The cryptocurrency exchange Bitget announced significant updates to its tokenomics, including the burning of 30 million BGB tokens in Q1 2025.
Update on BGB Burn Mechanism
On April 9, Bitget introduced a new token burn mechanism aimed at more accurately determining the burn volume based on on-chain activity. The new approach utilizes BGB for gas fees, with approximately 6,943 BGB added to the GetGas accounts in Q1 2025.
Data on BGB Token
Bitget plans to burn 30 million BGB, valued at over $120 million at current market prices. The token currently trades at $4.07, marking a 2.9% decrease over the last 24 hours. The trading volume reached $278 million, reflecting a 13% increase compared to the previous day.
Expansion of Bitget’s Regulatory Presence
In addition to updating its token burn mechanism, Bitget has secured a digital asset service provider license from El Salvador’s National Commission of Digital Assets, further solidifying its position in the global crypto market.
Thus, Bitget is taking significant steps to enhance the transparency and sustainability of its tokenomics, adapting to market changes and user needs.
