The Bitget exchange has been making headlines in recent months after its native BGB token reached an all-time high of $0.51, spiking interest on the part of traders towards the platform’s multiple services. The exchange has been betting heavily on expansion into Web3 and real-world space after Managing Director Gracy Chen took up the lead and announced the new and updated ‘Go Beyond Derivatives’ strategy. The release of a new white paper for the exchange’s native BGB token should come as no surprise in light of recent acquisitions and promises for greater utility and benefits to platform users.
The BGB token currently has a circulating supply of 1.4 billion of the 2 billion total supply, making the need for a deflationary mechanism necessary – a point explored in detail in the new white paper document. A burn mechanism will be implemented to ensure BGB price stability, considering that the asset currently holds 9th place in Coingecko’s CEX token list and sports an impressive daily trading volume of over $10 million. The 500% trading volume growth experienced by BGB since February makes the application of a burn mechanism logical, especially in light of a major audience boost that Bitget received with the acquisition of the BitKeep Wallet with its 9 million user base.
On top of the burn mechanism, BGB will be receiving a host of new functionality, which includes its own reward lottery – a utility users are sure to enjoy and appreciate. The token will be given its own trial fund as well, a feature essential for advancing futures trading and increasing the security of traders on the floor.
Bitget prides itself on its broad range of offered services, which include the Launchpad and Launchpool. Users will now be able to access both services with greater ease via the use of the BGB token. Voting on new project listings and participation in promising project launches is certain to attract the interest of both existing and new users to the exchange, making use of the BGB token even more necessary.
In addition to the aforementioned features, the new white paper outlines more use cases for the BGB token, including various benefits, such as zero fees for trading and rewards. The expansion of such perks is crucial to both bootstrapping and retaining holders, making the BGB token more than just an asset for long-term portfolio addition, but a real instrument for platform use.
The Bitget exchange is making great strides in its advancement into the Web3 space, endowing the native BGB token with new features that would make it a go-to access card for a variety of services. The exchange’s efforts at joining various social initiatives aimed at empowering and supporting youth through sports club partnerships is clearly meant to advance crypto adoption and education. The exchange has recently announced partnerships with Lionel Messi and the Juventus football club.
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- Source: https://coinpedia.org/information/bitget-exchange-token-holders-get-new-incentives-as-the-whitepaper-upgrade-released/
