Aside from the recent buzz about $BGB following the trend of competitors and becoming a public chain token, Bitget Onchain’s underlying architecture has also undergone adjustments recently, aligning more closely with Binance Alpha. As mentioned before, although both can use CEX reserves to purchase on-chain assets, Bitget Onchain’s execution logic and asset custody method are relatively complex, involving hundreds of EOA addresses, making external data tracking difficult. Binance Alpha, on the other hand, uses a dual-contract address management model: one for stablecoin and gas asset custody, and the other for altcoin custody, with stablecoin custody contracts executing buy/sell transactions. Bitget Onchain’s EVM networks (BSC and Base) have recently been updated. Stablecoin assets and EVM transaction execution contract: 0xad2eae16157002a97e11b4201d111e6cd4c977ca. Currently, there’s approximately 820,000 USDT/C in assets, with daily trading volume ranging between $4.5M–$10M and transaction counts between 25K–45K. The Solana architecture is still being adjusted, so data isn’t available yet, but it’s said to be ready as early as next week. Solana network transaction volume reportedly accounts for the majority, so we’ll check back later to see what’s up. After a year of development, the integration of exchanges and on-chain operations can be categorized into three main models: custodial Alpha systems (Binance, Gate, and Bitget), semi-custodial smart account systems (Coinbase), and self-custodial wallet systems (OKX). The first two allow direct use of CEX reserves to purchase on-chain assets without the concept of deposits/withdrawals. Alpha systems mostly deal with designated assets, with concepts of listing/delisting, while Coinbase DEX theoretically imposes no restrictions on on-chain assets and can track specific users via smart account addresses. OKX, on the other hand, blurs the lines between embedded wallet entry and CEX concepts, offering a seamless experience but still requiring withdrawals for transactions.