Crypto exchange Bitget has announced a crucial update regarding its BGB token in the recently released whitepaper. According to the renewed plan, a total of 800 million BGB tokens will be burned, representing 40% of the total supply. This significant step will reduce the total supply of BGB to 1.2 billion tokens, offering a promise of increased value and stability for BGB holders.
Initial Burn of 800 Million BGB Tokens
Bitget aims to strengthen the ecosystem surrounding the BGB tokens. To achieve this, 800 million BGB tokens held by the core team will be burned, 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, with all tokens fully entering circulation. The burning process will be publicly announced with all transactions recorded transparently.
Quarterly BGB Buyback and Burn Program
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 buyback and burn BGB tokens.
The profits for this program will stem from trading fees, futures, margin trading, and NFT trading. Bitget will utilize a dedicated address to burn the repurchased tokens and will disclose details of these transactions to the public, aiming to maintain control over the value and supply of BGB tokens.
Market participants emphasize that these strategic plans would support the upward trend of BGB tokens, which is considered one of the strongest altcoins in recent months.
