- Bitget has unveiled a revamped spot liquidity incentive program to boost market liquidity and enhance user trading experiences.
- The new program will commence on August 1, 2024, targeting skilled market makers to drive market growth and development.
- Key benefits include low-interest over-allocated funds, flexible repayment terms, and multi-coin institutional lending services.
Discover how Bitget’s updated liquidity program aims to revolutionize market trading, attract top-performing market makers, and drive substantial platform growth.
Bitget’s Liquidity Program Overhaul
Bitget has announced a comprehensive overhaul of its spot liquidity incentive program, targeting improvements in market liquidity and user trading experience. Set to launch on August 1, 2024, this new initiative is geared towards attracting proficient market makers to further market stability and expansion. By providing a range of enhanced perks, such as low-interest rate over-allocated funds and multi-coin institutional lending services, Bitget aims to create an optimized trading environment.
Enhanced Perks and Services
Under the new program, market makers can benefit from low-interest rate over-allocated funds, along with flexible repayment terms. This includes access to multi-coin institutional lending services, presenting more opportunities for diversified trading strategies. High-performing market makers, especially those trading more than 20 spot currency pairs daily, will benefit from prioritized quote rankings and the opportunity to participate in bonus projects for specified spot trading pairs.
Revamped Fee Structures
The revised fee structure introduces differentiated tier rates to motivate participation. The top tier enjoys a maker rate of -0.012% for spot trading, while other tiers offer competitive rates designed to attract more participants. Additionally, substantial benefits are provided based on the tier, such as higher API frequency limits, the top tier receiving up to 100 requests per second, and comprehensive VIP services integrating spot and margin trading volumes for a more holistic evaluation of market maker performance.
Market Maker Requirements and Performance Metrics
To maintain their market maker status, participants must uphold a maker rate surpassing 75%. Failure to meet this standard for two consecutive months will result in disqualification and a two-month reapplication ban. These provisions ensure only active and high-performing market makers contribute to the platform’s liquidity and stability.
Bitget’s Growth and Market Impact
The new liquidity program emphasizes Bitget’s commitment to fostering a robust trading environment. Highlighting this, Bitget experienced a notable increase in website traffic, with nearly a 50% surge in Q2 2024, attracting 10 million monthly visitors and adding 2.9 million new users. This surge significantly boosted the platform’s spot trading volume from $28 billion in Q1 to $32 billion in Q2.
New Product Launches
Further complementing this growth, Bitget introduced two innovative products, PoolX and Pre-market, focusing on staking and pre-listing token trading. These new offerings launched over 100 projects, drawing significant user involvement. Such initiatives not only attract more users but also enrich the trading ecosystem, enhancing overall user experiences and participation.
Conclusion
Bitget’s revised spot liquidity incentive program is a significant step towards enhancing market liquidity and trading efficiency. By offering a range of benefits and adopting a tier-based fee structure, Bitget aims to attract top-tier market makers and foster sustained market growth. The exchange’s recent growth in user base and trading volume highlights the program’s potential, setting a robust foundation for future advancements in crypto trading.
