Bitget Releases Transparency Report, Open Interest Surpasses $6B, Capturing 25% Of Market Share
In Brief
Bitget published its transparency report, highlighting the achievements and expansion of its ecosystem throughout the month of April.
Cryptocurrency exchange Bitget published its transparency report, highlighting the achievements and expansion of its ecosystem throughout the month of April.
In April, based on data from CoinGecko, Bitget experienced a 34.8% rise in spot trading volume and a 61.9% increase in futures trading volume. The current open interest (OI) of Bitget stands at $6.22 billion, underlining its significant position in the derivatives market.
Furthermore, as per data from The Block, Bitget turned out to be the frontrunner in open interest, capturing 25% of the total market share as of May 4th. Previously, Bitget witnessed a notable surge in futures trading volume, rising by 146% to $1.4 trillion in the first quarter of 2024. Notably, according to the latest report from CCdata, among the top 14 derivatives exchanges, Bitget experienced the highest increase of 1.39%.
Among the notable achievements in expanding the ecosystem, the launch of the Poolx stake-to-mine platform stands out. This platform enables users to stake certain coins and easily earn popular tokens without complications. Additionally, the innovative product Pre-market has been introduced to address the need for pre-listing trading of the latest tokens, thereby enhancing liquidity and trading experience.
During April, Poolx initiated the launch of nine projects, attracting participation from a total of 133,800 users. These users collectively staked 300 million USDT and 180 million BGB, with annual percentage rate (APR) income ranging from 10% to 45%. Concurrently, Pre-market introduced EigenLayer (EIGEN) and Merlin Chain (MERL), along five other projects, enabling users to access early trading opportunities.
Bitget Launches Fifth King’s Cup Global Futures Trading Competition
Bitget ranks among the major derivatives exchanges based on trading volume, offering users an option to buy cryptocurrencies using fiat currency or trade them on the spot market. With a global user base of over 19 million, it provides a range of features encompassing wallet management, smart quotes, swap transactions, launchpad, inscription center, decentralized application (dApp) center, and more. As of now, it supports 100 major blockchains and EVM-compatible chains and boasts an extensive array of 250,000 cryptocurrencies.
Recently, Bitget announced its fifth global futures trading competition, the King’s Cup Global Invitational (KCGI). This competition encourages individuals to take part in trading activities, such as futures trading and individual challenges. The total prize pool for the tournament amounts to 5 million USDT, with additional rewards such as a Ferrari 296, premium watches, and more. The competition is scheduled to take place from 16:00 UTC on June 7th to 15:59 UTC on June 27th.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
