[OLD]Bitget DeFi Token: A Platform Token Bridging Centralized and Decentralized Finance

What is [OLD]Bitget DeFi Token

Friends, today let’s talk about a blockchain project with “OLD” in its name—[OLD]Bitget DeFi Token, abbreviated as BFT. When you hear “OLD,” you might have guessed it’s indeed a “retired” token. You can think of it as an early “points” or “membership card” issued by Bitget exchange (a platform providing cryptocurrency trading services).

While it was active, BFT’s main function was to allow users to enjoy trading fee discounts when trading on Bitget exchange. Just like using an airline mileage card for ticket discounts, holding BFT meant you could save money on Bitget. It was a token issued on the Ethereum blockchain (an ERC-20 token), which means it followed the standard protocol for tokens on Ethereum and could be transferred across the Ethereum network.

However, in July 2021, Bitget exchange upgraded its platform token. The [OLD]Bitget DeFi Token (BFT) was replaced by the new Bitget Token (BGB), and exchanged at a 1:2 ratio—meaning every BFT you held became two BGB. So, there are no longer any active [OLD]Bitget DeFi Tokens on the market; its circulating supply is zero, and its market value is also zero. It has fulfilled its historical mission and stands as an important milestone in Bitget’s development journey.

Project Vision and Value Proposition

Although [OLD]Bitget DeFi Token itself is no longer active, we can glimpse its value proposition from its historical role. Its original vision was to be part of the Bitget exchange ecosystem, attracting and retaining users by offering incentives such as trading fee discounts, thereby promoting platform growth and increasing trading volume. Its value lay in providing tangible benefits to early users and serving as a bridge between users and the Bitget platform.

Compared to similar projects (i.e., other exchange platform tokens), BFT’s positioning was also similar: enhancing user loyalty and engagement by granting certain rights to token holders. As Bitget exchange continued to develop, the upgrade of BFT reflected the platform’s commitment to optimizing and iterating its token economic model to adapt to market changes and user needs.

Technical Features

[OLD]Bitget DeFi Token is an ERC-20 standard token based on the Ethereum blockchain. Simply put, ERC-20 is a technical specification for creating tokens on Ethereum, defining a set of universal rules so these tokens can be compatible with each other and easily circulate in various wallets and exchanges. It’s like all bank cards following a unified size and magnetic stripe standard so they can be used at ATMs.

As an ERC-20 token, BFT inherited the security of the Ethereum network. Ethereum is a decentralized public blockchain, and its security is maintained by thousands of nodes worldwide, making it theoretically difficult for any single entity to control or tamper with. However, BFT itself did not have complex smart contract functions or unique consensus mechanisms; its technical features were mainly reflected in its role as a platform ecosystem token for Bitget.

Tokenomics

Regarding the tokenomics of [OLD]Bitget DeFi Token, we mainly look at its state before the upgrade. Its token symbol was BFT, running on the Ethereum blockchain. Before being upgraded to BGB, BFT’s total supply and circulating supply were recorded. However, since it has completed the swap to BGB, BFT’s current circulating supply and market value are both shown as zero.

BFT’s main use was as a voucher for trading fee discounts on Bitget exchange. As mentioned earlier, holding BFT could reduce trading costs. This design aimed to encourage users to hold the token long-term, bringing a more stable user base and liquidity to the platform. Information about token allocation and unlocking may have existed during the BFT period, but with the upgrade, this information is no longer applicable to [OLD]Bitget DeFi Token itself and has shifted to the new BGB token.

Team, Governance, and Funding

Since [OLD]Bitget DeFi Token was Bitget exchange’s early platform token, its underlying team and governance mechanism were essentially the operating team and governance structure of Bitget exchange. Founded in 2018, Bitget is a global cryptocurrency trading platform offering spot trading, contract trading, and copy trading services. Its team consists of professionals with traditional finance backgrounds, dedicated to product innovation and user experience.

Bitget exchange has its own governance mechanism and continues to grow, with over 100 million users and daily trading volume exceeding $20 billion. The platform has also established a protection fund and proof-of-reserves mechanism to enhance user trust and fund security. However, these are features of Bitget exchange as a whole, not independent attributes of the [OLD]Bitget DeFi Token.

Roadmap

For [OLD]Bitget DeFi Token, its most important historical milestone was its upgrade to Bitget Token (BGB) in July 2021. This marked the completion of BFT’s historical mission, with its functions and value transferred to the new BGB token. Therefore, [OLD]Bitget DeFi Token itself does not have an independent future roadmap; its development trajectory has been integrated into the roadmap of Bitget Token (BGB).

Common Risk Reminders

Although [OLD]Bitget DeFi Token is no longer active, reviewing its experience as an “old token” allows us to summarize some risks generally applicable to cryptocurrency projects:

• Project Upgrade and Token Replacement Risk: Just as BFT was replaced by BGB, project teams may upgrade or replace tokens for various reasons. This can cause old tokens to lose value or require users to take action to swap for new tokens; if not done promptly or correctly, losses may occur.
• Liquidity Risk: For inactive tokens, trading volume can be very low or even zero, making them nearly impossible to sell or swap—i.e., lacking liquidity.
• Information Asymmetry Risk: As projects develop and iterate, information about old tokens may become hard to obtain or outdated, making it harder for users to understand their true status.
• Not Investment Advice: Once again, the above information is for educational purposes only and does not constitute investment advice. The cryptocurrency market is highly volatile and risky; please conduct thorough research and make decisions cautiously.

Verification Checklist

For [OLD]Bitget DeFi Token, since it is no longer active, the following checklist is mainly for historical review and information verification:

• Block Explorer Contract Address: BFT’s Ethereum contract address is 0x3779...8c98e13. You can check this address on Ethereum block explorers (such as Etherscan) to view its historical transaction records and token holdings.
• GitHub Activity: As a platform token, BFT itself may not have an independent GitHub codebase. Its technical development and maintenance should be associated with Bitget exchange’s overall development activities.
• Official Announcements: Announcements from Bitget exchange regarding the upgrade from BFT to BGB are key sources for understanding its history.

Project Summary

[OLD]Bitget DeFi Token (BFT) was an early platform token issued by Bitget exchange, upgraded to Bitget Token (BGB) in July 2021. During its active period, BFT’s main function was to provide trading fee discounts for Bitget platform users. As an Ethereum-based ERC-20 token, it was once an important part of the Bitget ecosystem.

However, with the platform’s strategic adjustments and development, BFT has fulfilled its historical mission and is now inactive, with a circulating supply of zero. Its story reminds us that cryptocurrency projects and tokens are constantly evolving, and understanding their historical background and evolution is crucial to comprehending the entire crypto ecosystem.

Please note, this article is only a historical review and educational introduction to [OLD]Bitget DeFi Token and does not constitute any investment advice. Cryptocurrency investment is extremely risky; please make your investment decisions only after fully understanding the risks and conducting independent research. For more details, it is recommended to consult Bitget exchange’s official historical announcements and the BGB token whitepaper.