Despite broader market liquidation, Bitget's native token, BGB, achieved a remarkable milestone yesterday by reaching a new all-time high. Surging to $1.38, BGB marked an impressive nearly 250% increase compared to its price from the previous year.

This surge positions BGB as the second-largest gainer in the crypto market this week, just behind CORE. The token's surge is particularly noteworthy as it occurred amid a brief market liquidation, with Bitcoin and Ethereum experiencing dips of over 5% throughout the week.

CoinGecko data reveals that BGB's latest surge has propelled it to become the second-largest centralized exchange token in terms of daily trading volume, trailing closely behind Binance's BNB. This surge in trading volume reflects the growing popularity and utility of the Bitget platform.

To gain deeper insights into BGB's performance metrics, crypto.news reached out to Ryan Lee, Chief Analyst at Bitget Research. Lee highlighted the thriving spot trading market and steady development of the derivatives market as key drivers behind Bitget's robust business data growth. He emphasized that the recent approval of Bitcoin ETFs has further fueled this growth, particularly in the derivatives business, which tends to thrive in volatile market conditions.

Lee also discussed how BGB's utility and use cases have expanded, citing the addition of three consecutive Launchpools on Bitget. Notably, Lee pointed out the success of the Ethena (ENA) Launchpool, where staking BGB has yielded a daily yield of 0.8%, translating to an impressive APY of 292%. This surge in staking rewards coincided with BGB's new all-time high, providing users with double benefits.

Looking ahead, Bitget has announced the upcoming launch of PoolX, described by Lee as a high-frequency and small-scale Launchpool. He anticipates that PoolX will enable Bitget to consistently achieve high annualized returns, positioning BGB as a lucrative asset for staking in the bullish market.

In summary, BGB's recent surge to a new all-time high underscores its growing prominence and utility within the Bitget ecosystem, with the token poised to offer significant potential for investors through staking rewards and participation in upcoming launch events.