Bitget has established a $100 million fund to help Web3 entrepreneurs in Asian nations as they establish a framework for Web3 development. The fund is self-funded, with assistance from East Asian nations including Japan and Hong Kong. According to Bitget’s managing director, Gracy Chen, the fund has sufficient cash flow and no debt. The launch follows Bitget’s $30 million investment in BitKeep, a decentralized multi-chain wallet.
Due to rising regulatory pressure and the April 12 Shapella upgrade, the Ethereum staking ecosystem has seen a decline in deposit activity. With approximately a third of the entire amount of ETH staked, Lido, a liquid staking platform, has succeeded. Lido gives the chance to earn additional yields on DeFi platforms and deducts 10% of the staking earnings as commission. As ETH is liberated from the Beacon Chain following the Shapella update, analysts expect that liquid staking platforms like Lido would benefit. 18.1 million ETH, or 15% of the total supply, are currently staked, according to the Ethereum metrics tracking platform Ultrasound.Money, with a market cap of about $33.7 billion.