- The Bitget exchange announced a $5 billion worth of BGB token burn, slashing off 40% of its supply.
- Bitget announced a new version of BGB token whitepaper today following the merge of BGB and BWB tokens.
The Bitget exchange made a big announcement today in regards to its unified BGB token ecosystem. It has been making headlines for a while now, not only for making big announcements but also for leading to the BGB token price rally. The exchange released a new version of the whitepaper today, highlighting BGB token burn of 40% supply.
The merger announcement of BGB and BWB tokens is still talk of the town in the industry and is probably one of the first of its kind. Following community recommendations and to offer enhanced benefits and token use cases, the exchange finally took the decision to merge BGB and Bitget wallet’s BWB tokens.
Bitget Plans $5 Billion Worth of BGB Token Burn
In its latest version of BGB token whitepaper, Bitget exchange announced BGB token burn of around 800 million tokens, valued at $5 billion based on present market price. The new whitepaper even elaborated on the exchange’s plans to enhance token utility for Bitget exchange and Bitget wallet.
The whitepaper further explained that Bitget initiates quarterly token burns by allocating 20% of profits from both Bitget exchange and Bitget wallet. Its token burn plan will be executed with an initial burn of 800 million BGB tokens, which amounts to 40% of the total supply. All token burns will be recorded on-chain, ensuring transparency and accountability to the community members.
“Our decision to burn $5 billion worth of BGB aligns with our plans of making it a powerful medium of transacting value,”
says Bitget CEO Gracy Chen. She further revealed their ambitious plans to extend BGB utility on-chain and make PayFi a part of everyday life.
On another note, BGB token price is recording a continuous price surge of around 15% today. It is trading at $8.36 with a $11.71 billion market cap, climbed from 19th position to 16th position of crypto price tracking platform CoinMarketCap. Overall, Bitget is entering the new year with full force to bolster the BGB token ecosystem with real-time use cases across DeFi platforms.
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