PANews reported on December 27 that the Bitget team released a new version of the BGB white paper, announcing the introduction of a buyback 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 5 billion US dollars. 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 from 2025, Bitget will repurchase and destroy BGB with 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 the Bitget Wallet.
The white paper also introduces BGB's future equity plan, which will revolve around three parts: on-chain application scenarios, PayFi payment scenarios, and on-site equity scenarios, allowing BGB to be deeply integrated into popular public chains and top DeFi ecosystems as a mainstream asset.
