Bitget, a prominent 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.
The latest whitepaper unveils a bold token burn strategy, initiating the immediate and irreversible burn of 800 million BGB, constituting 40% of the total supply, thereby decreasing the circulating supply to 1.2 billion. Starting in 2025, Bitget plans to implement quarterly burns by dedicating 20% of its profits from the Bitget Exchange and Bitget Wallet. This includes revenue generated from spot, futures, and NFT transactions, which will be used to repurchase and burn BGB. Every burn activity will be meticulously documented on-chain, guaranteeing transparency and accountability for the community.
Bitget has just revealed the exciting merger of Bitget Token (BGB) with Bitget Wallet Token (BWB). With the completion of this merger, BGB is set to become the singular token powering both Bitget’s centralized and decentralized ecosystems. BGB holders are currently reaping a range of benefits, such as fee discounts, exclusive VIP privileges, and the opportunity to engage in token farming via Launchpool. As we gaze into the future, Bitget is set to enhance BGB’s utility across on-chain ecosystems, establishing it as a fundamental asset for staking, liquidity provision, and airdrop eligibility. Furthermore, BGB will fuel Bitget Wallet functionalities, enabling multi-chain gas fee transactions and broadening its applications to everyday PayFi situations.
In the dynamic arena of cryptocurrency exchanges, Bitget has emerged as the fastest-growing centralized exchange (CEX) in recent years. This milestone has been reached by a dedicated team of 1,600 experts spanning over 60 countries, creating a robust ecosystem that integrates fiat, spot, margin, and futures trading, all powered by advanced technology for an unparalleled trading experience. Bitget is ramping up user trust by implementing cutting-edge security protocols, featuring a robust $600M Protection Fund and a regularly updated Proof-of-Reserve report each month. The proactive compliance strategy and the acquisition of licenses across various jurisdictions bolster its standing as the premier centralized exchange globally.
BGB has demonstrated impressive growth in 2024, with its market capitalization skyrocketing by more than 1000% in the last year and surging over 100-fold since it first launched. The robust growth is underpinned by a solid history of the token’s compelling use cases and the achievements of Bitget’s cutting-edge ecosystem.
The unveiling of the revamped BGB whitepaper signifies a pivotal milestone in Bitget’s evolution. Through the strategic reduction of supply, the enhancement of utility, and the expansion of real-world applications, BGB is set to bolster a range of functionalities and products within the Bitget ecosystem, fostering sustainable growth and delivering long-term value for its holders.