🔥 Bitget to Cut BGB Supply with 800M Token Burn
posted 16 hr ago
The updated Bitget Token (BGB) whitepaper aims to refine token dynamics and enhance the user experience.
In a move to strengthen its tokenomics and refine user engagement, Bitget has released an updated whitepaper for its Bitget Token (BGB). The update introduces a quarterly buyback and burn program, accompanied by an ambitious single burn of 800 million tokens, or 40% of the total supply.
Once implemented, the token supply will be reduced to 1.2 billion, with buybacks funded by 20% of Bitget’s profits from trading and other revenue streams. Quarterly burns are set to occur at the start of each new quarter. The announcement has already boosted BGB’s value by 20%.
Bitget will destroy the BGB it buys back by sending it to a burn address and will publish the exact amount and on-chain records after completion,the exchange's team shared.
As part of its ecosystem expansion, Bitget has upgraded its benefits for token holders. Plans are in place to integrate BGB into decentralized applications, allowing it to be used for airdrops, transaction fees, staking, and additional functionalities. Presently, the token supports centralized staking, launchpad participation, and discounted trading fees.
Bitget Ecosystem Map. Source: Bitget Official Document
Bitget representatives stated that these developments align with their strategic mission to grow the platform’s ecosystem while adhering to global regulatory standards, including KYC and anti-money laundering requirements. Bitget currently ranks fourth in combined spot and futures trading volume, capturing an 11% share of the market.
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