Bit.ly hopes new features will help fend off competition from Twitter’s own URL shortening service

Times are dire for many third-party services built on top of Twitter. The microblogging service struck fear in the hearts of developers last month with an announcement that it would start replacing many of the services that have sprung up around Twitter.

One such company, however, was not upset. URL shortener Bit.ly is hoping that it can fend off Twitter’s own impending shortener by offering better and more reliable features. To that end, the company launched new capabilities today that will help share and track shortened links online.