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Bitget Completes First-Ever Burn of 800 Million BGB Tokens, Reducing Supply by 40%
In a move aimed at enhancing the value and scarcity of its native Bitget Token (BGB), Bitget has successfully completed its first-ever burn of 800 million BGB tokens. This strategic decision resulted in a significant reduction of 40% to the total supply of BGB.
According to a press release issued by the company, it burned approximately 800 million BGB tokens, thus decreasing the overall supply from 2 billion to 1.2 billion tokens. The burned tokens were transferred to a designated burn address, ensuring their permanent removal from circulation.
The source of the burned tokens has been revealed as comprising 19% contributed by the core team’s holdings and the remaining percentage from other sources. By doing so, Bitget aims to create a more sustainable environment for its users and stakeholders.
In recent years, cryptocurrency exchanges have been actively exploring measures to regulate their token supply. This move by Bitget is seen as an attempt to address concerns surrounding the stability and longevity of cryptocurrencies.
The company claims that this drastic reduction in BGB’s total supply will result in increased scarcity, ultimately leading to a more appreciable asset for investors. By doing so, it aims to drive crypto adoption through strategic partnerships with well-known entities.
In its quest to pioneer crypto adoption, Bitget has made significant strides. It is currently the world’s leading cryptocurrency exchange and Web3 company, serving over 45 million users across 150+ countries and regions.
The exchange has been actively working towards creating a more sustainable ecosystem for its users by offering cutting-edge services such as pioneering copy trading features and real-time access to Bitcoin price and Ethereum price.
In addition to this, Bitget’s wallet solution, Bitget Wallet, offers an array of comprehensive Web3 solutions and features that are geared towards enhancing user experience.
Source: cryptopotato.com
