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Quarterly Transparency Reports; A Good Move By Decentralized Exchanges.


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It is ideal that crypto currency exchanges as the admisnistrators of users’ funds should account to them from time to time through transparency reports that can be drafted atleast at the end of every quarter. 

Platforms like Bitget have dropped theirs and their growth is pretty impressive. Both spot and derivative volume have grown exponentially. This is a testament to the fact that the team has been doing the good work.

In Q1 of 2024, the CEX’s spot trading volume increased by a whopping 113% peaking about $160 billion and the futures trading volume was at about $1.4 trillion signalling a 146% increase. 

In march, the platform witnessed the most remarkable growth thus far in the derivative market making it the 3rd largest derivative trading platform for the first time since december 2022. 

The user base has also trumped up from the previous 20 million to 25 million users globally. 

This demonstrates pure positive social sentiment and traction. In a similar vein, through the course of the previous quarter, the platform added about 186 new tokens, this has placed its number of tokens at 750+ tokens available and 820+ spot tokens. 

Most of the listings were relatively very early and some investors made fortunes off it.

The launchpool has also witnessed impressive growth, a total of 7 launchpools were done and this led to an increased demand for its native token $BGB.

$Bgb has been on steroids since the last quarter, breaking ATHs and establishing new ones.

Bitget applauds consistency and security, its Proof of reserve has also grown to about $612 million since March. With this type of security framework users confidence will be instilled to further use Bitget.

Here's some proof of the above; https://twitter.com/TokenInsight/status/1767010819282526267

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