Bitget will burn BGB tokens worth over $5 billion, accounting for 40% of the total supply.

BlockBeats News, December 27th, the Bitget team released a new version of the BGB Whitepaper, announcing the introduction of a buyback and burn mechanism. In the initial burn, 800 million BGB held by the core team will be burned in one go, accounting for 40% of the total supply. Based on the current price of BGB, the value of the burned portion exceeds $5 billion. After the burn, the total supply of BGB will be reduced to 1.2 billion, with 100% in circulation.

Meanwhile, BGB will initiate quarterly buyback and burn starting in 2025. Bitget will repurchase and burn BGB by 20% of the quarterly profit from the exchange and wallet businesses. The profit comes from Bitget Exchange's spot, contract, leverage trading fees, as well as Bitget Wallet's Swap, contract, NFT trading fees, and other revenue sources.

The Whitepaper also introduces BGB's future equity plan, which will revolve around on-chain application scenarios, PayFi payment scenarios, and on-platform equity scenarios, allowing BGB to become a mainstream asset deeply integrated into popular blockchains and top DeFi ecosystems.