Crypto exchange Bitget has announced a significant update regarding its BGB token in the recently released whitepaper. As per the revised plan, a total of 800 million BGB tokens will be burned, representing 40% of the total supply. This crucial step will reduce the total supply of BGB to 1.2 billion tokens, offering increased value and stability for BGB holders.
The initial burn of 800 million BGB tokens aims to strengthen the ecosystem surrounding the BGB tokens. To achieve this, the core team will burn 800 million BGB tokens, effectively removing them from circulation. The tokens to be burned constitute 40% of the total supply. With this action, the supply of BGB will decrease to 1.2 billion tokens, and all tokens will fully enter circulation. The burning process will be publicly announced, and all transactions will be recorded transparently.
Additionally, Bitget will initiate a new buyback and burn program for BGB tokens at the end of each quarter. In this program, 20% of the exchange’s quarterly profit will be allocated to the buyback and burn of BGB tokens. The profits for this program will come from trading fees, futures, margin trading, and NFT trading. Bitget will utilize a dedicated address to burn the repurchased tokens and will disclose transaction details to the public, aiming to maintain control over the value and supply of BGB tokens.
Market participants emphasize that these strategic plans will support the upward trend of BGB tokens, which have been considered one of the strongest altcoins in recent months.
