⚡ Former founder of BG Wallet reveals that Bitget Wallet is raising funds at a valuation of $2 billion—— The Web3 wallet track feels like the Internet O2O war in those days The extensive stage of "burning money to exchange quantity" has ended and entered the second half of capital efficiency and differentiation competition In the current bear market of VC tightening, obtaining financing for mature projects usually points to two core drivers: (1) Expansion demand: requires mergers and acquisitions or expansion of new business lines. (2) Cash flow pressure (main): The existing cash flow cannot cover the high market customer acquisition cost (CAC) In the Internet war of that year, only when enterprises could not maintain market share through their own blood, financing was often the precursor of "hemostasis" or "transformation". For example, when JD.com withdrew from the food delivery subsidy war, it was not simply due to a lack of funds, but rather an inverted ROI (return on investment), and instead utilized its existing logistics advantages to deeply cultivate fresh produce and e-commerce delivery. It can be inferred from this that the web3 wallet war: Bitget Wallet's recent financing is likely to mean that it will withdraw from the positive "subsidy hand to hand" competition with Binance and OKX, and instead seek differentiated tracks with higher gross margins such as RWA (US stock on chain) and DEX aggregation trading. In the second half of the wallet war, BG Wallet's continued participation in the "subsidy competition" across all categories is unsustainable, as it is not as strong as Binance in terms of fund thickness and not as advantageous as OKX in terms of first mover advantage. These market signals are quite interesting