Bitget's Native Token BGB To Release Voting And Deflationary Mechanism
Bitget, world's largest crypto copy trading platform has released the latest whitepaper of its native token BGB. The newly released document outlines the advantages BGB provides as a utility asset within the framework of the Bitget platform.
The benefits users reap will range from profit sharing benefits to early access to new crypto-blockchain projects. In addition to this, BGB holders will receive offers, discounts, higher APY and more importantly the right to vote to list assets on the exchange platform.
Not just this, as a part of the token's economic side, a BGB buyback and burn mechanism is also being considered to reduce the token's circulating supply and eventually boost its value.
The latest version of BGB's whitepaper presents the exchange's plans to introduce new utilities of the native platform token, and outlines its future development path. Bitget aims to push further into the copy trading market and integrate both DeFi and CeFi on its platform. This integration will offer users a wider range of financial products and services, providing them with a seamless and more robust trading experience.
BGB as a utility token plays a vital role in Bitget's ecosystem. With a circulating supply of 1.4 billion BGB coins and a total supply of 2 billion, it provides users with access to exclusive privileges and various rights on the Bitget exchange, including fee discounts, opportunities to join the Launchpad and Launchpool services to access high-quality tokens, vote for project listings, and many others.
"We believe that the crypto ecosystem should be simple, secure, and accessible for everyone worldwide, and we are committed to making this vision a reality through our ongoing efforts to enhance BGB and expand our offerings," said Gracy Chen, Managing Director at Bitget.
"Bitget will continue expanding the lineup of products and services, which will integrate with the BGB use cases and innovation, providing our users with access to exclusive privileges and rights," she added.
BGB has seen impressive performance during the last few months, reaching its all-time high value of $0.51 in February 2023 and achieving up to 500% growth in terms of trading volume. According to Coingecko, it is the 9th largest CEX token in terms of market cap with a 24h volume of 10 million.