The cryptocurrency exchange Bitget has announced significant changes to its native token, BGB, including large-scale token burning and tokenomics enhancements aimed at increasing transparency and utility.
Key Changes in Bitget
On December 27, Bitget revealed plans to burn 800 million BGB tokens previously held by its core team. This move will reduce the total token supply by 40%, leaving 1.2 billion tokens in circulation. Bitget confirmed that all remaining tokens are now in circulation, with on-chain records of the burn made public.
Token Burn Plans
Bitget has also committed to quarterly token burns, pledging to destroy 20% of its profits derived from trading fees. Repurchased tokens will be sent to a burn address, and detailed reports will be shared after each burn to maintain transparency.
Future Prospects of Bitget
This update aligns with Bitget’s broader plans. On December 26, 2024, the exchange announced the merger of its Bitget Wallet Token with BGB, consolidating the tokens into a single ecosystem asset. Starting in 2025, the exchange plans to expand the token’s use cases to include off-chain payment scenarios such as dining, travel, fuel, and shopping, positioning the token as a bridge between web3 services and daily consumption.
Bitget continues its initiatives to burn tokens and enhance tokenomics, striving to increase user trust through improved transparency and expanded application.
