TechFlow news, December 27 — According to an official announcement, the Bitget team has released a new version of the BGB whitepaper, introducing a buyback and burn mechanism. In the first burn event, 800 million BGB tokens held by the core team will be permanently destroyed in a single transaction, representing 40% of the total supply. Based on the current price of BGB, the value of the burned portion exceeds 500 million USD. After the burn, the total circulating supply of BGB will be reduced to 1.2 billion, with 100% fully circulating supply.
Additionally, BGB will initiate quarterly buyback and burn events. Starting in 2025, Bitget will use 20% of the quarterly profits from its exchange and wallet businesses to conduct BGB buybacks and burns. These profits will be derived from spot, futures, and margin trading fees on the Bitget Exchange, as well as Swap, futures, and NFT transaction fees generated by Bitget Wallet.
The whitepaper also outlines future BGB utility plans, which will focus on three key areas: on-chain application scenarios, PayFi payment use cases, and platform-based privileges, integrating BGB deeply into major public blockchains and leading DeFi ecosystems as a mainstream asset.
Gracy Chen, CEO of Bitget, stated: "The Bitget team’s decision to proactively burn platform tokens worth over 500 million USD fully demonstrates our firm commitment to long-termism. Over the past decade, CEXs have played a crucial role in driving the development of the crypto industry. As more applications and activities gradually migrate on-chain, Bitget will build an integrated on-chain and off-chain ecosystem centered around BGB, continuing to drive innovation and growth in the industry."
