Bitget Swap– Bridging the gap between CEFI and DEFi?

[Incarts]

One of the core selling points of cryptocurrency is that it promotes decentralisation by eschewing the involvements of central authorities like bank, government and other financial authorities; a paradigm shift from fiat currency that is under the full control of government.

Being digital assets, cryptocurrencies are traded on exchanges with the biggest of them operated as CeFi platforms. For contexts, CeFi (Centralized Finance) are run similarly to banks, adopting a central authority as with banks. This infact defeats the purpose of decentralized function of cryptocurrency.

The few weaknesses of CeFi would go on to inspire the birth of DeFi (Decentralized Finance), with the concept taking a different approach to crypto trading compared to CeFi. DeFi eliminates centralized authority that holds custody over assets. Instead, the individual traders hold full custody over their assets and control their private keys. 

Both concepts might have their strengths, but their weaknesses still exist, it is then no secret that devs are channelling their efforts towards finding the right balance. The recent effort of the Bitget devs to come up with Bitget Swap suggests we could well witness that era or platform where the gap between CeFi x DeFi is bridged successfully with a glance suggesting it integrates the selling points of both concepts.

Do you think the readiness of the CeFi Platform, Bitget to launch Bitget swap–a platform that combines the strengths of CeFi and DeFi is a right step in the direction towards bridging the gap between CeFi x DeFi?

Edited September 9 by Incarts

[XTRAVAGANZA]

have been using the swap feature on different exchanges, and seeing this exchange has joined in bridging the gap between CeFi and DeFi shows a plausible remark that centralized exchanges are improving. But, one downside with swapping on these exchanges is that users must entrust the security of private keys to third parties and exchanges decide which trading pairs to make available. 

Is there any difference with this Bitget?
 

[Bash4j]

2 hours ago, XTRAVAGANZA said:

have been using the swap feature on different exchanges, and seeing this exchange has joined in bridging the gap between CeFi and DeFi shows a plausible remark that centralized exchanges are improving. But, one downside with swapping on these exchanges is that users must entrust the security of private keys to third parties and exchanges decide which trading pairs to make available. 

Is there any difference with this Bitget?
 

I guess that's the new trend. I just updated my Bitget app and saw it was an added feature. Well, I know the "swap" can compare market prices across multiple DEXs to give its users the most optimal price while automatically handling the extra gas fees challenge via its user's existing stablecoin balance. As you said, "The centralized exchanges are improving." So yeah, it will likely make a difference

[Mary]

22 hours ago, Bash4j said:

I guess that's the new trend. I just updated my Bitget app and saw it was an added feature. Well, I know the "swap" can compare market prices across multiple DEXs to give its users the most optimal price while automatically handling the extra gas fees challenge via its user's existing stablecoin balance. As you said, "The centralized exchanges are improving." So yeah, it will likely make a difference

That's interesting to know. Seems like exchanges are going to a new dimension of bridging easier means of sourcing liquidity from different networks. Is like having a 2in1 platform for your trades 

[Captainsaudi]

On 09/09/2023 at 19:50, Bash4j said:

I guess that's the new trend. I just updated my Bitget app and saw it was an added feature. Well, I know the "swap" can compare market prices across multiple DEXs to give its users the most optimal price while automatically handling the extra gas fees challenge via its user's existing stablecoin balance. As you said, "The centralized exchanges are improving." So yeah, it will likely make a difference.

Well, this is a welcome development that shows the readiness of CEFI to seamlessly blend DEFI features. 

[BashJasper]

Having a hybrid between these 2 components of the crypto ecosystem is very crucial to the narratives of crypto transactions moving forward. Binance have done it and now bitget is expanding its horizon here too after recent news of integrating a non-custodial wallet

[Jaja24]

Honestly never really noticed this feature on this exchange, I prolly have to use it as my go-to so I can be more updated. Thanks for this info 

[samwisegamji]

On 11/09/2023 at 15:11, Captainsaudi said:

Well, this is a welcome development that shows the readiness of CEFI to seamlessly blend DEFI features. 

Its low fees & minimal txn time is one good feat that attracted me to utilize this unique product but will explore it as time goes on. 

[Maxicreed01]

On 11/09/2023 at 23:04, BashJasper said:

Having a hybrid between these 2 components of the crypto ecosystem is very crucial to the narratives of crypto transactions moving forward. Binance have done it and now bitget is expanding its horizon here too after recent news of integrating a non-custodial wallet

I may have missed that of Binance cos I was thinking Bitget should be the first among the top 20 exchanges to roll out these feature. I will explore both platform to have a feel of this feature.

Thanks for sharing 

[Emon]

On 12/09/2023 at 04:04, BashJasper said:

Having a hybrid between these 2 components of the crypto ecosystem is very crucial to the narratives of crypto transactions moving forward. Binance have done it and now bitget is expanding its horizon here too after recent news of integrating a non-custodial wallet

Basically, they've renamed the BitKeep wallet to BitgetWallet while megaswap to Bitgetswap😑...!

 

Most of the wallets have that inbuilt swap features but only a few reputable centralised exchanges have that feature!