Many factors,
New exchanges: Friendly KYC rules, list a lot coins, low fees, promotions.
Old exchanges: Claim to have insurance or anything that makes people think your exchanges is the safest place.
I don't know much about Bitget's KYC requirements, but I believe it's one of the reasons the exchange has grown exponentially.
They forced all users to undergo KYC verification since 2023, the level 1 KYC need to submit
either ID card, passport, driver's license, and proof of residence.You're right, events like Launchpools & PoolX are indeed a significant factor in Bitget's growth.
If you say launchpool is a significant factor of their growth, what about Binance, Bybit, OKX, Kucoin, HTX etc that also have launchpool? they're same.