Bitget Updates Its Bitget Token (BGB) Burn Mechanism to a Utility-Based Model

VICTORIA, Seychelles, April 09, 2025 (GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, has announced a significant update to the burn mechanism of Bitget Token (BGB).

Bitget, the leading cryptocurrency exchange and Web3 company, has announced a significant update to the burn mechanism of its native token, Bitget Token (BGB). This enhancement introduces a utility-based model that ties BGB's quarterly burn amount to its on-chain usage, signifying the token's evolution towards higher transparency, compliance, and sustainable token value.

The new burn mechanism links quarterly burn volumes to the amount of BGB used for on-chain gas fees through Bitget Wallet's GetGas accounts. This model is designed to better reflect the growing integration of BGB across centralized and decentralized ecosystems. By anchoring the burn to real usage, the model facilitates BGB's transformation as a key asset within Web3 and real-world applications. The burn formula accounts for BGB's usage as gas fees, the average price in the quarter, and predefined constants to ensure a dynamic and verifiable process.

The first quarterly burn under this new mechanism has now been calculated. In Q1 2025, 6,943.63 BGB were topped up in Bitget Wallet's GetGas accounts for on-chain gas fee usage. Based on the new formula, a total of 30,006,905 BGB will be burnt in this quarter. All data related to the burn - including transaction records and wallet addresses - are publicly accessible on-chain to ensure full transparency.

"BGB is becoming a vital bridge between centralized and decentralized ecosystems. By linking its burn mechanism to actual on-chain utility, BGB's quarterly burn amount can evolve with real usage. This update incentivizes adoption and enables transparent and sustainable tokenomics," said Gracy Chen, CEO of Bitget. "As BGB continues to expand its role in on-chain ecosystems, we can expect an even more sustainable burn mechanism."

Bitget Token (BGB) is the utility token that fuels the entire Bitget ecosystem, spanning both its centralized exchange and decentralized wallet. BGB can be staked to earn passive income or used to qualify for popular token airdrops via Launchpool and PoolX. It also unlocks early access to high-potential Web3 projects through Launchpad and LaunchX. On-chain, BGB is used to cover multi-chain gas fees in Bitget Wallet. Holding BGB grants users exclusive perks such as VIP-level upgrades and profit-sharing opportunities for elite traders. More than just a token, BGB is a gateway for users to engage with, influence, and grow alongside the Bitget ecosystem.

Earlier this year, the BGB ecosystem was further strengthened by permanently burning 800 million team-held tokens, representing 40% of the total supply. Following this burn in January 2025, the total supply was reduced to 1.2 billion, with 100% now in circulation.

Launched in July 2021 at an initial price of 0.0585 USDT, BGB reached an all-time high of 8.5 USDT in December 2024 - delivering over 100x in cumulative gains. According to CoinMarketCap, it now ranks among the top three CEX native tokens by market cap and is also listed as a top 30 crypto asset.

For more information about the BGB burn, please visit this link.About BitgetFounded in April 2018, Bitget is a leading cryptocurrency exchange and Web3 company that operates in 150+ countries and regions, serving over 100 million users. The company's mission is to provide a safe and reliable platform for users to engage in cryptocurrency trading and earn passive income. Bitget is known for its pioneering copy trading feature, which allows traders to easily follow and copy the trades of experienced traders. The platform also offers a variety of trading solutions to suit different levels of experience and risk tolerance. Bitget is also a strong supporter of Web3 and has launched several products and services to support the decentralized Web.

Recently, Bitget announced a significant update to the burn mechanism of its native token, Bitget Token (BGB), tying the token's quarterly burn amount to its on-chain usage. This move is part of Bitget's broader strategy to promote greater transparency, compliance, and sustainability in its tokenomics. The burn formula accounts for BGB's usage as gas fees, the average price in the quarter, and predefined constants to ensure a dynamic and verifiable process.

The first quarterly burn under this new mechanism has now been calculated. In Q1 2025, 6,943.63 BGB were topped up in Bitget Wallet's GetGas accounts for on-chain gas fee usage. Based on the new formula, a total of 30,006,905 BGB will be burnt in this quarter. All data related to the burn - including transaction records and wallet addresses - are publicly accessible on-chain to ensure full transparency.

"We are constantly exploring