minent player in the cryptocurrency exchange and Web3 space, has unveiled a fresh whitepaper detailing its native token, Bitget Token (BGB). The latest update unveils a groundbreaking initiative to burn 800 million BGB tokens, currently valued at over $5 billion while outlining strategies to enhance the token's utility. This action underscores Bitget's dedication to implementing a deflationary supply model for BGB, enhancing its utility at an accelerated pace.
Cryptocurrency exchange Bitget has announced a new whitepaper for its native token, Bitget Token (BGB). The latest update reveals a massive burn of 800 million BGB (currently valued at over $5 billion) and strategies to enhance the token’s utility. This move is part of Bitget’s plan to implement a deflationary supply model for BGB and accelerate its utility.
The whitepaper unveils a bold token burn strategy, kicking off with the immediate and irreversible burn of 800 million BGB, which is 40% of the total supply, reducing the circulating supply to 1.2 billion. Commencing in 2025, Bitget will implement quarterly burns by allocating 20% of its profits from the Bitget Exchange and Bitget Wallet. This revenue, generated from spot, futures, and NFT transactions, will be used to repurchase and burn BGB. Each burn activity will be documented on-chain, ensuring transparency and accountability to the community.
In a significant development, Bitget has merged Bitget Token (BGB) with Bitget Wallet Token (BWB). With this integration, BGB becomes the single token powering both Bitget’s centralized and decentralized ecosystems. BGB holders currently enjoy a range of benefits, including fee discounts, exclusive VIP privileges, and the ability to participate in token farming through Launchpool. As Bitget expands BGB’s utility across on-chain ecosystems, the token will become a critical asset for staking, liquidity provision, and airdrop eligibility. Additionally, BGB will fuel Bitget Wallet functionalities, enabling multi-chain gas fee transactions and expanding its applications to everyday PayFi scenarios.
In the fast-paced world of cryptocurrency exchanges, Bitget has quickly become the fastest-growing centralized exchange (CEX) in recent years. This achievement is driven by a dedicated team of 1,600 professionals across 60 countries, building a robust ecosystem that integrates fiat, spot, margin, and futures trading, all powered by advanced technology for a seamless trading experience. Bitget is earning user trust by implementing cutting-edge security protocols, including a strong $600M Protection Fund and a regular Proof-of-Reserve report each month. The exchange’s proactive compliance strategy and acquisition of licenses in various jurisdictions solidify its standing as the leading centralized exchange globally.
BGB has seen phenomenal growth in 2024, with its market capitalization increasing by over 1000% in the past year and surging over 100-fold since it first launched. This robust growth is underpinned by the token’s compelling use cases and the achievements of Bitget’s cutting-edge ecosystem.
The launch of the updated BGB whitepaper marks a critical step in Bitget’s development. By strategically reducing supply, enhancing utility, and expanding real-world applications, BGB will empower a wide range of functionalities and products within the Bitget ecosystem, driving sustainable growth and delivering long-term value to its holders.
