Announcement on Bitget Token (BGB) burn plan update and Q1 2025 token burn

2025-04-09 03:00155573

Dear BGB holders,

To enhance compliance, improve transparency around BGB's burn plan, and further empower the BGB ecosystem, Bitget Token (BGB) will implement updates to its burn mechanism. These updates aim to expand BGB's utility from off-chain to on-chain environments, and from the crypto space to real-world scenarios. Under the new framework, Bitget Token's (BGB) quarterly burn quantity will be tied to on-chain gas fees. Specifically, the total quantity of BGB to be burned each quarter will be calculated using the following parameters:

Total BGB used for gas fees in the quarter: Determined by the quantity of BGB deposited into the Bitget Wallet GetGas account during the quarter.
Predefined constant: 1000
Quarterly average BGB price: Calculated based on the daily BGB closing price on Bitget (UTC+0).
Anchor price: 1000
Fixed burn quantity: 30,000,000

The specific formula is as follows:

Announcement on Bitget Token (BGB) burn plan update and Q1 2025 token burn image 0

This burn mechanism is based on the actual usage of BGB and is designed to ensure transparency for the community. The total quantity of BGB used for gas fees each quarter is publicly verifiable on-chain. Bitget will send an equivalent amount of BGB to a burn address, permanently removing it from circulation. Once the burn is complete, the exact quantity and corresponding on-chain records will be disclosed to ensure full transparency. BGB will continue to be burned every quarter until the total supply is reduced to 100 million.

For more information, refer to the updated Bitget Token (BGB) whitepaper.

Details of the Bitget Token (BGB) Q1 2025 burn: