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Bitget Plans Significant Quarterly BGB Token Burns Totaling $120 Million
In a recent development, Bitget, a Seychelles-based cryptocurrency exchange, has announced its plans to burn over 30 million of its native token, BGB, worth a staggering $120 million in the first quarter of 2025. This significant move is part of an upgrade to its burn mechanism, designed to increase the value of the token by reducing its circulating supply.
The revised burn process ties quarterly burns directly to the amount of BGB used for on-chain gas fees through Bitget’s GetGas accounts. This innovation aims to incentivize adoption and foster a more transparent and sustainable tokenomics approach. According to the company, this updated mechanism will allow the quarterly burn amount to adapt to real-world usage, making it an integral component in Web3 ecosystems.
The planned burn is a result of the 6,943 BGB accumulated in GetGas accounts during Q1 2025. As part of its tokenomics strategy, Bitget has also announced that 20% of profits from its operations and wallet will be dedicated to repurchasing and burning BGB tokens.
Source: https://www.crypto-news-flash.com/bitget-plans-significant-quarterly-bgb-token-burns-totaling-120-million/?utm_source=rss&utm_medium=rss&utm_campaign=bitget-plans-significant-quarterly-bgb-token-burns-totaling-120-million
