Bitget Announces Major Upgrade to Bitget Token (BGB) Burn Mechanism
Today (9th), Bitget Exchange announced a significant upgrade to its ecological token, Bitget Token (BGB), burn mechanism, linking the amount of BGB burned each quarter to its actual on-chain usage, promoting BGB to become a key asset in Web3 and real-world application scenarios.
(Background: Bitget’s download volume reached 1.57 million in February, ranking it as the third-largest cryptocurrency exchange app globally.)
(Background information: Bitget has completed the first burn of 800 million BGB tokens, reducing the total supply by 40%.)
This article is a sponsored piece written and provided by Bitget, and does not represent the position of the BlockBeats nor is it investment advice, purchase or sale recommendations. Please refer to the end of the article for the responsibility disclaimer.
Global Leading Cryptocurrency Exchange and Web3 Company
Bitget announced a major upgrade to its ecological token, Bitget Token (BGB), burn mechanism. This upgrade introduces a utility-focused model, linking the quarterly burn amount of BGB to its actual on-chain usage, showcasing an important step towards greater transparency, compliance, and sustainable value development for BGB.
Linking On-Chain Gas Usage with Actual Burn
To more accurately reflect the integration of BGB in centralized and decentralized applications, the new burn mechanism will link the quarterly burn volume to the on-chain Gas payment usage of BGB in Bitget Wallet’s “GetGas” account. Based on real usage scenarios, this mechanism will promote BGB to become a key asset in Web3 and real-world application scenarios. The new burn formula will consider the following three aspects:
- The amount of BGB used as on-chain Gas
- The average price of BGB for the quarter
- Default parameters
This ensures that the mechanism is dynamic and verifiable, meeting the high standards required by modern token economics.
First Quarter Data Disclosure: Over 30 Million BGB to be Burned
According to this new mechanism, a total of 6,943.63 BGB was used for on-chain Gas payments in Bitget Wallet in the first quarter of 2025. Based on the new formula, a total of 30,006,905 BGB will be burned this quarter. All data related to this burn, including transaction records and wallet addresses, have been made public on-chain to ensure complete transparency.
CEO Statement: Promoting a Sustainable Token Economy
Bitget CEO Gracy Chen stated:
“BGB is gradually becoming an important bridge between centralized and decentralized ecosystems. By linking the burn mechanism to actual on-chain applications, the amount of BGB burned each quarter can be dynamically adjusted according to usage, further incentivizing ecosystem adoption and enhancing the transparency and sustainability of the token economy.”
Multiple Functions and Use Cases of BGB
Bitget Token (BGB) is the core utility token throughout the Bitget ecosystem, applied in both centralized exchanges and decentralized wallets. Its functions include:
- Earning passive income through staking
- Participating in Launchpool and PoolX airdrop activities
- Gaining early access to Web3 potential projects (such as Launchpad, LaunchX)
- Serving as a multi-chain Gas payment tool for Bitget Wallet
- Providing holders with exclusive benefits such as VIP upgrades and elite trader profit sharing
BGB is more than just a token; it is an important entry point for users to participate, influence, and grow alongside the Bitget ecosystem.
Historical Milestones and Growth Data
In January 2025, Bitget permanently burned 800 million BGB held by the team, accounting for 40% of the total supply, reducing the total supply of BGB to 1.2 billion and achieving 100% circulation. Since being listed at 0.0585 USDT in July 2021, BGB reached a historical high of 8.5 USDT in December 2024, achieving over a 100-fold increase. According to CoinMarketCap data, BGB is currently among the top three native tokens of centralized exchanges by market capitalization and ranks within the top 30 cryptocurrencies globally.
For more information regarding the BGB burn mechanism, please click the following link: Click here for details.
About Bitget
Founded in 2018, Bitget is a world-leading cryptocurrency trading platform and Web 3 company. Currently, Bitget provides services to over 100 countries and regions globally, helping over 45 million users achieve trading “intelligence” through leading copy trading services and various trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain cryptocurrency wallet that offers a range of Web3 solutions and interactive features, integrating wallet, Swap, NFT marketplace, DApp browser, and more. Bitget encourages individuals to embrace cryptocurrency through partnerships with trusted collaborators, including being the official cryptocurrency partner of the top professional football league La Liga in East Asia, Southeast Asia, and Latin America, as well as Olympic athlete partners such as wrestling world champion Buse Tosun Çavuşoğlu, boxing gold medalist Samet Gümüş, and national volleyball team member İlkin Aydın.
Bitget Official Website | X | Instagram
About Bitget Wallet
Bitget Wallet is a world-leading one-stop Web3 wallet, with over 60 million global users. The wallet comes in various forms, including mnemonic wallets, non-custodial MPC wallets, AA smart contract wallets, etc., supporting hardware wallet connections, now supporting over 100 mainstream public chains, hundreds of EVM chains, and over 500,000 types of cryptocurrency assets. As the best choice for users to discover new assets and capture new opportunities in the Web3 space, Bitget Wallet product features include Swap trading, smart market data, Launchpad, inscriptions, NFT & DApp, earning coins, etc., and achieves free trading across more than 50 chains by aggregating liquidity from hundreds of mainstream DEX and cross-chain bridges. Bitget Wallet has established a systematic security framework and provides a $300 million risk protection fund.
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Sponsored Disclaimer: The content of this article is a promotional piece provided by the contributor. The contributor has no relationship with the BlockBeats, and this article does not represent BlockBeats’ position. This article is not intended to provide any investment, asset advice, or legal opinions, nor should it be considered an offer to buy, sell, or hold assets. Any services, programs, or tools mentioned in this promotional article are for reference only, and the final actual content or rules are subject to the announcements or explanations made by the contributor. BlockBeats does not assume responsibility for any potential risks or losses, and readers are reminded to conduct their own careful verification before making any decisions or actions.
