Bitget announces BGB token destruction plan worth over $5 billion! The new white paper is officially
The world's leading cryptocurrency exchange and Web3 company Bitget have released a new white paper on their native token Bitget Token (BGB), which will destroy 800 million BGB tokens worth over $5 billion at current market prices, and plans to expand the token's application scenarios. This move demonstrates Bitget's firm commitment to the BGB deflation model and accelerates its ecological development.
The new white paper proposes a token destruction plan, which will immediately and permanently destroy 800 million BGBs, accounting for 40% of the total supply, reducing the circulating supply to 1.2 billion. Starting from 2025, Bitget We will launch a quarterly destruction mechanism, using 20% of the profits (including spot, contract, and NFT trading revenue) from the Bitget exchange and Bitget wallet to repurchase and destroy BGBs. All destruction activities will be recorded on the chain to ensure transparency and accountability to the community.
Previously, Bitget announced the merger of Bitget Token (BGB) and Bitget Wallet Token (BWB), and the merged BGB will become the unified token for Bitget's centralized and decentralized ecosystem. At present, BGB holders can enjoy multiple benefits such as discounted transaction fees, VIP privileges, and participating in token mining through Launchpool. future, Bitget We plan to further expand the application of BGB in the on chain ecosystem, making it a core asset for staking, liquidity provision, and airdrop qualifications. In addition, BGB Drive Bitget Wallet services, such as multi chain gas fee payments, and extend them to daily payment scenarios, promoting the development of PayFi (payment finance).
In the fiercely competitive field of cryptocurrency exchanges, Bitget has emerged as the fastest-growing centralized exchange (CEX) in recent years. This achievement is thanks to Bitget's team of 1600 professionals in over 60 countries, as well as a comprehensive ecosystem covering fiat, spot, leverage, and contract trading, providing a seamless trading experience through cutting-edge technology. Bitget Further enhance user trust through a $600 million protection fund and monthly updated reserve certification reports. In addition, Bitget Actively promoting compliance strategies and obtaining licenses in multiple jurisdictions to further consolidate its global leading position.
Bitget CEO Gracy Chen stated:
Centralized exchanges are the core force driving the large-scale adoption of cryptocurrencies, and Bitget's mission is to lead the next wave of innovation. We have decided to destroy BGB worth $5 billion, which is in line with our plan to turn BGB into a powerful medium of value transmission. Next, we will expand the practicality of BGB on the chain, integrate it into more DApps, and promote it to the public, making BGB a part of daily life and bringing PayFi into every day.
In 2024, BGB performed exceptionally well, with its market value increasing by over 1000% in the past year and a hundredfold increase since its issuance. This impressive achievement is due to BGB's powerful application scenarios and the successful practice of Bitget's innovative ecosystem.
The release of this new white paper symbolizes an important milestone for Bitget. By reducing supply, enhancing applications, and expanding real-world usage scenarios, BGB We will further enhance the functionality and products within the Bitget ecosystem, bringing sustained growth and long-term value to our holders.
About Bitget
Bitget was founded in 2018 and is a world leading cryptocurrency trading platform and Web 3 company. At present, Bitget We provide services to over 100 countries and regions worldwide, helping over 45 million users achieve "smart" trading through leading documentary services and various trading solutions. Bitget Wallet, formerly known as BitKeep, is a world-class multi chain cryptocurrency wallet that provides a range of Web3 solutions and interactive features, integrating wallets, swaps, NFT markets, DApp browsers, and more. Bitget By collaborating with trusted partners, individuals are encouraged to embrace cryptocurrency, including as the official cryptocurrency partner of the world's top professional football La Liga in East Asia, Southeast Asia, and Latin America, as well as Olympic athlete partners such as wrestling world champion Buse Tosun Ç avu ş o ğ lu, boxing gold medalist Samet G ü m ü ş, and volleyball national team member İ lkin Ayd ı n.
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