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News

Bitget Token Burn: Updated Whitepaper and Quarterly Burns

15 hours ago - Around 3 mins mins to read

Key Points:

  • Bitget will implement a quarterly Bitget Token Burn mechanism, reducing the total supply of BGB tokens by 40%.
  • The Bitget Token Burn aims to enhance the token’s value and support the platform’s long-term growth and ecosystem development.
Bitget Token Burn plan includes a 40% supply reduction and quarterly burns, marking a key milestone for BGB’s ecosystem and long-term growth.
Bitget Token Burn: Updated Whitepaper and Quarterly Burns

Bitget Token Burn: Reducing Supply for a Stronger Ecosystem

A cryptocurrency exchange Bitget has announced the release of an updated whitepaper for its native token, BGB. The updated whitepaper introduces several key changes, most notably a plan to burn 40% of the total BGB token supply, equivalent to 800 million BGB, currently valued at over $6.7 billion.

This Bitget Token Burn will reduce the total supply of BGB to 1.2 billion tokens (currently 2 billion), all of which will be fully circulating in the market.

Starting in 2025, Bitget will use 20% of its quarterly profits from the exchange and Bitget Wallet to buy back and burn BGB. These profits include trading fees from spot, futures, and margin trading on the Bitget exchange, as well as swap, futures, and NFT transactions on the Bitget Wallet.

The price of BGB, which has already seen strong growth recently, surged to a new all-time high (ATH) of around $8.4 following the news—representing a growth of over 400% in the past month alone.

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Price fluctuations in the past 1 month of BGB token representing Bitget exchange on CoinMarketCap taken at 06:55 pm on December 27, 2024

Read more: Bitget Secures Bitcoin Service License In El Salvador

Bitget Token Burn Follows Recent BWB Token Merger

The announcement of the updated whitepaper and Bitget Token Burn comes 24 hours after the exchange announced the merger of Bitget Wallet Token (BWB) into Bitget Token (BGB), creating a unified token ecosystem for both its centralized exchange and wallet.

Bitget emphasized that the merger will not affect the total supply of BGB, and the conversion rate between BWB and BGB will be 0.08563. For example, if a user holds 100,000 BWB, based on the 0.08563 exchange rate, they will receive 8,563 BGB.

After the merger of BGB and BWB, BGB will function as the platform’s native gas fee token, unlocking the exchange’s full potential in on-chain applications. Additionally, BGB will be seamlessly integrated with Bitget Wallet, powering features such as Fair Launchpool and multi-chain gas fee payments.

In 2025, BGB will also expand to offline payment applications, supporting seamless payments in various consumer scenarios such as dining, travel, fuel, and shopping.

Currently, during the BWB migration process, related services and trading pairs on DEXs/CEXs are temporarily suspended to facilitate the upgrade. The price of the BWB token is trading around $0.5669, representing a doubling in value over the past month.

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Price fluctuation in the past 1 month of BWB token representing Bitget Wallet on CoinMarketCap taken at 06:55 pm on December 27, 2024
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.