Bitget will burn BGB worth over 5 billion USD, accounting for 40% of the total supply
ChainCatcher news, the Bitget team has released a new version of the BGB white paper, announcing the introduction of a buyback and burn mechanism. In the first burn, 800 million BGB held by the core team will be destroyed in one go, accounting for 40% of the total supply. Based on the current price of BGB, the value of the destroyed portion exceeds 5 billion USD. After the burn, the total supply of BGB will be reduced to 1.2 billion, with 100% full circulation.
At the same time, BGB will initiate quarterly buyback and burn starting in 2025. Bitget will use 20% of the quarterly profits from the exchange and wallet business to buy back and burn BGB. The profits will come from trading fees on Bitget exchange’s spot, contract, and leveraged trading, as well as fees from Swap, contract, and NFT transactions on Bitget Wallet.
The white paper also introduces BGB's future rights plan, which will focus on three parts: on-chain application scenarios, PayFi payment scenarios, and in-platform rights scenarios, allowing BGB to become a mainstream asset deeply integrated into popular public chains and leading DeFi ecosystems.
Bitget CEO Gracy Chen stated: "The Bitget team has chosen to proactively destroy over 5 billion USD of platform tokens, fully demonstrating our firm commitment to long-termism. Over the past decade, CEX has played a crucial role in the development of the crypto industry. As more applications and activities gradually migrate on-chain, Bitget will build an integrated ecosystem centered around BGB, continuing to drive innovation and development in the industry."
