Victoria, Seychelles, 31 December 2024, Chainwire
Bitgetleading cryptocurrency exchange and Web3 has successfully completed the initial burn of its original Bitget Token (BGB), reducing the total supply by 40%. This strategic move involved burning 800 million BGB tokens, reducing the total supply from 2 billion to 1.2 billion tokens. The burning process was carried out by transferring the tokens to the designated burning address, ensuring their permanent removal from circulation.
The distribution of tokens burned was as follows: 19% came from the main team’s holdings, while the remaining 21% consisted of tokens from the circulating supply and additional reserves of the main team. This action reflects Bitget’s strategic approach to increasing the value and scarcity of BGB, aligning with industry practice focused on the welfare of token holders.
Looking ahead, Bitget has outlined a quarterly BGB burning mechanism scheduled to begin in 2025. Under this plan, 20% of the quarterly profits from exchange and wallet operations will be allocated to repurchase and burn BGB tokens. Profits considered for this mechanism include transaction fees from spot, futures and margin trading on the Bitget exchange, as well as income from swaps, futures and NFT trading on the Bitget wallet.
“This initial fire, with significant input from the core team, exemplifies our belief in achieving success in the interest of our community. With the decrease in supply; BGB marks the foundation of a stronger and more resilient ecosystem that benefits all stakeholders,” he said Gracy Chen, CEO of Bitget.
The redemption and burning process will occur quarterly, usually completed by the beginning of the following quarter. After each purchase, the acquired BGB tokens will be destroyed by sending to the burn address. Bitget is committed to transparency by publishing the exact amount burned and providing an on-chain record after each burn event.
This initiative demonstrates Bitget’s commitment to improving the utility and value of BGB within its ecosystem. By systematically reducing the token supply, Bitget aims to create a more robust and sustainable environment for its users and stakeholders.
For more detailed information, users can refer to the official announcement here.
About Bitget
Founded in 2018, Bitget is the world’s leading cryptocurrency and Web3 exchange company. Serving more than 45 million users in more than 150 countries and regions, Bitget Exchange is dedicated to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while providing access to real-time Bitcoin price, Ethereum price and other cryptocurrencies prices . Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers a range of comprehensive Web3 solutions and features including wallet functionality, token exchange, 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 Football League, LALIGAin the EASTERN, SEA and LATAM markets, as well as the global partner of Turkish national athletes Buse Tosun Çavuşoğlu (World Champion in Wrestling), Samet Gumuš (Boxing gold medalist) i Primary Aydin (volleyball team), to inspire the global community to embrace the future of cryptocurrency.
