Bitget announced the release of a new whitepaper for its native token, Bitget Token (BGB), after previously announcing the merger of Bitget Token (BGB) and Bitget Wallet Token (BWB). The whitepaper outlines plans to burn 800 million BGB tokens, which is valued at over $5 billion based on current market prices.
The new whitepaper demonstrates Bitget’s strong commitment to the deflationary model of BGB and aims to accelerate the development of its ecosystem. The token burning plan involves the immediate permanent destruction of 800 million BGB tokens, which accounts for 40% of the total supply, reducing the circulating supply to 1.2 billion tokens. Starting from 2025, Bitget will initiate a quarterly burning mechanism, using 20% of the profits from Bitget Exchange and Bitget Wallet (including spot, contract, and NFT trading revenues) to repurchase and burn BGB tokens. All burning activities will be recorded on the blockchain to ensure transparency and accountability to the community.
Prior to this, Bitget announced the merger of Bitget Token (BGB) and Bitget Wallet Token (BWB), with the merged BGB becoming the unified token for Bitget’s centralized and decentralized ecosystems. BGB holders currently enjoy benefits such as fee discounts, VIP privileges, and participation in token mining through Launchpool. In the future, Bitget plans to further expand the on-chain applications of BGB, making it a core asset for staking, liquidity provision, and airdrops. Additionally, BGB will drive Bitget Wallet services, such as multi-chain gas fee payments, and extend into everyday payment scenarios, promoting the development of PayFi (Payment Finance).
In the competitive field of cryptocurrency exchanges, Bitget has emerged as the fastest-growing centralized exchange (CEX). This achievement is attributed to Bitget’s team of over 1,600 professionals in more than 60 countries, offering a comprehensive ecosystem covering fiat, spot, leverage, and contract trading, and providing a seamless trading experience through cutting-edge technology. Bitget further enhances user trust through a $600 million protection fund and monthly updated reserve proof reports. Additionally, Bitget actively pursues compliance strategies and has obtained licenses in multiple jurisdictions, further solidifying its global leading position.
Bitget CEO Gracy Chen stated, “Centralized exchanges are the core force driving the mass adoption of cryptocurrencies, and Bitget’s mission is to lead the next wave of innovation. We have decided to burn $5 billion worth of BGB, which aligns with our plan to establish BGB as a powerful medium for value transfer. Moving forward, we will expand the utility of BGB on-chain, integrate it into more DApps, and bring it to the masses, making BGB a part of everyday life and bringing PayFi into every day.”
In 2024, BGB has shown remarkable performance, with its market value growing over 1000% in the past year and increasing by a hundredfold since its issuance. The release of this new whitepaper signifies an important milestone for Bitget. By reducing supply, enhancing applications, and expanding real-world use cases, BGB will further enhance the functionality and long-term value within the Bitget ecosystem.
About Bitget
Founded in 2018, Bitget is a leading cryptocurrency exchange and Web3 company. Currently serving over 100 countries and regions, Bitget helps over 45 million users achieve intelligent trading through various solutions, including leading copy trading services.
Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain cryptocurrency wallet that provides a range of Web3 solutions and interactive features, integrating wallet, swap, NFT market, DApp browser, and more.
Through partnerships with trusted allies, Bitget encourages individuals to embrace cryptocurrencies, including being the official cryptocurrency partner of the top professional football league La Liga in East Asia, Southeast Asia, and Latin America, as well as Olympic athlete partners such as wrestling world champion Buse Tosun Çavuşoğlu, boxing gold medalist Samet Gümüş, and volleyball national team member İlkin Aydın.
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