Crypto: Exchanges are reinventing themselves as a DeFi ecosystem!
In today's world, cryptocurrency exchanges are more than just trading platforms. In their own right, they are undergoing the process of converting into genuine DeFi ecosystems. One example of this is Bitget Wallet, which has recently made the announcement that it would be launching Bitget Onchain Layer.
This layer is an ambitious integrated layer that will allow users to access the full world of decentralised money. All of this is made possible by a reserve money of ten million dollars.
A fund with a total of ten million dollars has been established by Bitget Wallet in order to further grow its cryptocurrency ecosystem. What is his objective? "Bitget Onchain Layer" is the name of the on-chain service layer that it will deploy.
However, this one heavyweight is not an exception to the rule. Now, a great number of well-known cryptocurrency platforms are following this strategic approach.
All of these international giants, including OKX, Binance, and even Kraken, have put in a lot of effort. Each of them provides their own integrated decentralised cryptocurrency wallet in addition to their own blockchain that is hosted internally. A massive undertaking with the goal of providing users with a comprehensive service.
Easier access to the broad world of distributed finance
The goal of achieving widespread adoption of cryptocurrencies lies at the core of this transformation. Through the consolidation of all services under a single ecosystem, exchanges significantly simplify the process of gaining access to decentralised financial systems. Eliminate the needless and time-consuming process of moving between applications!
At this point, all that is required to interface with the enormous world of decentralised finance is a straightforward multi-chain wallet such as Bitget Wallet. Users are able to access a wide variety of DeFi services, all of which are contained within a unified and simplified user experience.
Brand new obstacles to overcome
On the other hand, this turning point in the development of DeFi is not without difficulties for these platforms. The most significant challenge continues to be the design of a user experience that is fluid and user-friendly overall. We need to find a way to conquer the complexity that is inherent in these numerous decentralised services that are coupled with one another.
All of the advancements that are continually rising up in the crypto realm present yet another significant issue that must be appropriately integrated. DEXs, NFTs, the metaverse, Web3, and even DeFi on future networks like Celestia are all examples of decentralised exchanges.
An illustration of the dramatic upheaval that is now taking place among cryptocurrency exchanges is the debut of Bitget Onchain Layer. We forget about the platforms that are restricted to trading only simple assets. There is a pressing need for ecosystems that are interconnected and "all-in-one," with decentralised financial services occupying a major position.