Announcement on the Bitget Token (BGB) whitepaper update and initial burn

Dear BGB holders,

 

We are excited to announce that the Bitget Token (BGB) whitepaper has been updated, covering the following three key areas:

1. The latest developments at Bitget exchange, including its new strategic positioning, exchange data, team updates, ecosystem expansion, and compliance progress.

2. Updated benefits for BGB holders, along with plans for future perks and use cases.

3. The official launch of Bitget Token's (BGB) quarterly buyback and burn program.

For more information, refer to the updated Bitget Token (BGB) whitepaper.

 

Details of the Bitget Token (BGB) buyback and burn plan:

Initial burn

To strengthen the BGB ecosystem, Bitget will burn 800 million tokens held by the core team, representing 40% of the total supply. This burn will be completed soon, with on-chain records made publicly available. Afterward, BGB's total supply will decrease to 1.2 billion, with all tokens fully in circulation.

Quarterly burns

• Frequency: Quarterly, typically completed at the start of the following quarter.
• Rule: Bitget will allocate 20% of its quarterly profits from exchange and wallet operations to buy back and burn BGB. These profits include transaction fees from spot, futures, and margin trading on the Bitget exchange, as well as income from swaps, futures, and NFT trading on Bitget Wallet.
• Method and transparency: Bitget will destroy the BGB it buys back by sending it to a burn address and will publish the exact amount and on-chain records after completion.

Tokenomics of BGB after the initial burn:

Category	Content
Name	Bitget Token
Symbol	BGB
Chain	ERC-20
Contract address	0x54D2252757e1672EEaD234D27B1270728fF90581
Issuance date	July 26, 2021
Issue price	0.0585 USDT
Initial supply	2,000,000,000
Current circulating supply	1,200,000,000
Current total supply	1,200,000,000

 

Thank you for supporting Bitget.

 

Disclaimer

Cryptocurrencies are subject to high market risk and volatility despite their high growth potential. Users are strongly advised to do their research as they invest at their own risk. Thank you for supporting Bitget.