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Bitget Hot Takes (March 27 - April 02)

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 is the only exchange token with a positive weekly return. • Binance and CZ hit with CFTC’s charges and a US$1 billion class action lawsuit. • Gucci partners with Yuga Labs for a new Metaverse. • Hell's Kitchen of celebrity chef Gordon Ramsay coming to The Sandbox. • MBappe's Sorare NFT unique card sold for over US$195,000. • Square Enix launched Final Fantasy NFT trading cards. BGB Holding Tight Amid Crackdown As Binance got sued by the U.S. Commodity and Futures Trading Commission (CFTC), most exchange tokens were affected and saw red across markets: BNB by -2.9%, OKB -0.2% and KCS -5.2%. However, BGB is doing a good job keeping up with BTC (+3%) and ETH (+3.9%) despite the current circumstances. And we are not even mentioning the reason behind Ethereum's small rally - the upcoming Shanghai Upgrade. And overall growth of 0.5% is encouraging enough, given that the 7-day range is tighter than last week from a low of US$0.380042 (up by 4.46% from last week's) to a high of US$0.409509 (down by 0.04%). The latest analyses provide a detailed summary of BGB’s incredible achievements month by month: BGB Sail: February Edition BGB Sail: December Edition BGB Sail: November Edition BGB Sail: October Edition BGB Sail: September Edition BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition … while this article dives in deep on why BGB has become the new staple: Why BGB Is Your Bluechip Exchange Token Binance Under Scrutiny Again The aforementioned decline of most exchange tokens can be directly linked to a charge by CFTC against Binance and its CEO, Changpeng Zhao ‘CZ'. In their official announcement, CFTC says that Binance ‘knew they were violating CFTC rules, and avoiding compliance for years’, which translates to a ‘willful avoidance of the U.S. law'. Official documents see Binance, CZ and related parties charged with executing unregistered futures transactions, providing illegal commodities options, failing to register as a Futures Commission Merchant, Designated Contract Market or Swap Execution Facility, failing to supervise diligently or implementing AML/KYC measures and law evasion. CZ responded to the case with a blog post saying the complaint is ‘unexpected and disappointing' and claiming that ‘we [ Binance ] do not shy away from challenges', but that didn't prevent capital from flowing out of the exchange. According to Nansen, ca. US$852 million in tokens on Ethereum, Polygon, BNB Chain, Avalanche, Fantom were withdrawn from Binance within 24 hours. Before the week's end, Binance had to face a class action lawsuit, together with CZ, NBA star Jimmy Butler, BitBoy Crypto and Graham Stephan, by the same law firm behind the class action against Voyager. The suit entails CFTC charges, thereby seeking damages for all U.S. customers suffering from losses incurred by the sale and promotion of BNB - ‘an unregistered security' - exceeding US$1 billion. The U.S. Department of Justice (DOJ), the Internal Revenue Service (IRS) and Securities and Exchange Commission (SEC) all have long-running open cases against Binance as well. Good bits of news for the week? New, spectacular collaborations in the NFT space: • Gucci x Yuga Labs: Gucci announced their partnership with the NFT expert Yuga Labs to ‘continue to explore the Metaverse'. Details on the House’s next moves in the Web3 space are not yet available. • Hell's Kitchen x The Sandbox: Hell's Kitchen game in The Sandbox has dropped and available for all players, free of charge, with the opportunity to share 50,000 SAND and 20 Hell's Kitchen avatars! However, the game is playable until April 11 only. • MBappe's Sorare NFT unique card auction: On March 30, 2023, Sorare highest-priced NFT card was discovered - the 2022-23 unique card of French football star Kylian MBappe - at the price of US$195,563.87. Watch the auction here. • Final Fantasy NFT trading cards: Though not yet tradeable and transferrable, NFT trading cards depicting the iconic game Final Fantasy’s characters and scenery are released on Square Enix’s online store at ¥440 (US$3.30) a pack. • Trump NFT pumping: Former U.S. President Trump's NFT floor price saw an increase from 0.46 ETH to 0.60 ETH on the day of his indictment (March 30, 2023), but has receded to 0.479 ETH. The Latest Bitget News As one major leader in the digital space, Bitget understands that decentralised protocols are the future of cryptocurrencies. We have been supporting the growth of DeFi via (1) our extension of products (Bitget Launchpool, Bitget MegaSwap, Bitget Earn) so that beginners can get acquainted with DeFi activities in a safe environment, (2) our Bitget Launchpad and Bitget Innovation Zone, where startups and new projects can expose themselves to our strong base of crypto-natives and (3) investing in fundamental crypto services. Last week, Bitget made an additional investment of US$30 million into the multi-chain Web3 wallet BitKeep, showing our commitment to grow beyond the custodial territory as well as improving the platform’s security in terms of asset storage. The latest roadmap update by BitKeep involves a rebrand to Bitget Wallet, aiming to expand the decentralised universe of Bitget as well as extending the rights and interests of original BitKeep users, including but not limited to the $300 million Bitget Protection Fund. All victims of the exploit in late 2022 have all been compensated, once again asserting Bitget and BitKeep's number one priority: users. We are also delighted to announce that our Fixed Savings is live! Bitget Fixed Savings is a low-risk, high return product with a fixed subscription term. By locking your asset of choice for a certain period (30, 60, 90 or 120 days), you are entitled to earning lucrative interests for a wide range of coins from USDT, USDC, ETH, APE to AXS. A full guide on how to join Bitget Fixed Savings is provided here: Introduction To Bitget Fixed Savings New Events ARB Flexible Savings is Live! Earn up to 15% APR. Guaranteed Lottery Winnings: Win 5 ETH and an iPhone 14 Pro Complete Tasks to Claim up to 1500 BGB！Total 100,000 BGB to be Shared! Trade New Copy Trading Pairs to Split 20,000 USDT! 1+1 Friends! ARB, GPT, ID... These popular tokens are hot, hot, hot! Apply for Bitget Master: Share $2,000 Win iPhone 14 Pro! Safety Net for Copy Traders! Receive Compensation on Losses! Trade to share a $60,000 prize pool Deposit to List: Carbon Browser (CSIX) - Deposit and Share $25,000 CSIX Rewards! Bitget Will List Bittensor (TAO) in the Innovation Zone - Share $ 20,000 TAO Rewards! Bitget Will List Capsule Coin (CAPS) in the Innovation Zone - Share 1,428,000 CAPS + $30,000 CAPS Prize Pool Good Reads Bitget Annual Briefing 2022-23 : The Rational Path Ahead (Part 1) Bitget Annual Briefing 2022-23 : The Rational Path Ahead (Part 2) Introduction to Bitget Fixed Savings Trading 101: What Is Leverage Trading? Kickstart Your Trading Painlessly With Bitget One-Click Copy Trade The Shanghai Upgrade - Beyond the Sea of New Opportunities for Ethereum Users Maximizing Your Earnings with Bitget’s Spot Copy Trading Function: Tips and Tricks Simply create an account, and start exploring the incredible Bitget-Verse today!

Bitget Hot Takes (August 01 - August 07)

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 beat Bitcoin, Ethereum and most exchange tokens in 7-day return. A new wave of big names is coming to the crypto space. Around US$200 million was stolen in three attacks; data shows the vulnerability of bridge protocols. BGB’s Stemina Surprisingly, Bitcoin and Ethereum closed the first week of August with a loss. Meanwhile, BGB was going strong, having achieved an 8.11% growth in the last seven days. That puts BGB in the second place of the exchange token category. Bitget users’ trading activities over the same period were remarkable with US$1.183 trillion in aggregated futures volume and US$305 million in spot volume. Historical data proves that BGB tends to perform exceptionally well in uncertain times and sideways markets, while maintaining a steady performance in the uptrend. Need to check on BGB’s self-sustained growth? Here are our BGB Report for the last three months: BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition Big Names Join The Space Crypto’s Staples As seen above, Bitcoin cumulative returns have decreased by 2.83% at the end of August’s first week. BTC was trading between US$22,400 and US$23,600, seeing considerably less volatility than the week before. The hype for Bitcoin remains high as firms propose new hedging solutions using the largest cryptocurrency. Galoy, a banking software company that closed a US$4 million fundraise on August 3, has launched a Bitcoin-backed stablecoin called Stablesats shortly later. Meanwhile, the number of perpetual futures contracts with a negative funding rate has been on the way down, and so has Bitcoin risk signal. A reduction in negative funding rates means short sellers are less dominant; we could really consider this a positive sign for the following weeks. Source: Glassnode LVMH, Gucci, Tiffany, BlackRock and More Luxury brands are deepening their crypto involvements. If you don’t know about Aglaé Ventures yet, now is the time to do some research. The venture capital firm backed by Arnault, the controlling shareholder of LVMH, has launched a €100 million investment fund for Web3 projects at all stages. Former executives at CoinFund and Aave are leading the expansion of the VC from Web2 to Web3. Another lux giant, Gucci, now accepts ApeCoin payments through BitPay, becoming the first major brand to add APE to their payment options. Luxury jeweller Tiffany Co. explored another approach to the NFT space with their NFTiff collection. CryptoPunk owners would purchase a NFTiff pass, choose the punk of their preference, and wait for their bespoke pendant to be delivered around February 2023. All 250 NFTiffs were sold out for US$12,500 each, earning Tiffany Co. US$12.5 million in just 20 minutes. Within the same week, the world’s largest asset manager, BlackRock, entered into a partnership with Coinbase (COIN) to offer institutional investors direct access to crypto. The news immediately pushed COIN’s share price to go up by 31% to open last Thursday at US$106 - roughly one week after Cathie Wood’s Ark Invest dumped 1.41 million COIN at US$53. Even pension funds are eyeing the digital space. Fairfax County Retirement Systems, a $6.8 billion Virginia pension fund, has turned to yield farming for lucrative earnings. The iconic Starbucks and Meta decided to expand their business with the help of NFTs. After Meta successfully integrates Coinbase’s Wallet and DApp into the platform, the firm will release cross-platform NFTs across 100 countries. Starbucks, on the other hand, will incorporate NFTs in their customer loyalty program, allowing Starbucks lovers to earn digital collectibles through their everyday purchase. That could be the ultimate solution the NFT industry is looking for. Other crypto investments include: US$1 billion for Brevan Howard’s crypto fund US$20 million in Series A funding for NFT counterfeit detector MarqVision US$6.7 million in seed funding for Cosmos’ liquid staking protocol Stride Security Concerns Amplified On the first days of the new month, US$190 million was syphoned out of the Nomad cross-chain token bridge. A white-hacker who tried to protect Nomad’s funds at the time of attack has returned US$9 million to the protocol; and Nomad is offering a 10% bounty on any funds returned. An estimation by Chainalysis, which was released around the same time shows that cross-chain bridges appear to be the Achilles’ heel of the digital space: 13 hacks targeting this protocol type has resulted in a US$2 billion loss so far this year. The data platform also calls for ‘extremely rigorous code audits’ and ‘timely countermeasures’ to improve the security of cross-chain bridges. Source: Chainalysis Solana was the next victim of hackers. Nearly 8,000 wallets were compromised, mostly those provided by Phantom and Slope and US$5.2 million was stolen. Another Layer 1, Near Protocol, also notified its users of a wallet data breach that took place in June. Although the situation did not lead to any unfortunate consequences and the team had fixed the bug, it still adds to the concerns of blockchain security. ZB.com is a middle-tier crypto exchange that halted withdrawal only one day due to ‘sudden failure of some core applications’ before losing US$4.8 million. The Latest Bitget News Determined to bring our users the best crypto experience, Bitget constantly adds new trading pairs each week alongside the interesting, bountiful events. Don’t forget to register your Bitget account here to join the weekly, exclusive Live Trader AMA in our community group! Moreover, as pressure mounts on crypto firms, many exchanges have shut down or are about to, and you know that millions were drained from crypto wallets over the last seven days. That is to say how timely the launch of Bitget Investor Protection Fund is; with more than US$200 million available for any emergency compensation, Bitget is showing that nothing can stop us from providing an impeccably safe and reliable environment for crypto traders! To find out more about Bitget's Protection Fund, please visit here. New Listings CSPRUSDT CMPUSDT WOMBATUSDT ALPACAUSDT New Events Bitget Futures Trading Competition: US$10K and Samsung S22 Up For Grab! Buy Crypto With 0% Credit Card Fees Upgraded Bitget Referral Program Super Airdrops For Active Users Receive $4,163 In Welcome Bonus! Star Traders Recruitment - Bitget Copy Trade Needs You 1,000,000 SHIB For New Users Good Reads ​​How to Use Bitget - The Beginner's Guide (Tutorial Video) Crypto Rookie Mistakes Bitget Semi-annual Report 2022 Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram

Blockchain101: What is Play to Earn (P2E)?

Have you imagined making money while you are playing online games? It was definitely a myth ten years ago. But now, you don’t need to be a game developer. You don’t need to be a top e-sport player. Everyone like you and me is able to earn money as a gamer on Blockchain games like Axie Infinity, Decentraland, Alien Worlds, The Sandbox… That’s what we call Game-Fi and Play to Earn! In this article, we will walk you through what is Play to Earn (P2E) and the Blockchain games you can cash out. What is Play to Earn (P2E)? Play to Earn (P2E) is the new gaming model based on the Blockchain technology. The greatest feature of P2E is allowing users to earn crypto and non-fungible tokens (NFTs) that can be transacted on the bf59f56c-8e20-49f6-ab2f-0abe4dc60e84, so that they can make money while playing games. In a P2E game, gamers can make money through completing specific missions, holding and transacting in-game assets like virtual land, skins or weapons or contributing to the ecosystem of the game. The P2E game looks like a reality similar to our real life. It has created its own economic system and business models, like transaction system, NFTs, coins, marketing mechanism and governing. Gamers are able to earn an income in it. Three Popular Play-to-Earn ways in Blockchain games in 2022 1. Completing a specific task: Gamers can receive a financial reward when they complete an in-game task, usually crypto or tokens that can be exchanged on the market. In Axie Infinity, gamers will be rewarded AXS tokens for winning battles and tournaments, tending plots of land and breeding Axie. 2. Trading in-game assets: With the Blockchain technology, the ownership of digital assets is represented by NFTs. It allows gamers to carry out transactions of NFTs to make money. In Cryptovoxels, The Sandbox and Decentraland, gamers are able to buy and sell land ownership on markets. In CryptoKitties or Axie Infinity, players can breed their creatures and exchange their represented NFTs to earn tokens. 3. Leasing of the assets: Through adding value to the in-game assets, like developing your own virtual land in Sandbox, you can generate revenue through leasing it for different usages like virtual concerts, events, casinos or virtual shops. Three differences between Game-Fi and traditional online games Playing while earning is definitely a cool idea, especially to young men. Why do traditional online game companies not develop this P2E business model? Here is the reason why: Decentralized vs Centralized: P2E games: They are based on the Blockchain technology. The data on the Blockchain is immutable and distributed on the nodes around the globe, which reduces the risk of losing the data. The ownership of the in-game assets is completely protected as the details of ownership are stored on the Blockchain. That’s the reason why purchasing land in Sandbox has become a trend that so many traditional businesses like Gucci are involved in. Traditional online games: They are based on a central server. If your account is hacked or banned by the game’s admins, you will lose all your in-game assets as ownership is not completely protected in a traditional game, so transactions of in-game assets in a traditional game are not as popular as Game-Fi. Read more: Blockchain 101: Blockchain Basics, Blockchain 101: Blockchain History Transparency vs opaque: P2E games: The rules are completely transparent, the mechanism, trading system and reward system are clearly stated in the smart contract stored on the Blockchain, which is executed automatically and immutable. The play-to-earn game Axie Infinity is based on Ethereum, which players can collect, breed, raise, battle against and trade with other online users. Every gamer is able to access the rules. The game developers can’t change the rules to take advantage of gamers easily. Traditional online games: The rules are completely controlled by the games companies. The founder of Ethereum, Vitalik Buterin, has complained that the character he loves was banned in a traditional game. That raised his awareness of decentralization. Open vs Closed ecosystem: P2E games: Through holding the non-fungible tokens(NFT) issued by the game, gamers have the power of governance and the voting right to determine the future development of the game. They can create their own in-game assets like skins, weapons and virtual buildings and trade them on the market. It encourages gamers to create a more user-friendly ecosystem. Decentraland is a virtual reality platform that allows gamers to construct their own 3D world — from building a game to opening an online store. Traditional online games: All game settings are decided by game companies. Gamers almost have no say in the development and setting of the game. Five popular Game-Fi protocols Play-to-Earn games are usually developed based on the Blockchain platforms supporting smart contracts like Ethereum. With Play-to-Earn becoming more and more popular, the cost of running games on Ethereum becomes more expensive. It leads to the development of different platforms supporting the smart contract like: Solana: A decentralized computing platform that uses SOL to pay for transactions. Both a cryptocurrency and a flexible platform for running decentralized apps (D-apps). Polygon network: A decentralized Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing on security. Polkadot: An open source, Blockchain platform allows for cross-chain transfers of data or assets between different blockchains, and for cross-chain D-Apps to be built using the Polkadot Network. OKC: Providing a secure and programmable smart contract platform for Web3 applications. Wax: WAX is a purpose-built blockchain and protocol token designed to make transactions faster, easier, and safer for all participants. Disclaimer: All products and projects listed on this article are not endorsements, and are provided for informational purposes only.