Bitget has announced a significant overhaul of its spot liquidity incentive program, aimed at enhancing market liquidity and improving the trading experience for its users. The revamped program, set to launch on August 1, 2024, seeks to attract skilled market makers to drive market prosperity and development.
The updated program offers a range of enhanced perks, including access to low-interest rate over-allocated funds and flexible repayment terms. Additionally, market makers can take advantage of multi-coin institutional lending services. Top performers, who trade more than 20 spot currency pairs daily, will enjoy prioritized quote rankings and participation in bonus projects for specific spot trading pairs.
The program introduces a revised fee structure, where market makers at different tiers benefit from varying rates. The highest tier offers a maker rate of -0.012% for spot trading, with other tiers providing competitive rates to incentivize participation.
Market makers are also provided with substantial benefits based on their tier. These include higher API frequency limits, with the top tier enjoying up to 100 requests per second, and the inclusion of VIP services. The program combines spot and margin trading volumes for assessment, ensuring a comprehensive evaluation of market maker performance.
To maintain their status, market makers must meet specific requirements, including maintaining a maker rate above 75%. Failure to meet these requirements for two consecutive months will result in disqualification, with a two-month reapplication ban.
The enhanced liquidity program shows Bitget’s growth in providing a robust trading environment and fostering market growth. Recently Bitget reported that in Q2 2024 the exchange experienced nearly a 50% increase in website traffic, attracting 10 million monthly visitors. This growth was complemented by 2.9 million new users, boosting the platform’s spot trading volume from $28 billion in Q1 to $32 billion in Q2.
Bitget launched two new products, PoolX and Pre-market, introducing staking and pre-listing token trading. These products launched over 100 projects, attracting significant user participation. Additionally, Bitget’s BGB token was named a top 10 cryptocurrency by Forbes and emerged as the best-performing CEX token. According to CCData’s H2 Outlook Report, Bitget had the largest market share growth among CEXs, increasing by 38.4% from H2 2023 to H1 2024.
