Bitget Unveils Ambitious Plan to Reshape Its Native Token Ecosystem

Cryptocurrency exchange Bitget has unveiled an ambitious plan to reshape its native token ecosystem. The exchange aims to burn 40% of the total supply of its native token

Cryptocurrency exchange Bitget has announced a large-scale burn of its native token, BGB, as part of a broader plan to reshape its token ecosystem. The exchange will burn 40% of the total BGB supply, which currently amounts to 800 million tokens valued at $6.8 billion.

This move follows a trend among cryptocurrency platforms to burn tokens and reduce supply in order to increase demand and scarcity. Binance, for example, has also implemented a token burn strategy for its BNB token.

The Bitget token burn will be conducted over several years, beginning in 2025. The exchange aims to burn tokens at a rate of 20% per year, starting with 200 million tokens in 24 months. This burn will continue until 40% of the total supply is fully burned.

In addition to this large-scale burn, Bitget will also introduce quarterly token burns. These burns will be funded by 20% of profits from the exchange's exchange and wallet operations.

The quarterly burning approach is designed to create a sustained narrative for token value growth over the long term. This strategy aims to keep investors engaged and interested in holding BGB tokens.

Furthermore, Bitget is merging its Bitget Wallet Token (BWB) into the BGB token. The exchange rate for the merger is approximately 11.68 BWB to 1 BGB, ensuring a smooth transition for users.

This merger will unify the exchange's token ecosystem and streamline the utility of both tokens under the BGB banner. It is expected to simplify token usage and enhance the overall efficiency of the Bitget ecosystem.

The move by Bitget comes at a time when competition among crypto exchanges is heating up. By adopting strategies such as token burns and ecosystem unification, Bitget aims to strengthen its market position.

The exchange is known for its innovative approach and has previously introduced initiatives like the Launchpad 2.0 platform and the Bitget Global Merger Fund. These strategies are part of Bitget's broader goal to become a top-tier exchange.

In conclusion, Bitget's bold initiatives — burning 40% of the BGB supply, introducing quarterly burns, and merging tokens into a unified ecosystem — are designed to enhance the token's value and utility.

These measures align Bitget with industry leaders while showcasing its commitment to innovation and ecosystem growth. As the crypto market continues to evolve, the effectiveness of Bitget's strategies will ultimately determine the long-term impact on BGB's value.