Among the current CEX giants, Binance, OKX, and Bitget are the three major players. There is no doubt that BNB, as Binance's platform currency, has become the "golden shovel" for its long-term dominance - an extremely solid moat.

OKX and Bitget followed closely and launched their own platform currencies, but compared with Binance, BNB's leading advantage is obvious. OKX launched its own X-chain, while Bitget made BGB into a "golden shovel", but neither has yet been able to surpass Binance in the battlefield of platform currencies.

As the CEX bonus period is coming to an end, the quiet rise of DEX has made major platforms smell the breath of threat. Various platforms have begun to exert their strength in the wallet field in order to occupy a place in the future competition.

In this regard, OKX has occupied a certain territory with its first-mover advantage, while Binance has relied on BNB's moat and years of accumulated capital to catch up. What really needs to be vigilant is Bitget's situation.

However, Bitget did not sit idly by. Through the GetGas function of Bitget Wallet, BGB will have the opportunity to act as the GAS token of various public chains across chains.

This may be a major breakthrough in the three major areas of CEX, DEX and wallets, but it may also be a new strategy for Bitget to survive in the cracks. If successful, BGB may find a new position in the Web3 ecosystem and become Bitget's unique competitive advantage.

Therefore, although Bitget has tried to find a fleeting opportunity in the three major areas of CEX, DEX and wallets through BGB's cross-chain GAS payment, concerns about Binance still linger. The strong network effect that Binance has established in the industry over the years and the "golden shovel" effect of BNB have enabled it to maintain its market dominance even at the end of the CEX dividend.

However, this may also cause it to become too conservative in innovation and adapting to new market needs, missing out on emerging trends. Whether Binance can continue to maintain its leading edge while effectively responding to the wave of decentralization and the challenges of increasingly stringent regulation will be a key test it needs to face in the future.