Bitget Strengthens BGB Ecosystem with Updated Whitepaper and Supply Reduction
Victoria, Seychelles, December 30th, 2024, Chainwire
Bitget, the leading cryptocurrency exchange and Web3 company, has released an updated whitepaper for its native token, Bitget Token (BGB). The revised document highlights three major areas: advancements in Bitget’s ecosystem, enhanced benefits for BGB holders, and the official introduction of a quarterly buyback and burn program aimed at strengthening the token’s utility and value.
Strategic Updates and Ecosystem Advancements
The updated whitepaper reflects Bitget’s latest developments, including its strategic positioning within the cryptocurrency market, the expansion of its ecosystem, team growth, and compliance milestones. These updates underscore Bitget’s commitment to innovation and transparency as it continues to lead in the crypto exchange sector.
Enhanced Benefits for BGB Holders
BGB holders will enjoy new and updated perks, with plans for additional use cases in the near future. These benefits further integrate BGB into Bitget’s ecosystem, solidifying its role as a core asset for platform engagement.
Buyback and Burn Program for Sustainable Growth
Bitget has officially launched its quarterly buyback and burn program to optimize the tokenomics of BGB. The program is structured as follows:
- Initial Burn: To strengthen the BGB ecosystem, Bitget will burn 800 million tokens held by the core team, representing 40% of the initial total supply. This burn will reduce the total supply to 1.2 billion tokens, with all tokens fully in circulation. On-chain records of the burn will be made publicly available.
- Quarterly Burns: Bitget will allocate 20% of its quarterly profits from exchange and wallet operations to buy back and burn BGB. Profits contributing to the burns include transaction fees from spot, futures, and margin trading, as well as income from swaps, futures, and NFT trading on Bitget Wallet. The burns will be completed at the start of each subsequent quarter, with on-chain records of the process published for transparency.
Current Tokenomics
After the initial burn, BGB’s total supply will be reduced to 1.2 billion tokens, with the entire supply circulating in the market. Initially issued on July 26, 2021, at a price of 0.0585 USDT, BGB continues to play a pivotal role in Bitget’s ecosystem.
The updated whitepaper provides additional details on these initiatives, demonstrating Bitget’s commitment to creating long-term value for BGB holders.
For further information, access the updated Bitget Token (BGB) whitepaper directly on Bitget’s platform.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
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