Wallet, the circulating supply of BWB is only 127 million. Based on the current price of 0.48 US dollars, its circulating market value is 60.96 million US dollars, which is 3.9 times the growth space compared to C98, 6.2 times compared to SFP, 6.9 times compared to TWT, and 9.8 times compared to SAEF. With the support of exchanges behind BWB, it has the potential to enter the first echelon of the wallet sector in the short term, so the short-term growth potential is quite objective.
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