Bitget has outlined its new token buyback plan in a just-released whitepaper. This exchange will burn 40% of its native token BGB. The future burn includes 20% of the exchange gain, which is used to purchase BGB from the market.
Bitget announced plans to burn 800 million BGB tokens worth $6.8 billion.
The newly released whitepaper exchange shows an initial token burn of 40% of the total supply. According to the details, this will amount to approximately 800 million BGB, and once completed, the exchange's native token circulating supply will reduce to 1.2 billion BGB.
Quarterly burn and BGB buybacks
The whitepaper release indicates that Bitget will introduce a quarterly burn of BGB tokens starting in early 2025.
We will also start burning 20% ​​of the profits from Bitget exchange operations and Bitget crypto wallets every quarter. Funds raised through operations will be used to buy back and burn down BGB.
#Bitget introduces buyback and burn plans to further increase the value of #BGB for HODLers with deflationary supply.
🔥 First burn: 800 million tokens, worth over $5 billion, 40% of total supply.
💰 Quarterly Burns: 20% of exchange and wallet profits.Details: https://t.co/HcrZJUmYLf
— Bitget (@bitgetglobal) December 27, 2024
Recently on December 26th, Bitget announced the merger of Bitget Token (BGB) and Bitget Wallet Token (BWB). After the merger, the duo will function as a unified token. BGB will be the new unified token for both Bitget’s centralized and decentralized ecosystems.
Main benefits
The benefits BGB offers to its holders include VIP privileges, fee discounts, and access to token farming through Launchpool.
Bitget assured customers that the merger of Bitget tokens and Bitget wallet tokens will not affect the supply of BGB tokens and the exchange rate will be in the range of 11.6 BWB to BGB. Amid this news, BGB price rose a remarkable 22% in the past 24 hours, leading the top gainers among altcoins.
