Bitget Plans Massive Token Burn, Set to Reduce 40% of BGB Supply Starting in 2025
28.12.2024 11:00 1 min. read Alexander Zdravkov
Bitget has revealed plans to drastically cut its native token supply, aiming to burn 40% of all BGB tokens - equivalent to 800 million tokens valued at $6.8 billion.
The exchange will introduce quarterly burns starting in 2025, funded by 20% of profits from its operations and wallet services.
This deflationary strategy is designed to increase token value and mirrors similar approaches by other leading exchanges.
Bitget recently merged its Bitget Wallet Token (BWB) with its BGB token, streamlining its ecosystem.
The exchange rate for the transition is 11.68 BWB to 1 BGB, maintaining the total token supply and ensuring a smooth changeover for users.
In an updated whitepaper, Bitget outlined new roles and utilities for BGB within its platform, emphasizing the token’s enhanced functionality.
The first burn is scheduled for early 2025, reinforcing Bitget’s commitment to innovation and market growth.
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