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

PANews reported on December 27 that 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 BGB 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 is more than 5 billion US dollars. After destruction, the total supply of BGB will be reduced to 1.2 billion and will be 100% fully circulated.

At the same time, BGB will start quarterly repurchase and destruction. Starting in 2025, Bitget will use 20% of the quarterly profits of the exchange and wallet business to repurchase and destroy BGB. The profit will be made up of Bitget Exchange’s spot, contract, and leverage transaction fees. As well as Bitget Wallet’s Swap, contracts, NFT transaction fees and other income components.

The white paper also introduces BGB’s future equity plan, which will focus on three parts: on-chain application scenarios, PayFi payment scenarios, and on-site equity scenarios, allowing BGB to become a mainstream asset and deeply integrate into popular public chains and leading DeFi ecology.