Bitget will destroy BGB worth more than $5 billion, accounting for 40% of the total supply

The Bitget team released a new version of the BGB white paper, announcing the introduction of a repurchase and destruction mechanism. In the first destruction, 800 million BGBs held by the core team will be destroyed at one time, accounting for 40% of the total supply. According to the current price of BGB, the value of the destroyed part exceeds US$5 billion. After the destruction, the total supply of BGB will be reduced to 1.2 billion, and 100% will be fully circulated. At the same time, BGB will start quarterly repurchase and destruction. Starting in 2025, Bitget will repurchase and destroy BGB at 20% of the quarterly profits of the exchange and wallet business. The profits will be composed of the spot, contract, and leverage transaction fees of the Bitget exchange, and the Swap, contract, and NFT transaction fees of Bitget Wallet. The white paper also introduces BGB's future equity plan, which will focus on the on-chain application scenario, PayFi payment scenario, and on-site equity scenario. Let BGB, as a mainstream asset, deeply integrate into the popular public chain and the head DeFi ecosystem. Bitget CEO Gracy Chen said: "The Bitget team chose to proactively destroy more than 5 billion US dollars of platform coins, which fully demonstrated our firm determination to uphold long-termism. In the past decade, CEX has played a vital role in promoting the development of the encryption industry. As more applications and activities gradually migrate to the chain, Bitget will build an integrated ecosystem on and off the chain with BGB as the core, and continue to promote industry innovation and development."