- Bitget will burn 800M BGB tokens, removing 40% of the total supply.
- All token burns will take place on-chain to maintain transparency and trust.
A recent development was announced by the biggest cryptocurrency exchange, Bitget, it’s going to launch a $5 billion BGB token burn. The integration between BGB and Bitget Wallet’s BWB tokens will take away 40% of the total BGB supply. This follows the much-anticipated merger between the two tokens. It also published a refreshed version of the BGB token whitepaper, presenting the plan it has in place for increasing the token’s usability on its platforms.
Bitget announced that it will burn 800 million BGB tokens to solidify its holistic token system. The value, at current market prices, is around $5 billion. It would do tranches burns, 20% of quarterly profits that the exchange of Bitget, as well as the wallet, will assign to it. All of the burns are on-chain. This ensures that each member in the community gets a view and holds them responsible.
The crypto space is closely watching the decision to merge the BGB and BWB tokens. This move marks a historic step to harmonize operations and expand use cases. It happened right after community feedback, seeking integration towards offering better benefits, hence better token usability from their side.
BGB Token Price Surges Amid Announcements
The price rally in the BGB token was fueled by an announcement that pushed it 15% today and trading at $8.36 with a market capitalization of $11.71 billion. That puts BGB from 19th to 16th position on CoinMarketCap’s crypto rankings.
During this Q&A, Bitget Chief Executive Gracy Chen shared the importance of the burn in increasing adoption and promoting the role of the token as a value medium while showcasing more plans on enhancing BGB’s utility on-chain use into payfi solutions to help mainstream transactions.
As the New Year begins for Bitget, the exchange aims at strengthening the BGB ecosystem by bringing practical use cases into fruition across DeFi platforms. Thus, Bitget prepares itself for yet another exciting year in positioning BGB at the heart of this revolutionizing crypto landscape.
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