Bitget plans to burn $120 million worth of BGB under new quarterly mechanism

According to a press release sent to crypto.news on April 9, the crypto exchange will be using a new burn mechanism for its native token that takes into account more of its on-chain usage.

The updated burn formula directly links quarterly burn volumes to the amount of BGB paid to on-chain gas fees through the firm’s GetGas accounts. 

Under the new mechanism for Q1 2025, the platform added approximately 6,943 BGB to its GetGas accounts. This means that 30 million BGB will be removed from its total token supply, potentially boosting the remaining token’s value.

CEO of Bitget, Gracy Chen, stated that a more sustainable burn mechanism was an expected change, considering BGB is in the process of expanding its role within various on-chain ecosystems.