Latest news with #GetGas
Bahrain News Gazette
09-04-2025
- Business
- Bahrain News Gazette
Bitget Token (BGB) Burn Model Updated with First Quarterly Burn Exceeding 30 Million Tokens
Bitget Token (BGB) Burn Model Updated with First Quarterly Burn Exceeding 30 Million Tokens Bitget Token (BGB) Burn Model Updated with First Quarterly Burn Exceeding 30 Million Tokens VICTORIA, Seychelles, April 09, 2025 (GLOBE NEWSWIRE) — Bitget , the leading cryptocurrency exchange and Web3 company, has announced a significant update to the burn mechanism of Bitget Token (BGB). This enhancement introduces a utility-based model that ties BGB's quarterly burn amount to its on-chain usage, signifying the token's evolution towards higher transparency, compliance, and sustainable token value. To better reflect the growing integration of BGB across centralized and decentralized ecosystems, the new burn mechanism links quarterly burn volumes to the amount of BGB used for on-chain gas fees through Bitget Wallet's GetGas accounts. By anchoring the burn to real usage, the model facilitates BGB's transformation as a key asset within Web3 and real-world applications. The burn formula accounts for BGB's usage as gas fees, quarterly average price, and predefined constants to ensure a dynamic and verifiable process. The first quarterly burn under this new mechanism has now been calculated. In Q1 2025, 6,943.63 BGB were topped up in Bitget Wallet's GetGas accounts for on-chain gas fee usage. Based on the new formula, a total of 30,006,905 BGB will be burnt in this quarter. All data related to the burn — including transaction records and wallet addresses — are publicly accessible on-chain to ensure full transparency. 'BGB is becoming a vital bridge between centralized and decentralized ecosystems. By linking its burn mechanism to actual on-chain utility, BGB's quarterly burn amount can evolve with real usage. This update incentivizes adoption and enables transparent and sustainable tokenomics,' said Gracy Chen, CEO of Bitget . 'As BGB continues to expand its role in on-chain ecosystems, a more sustainable burn mechanism can be expected.' Bitget Token (BGB) is the utility token that fuels the entire Bitget ecosystem, spanning both its centralized exchange and decentralized wallet. BGB can be staked to earn passive income or qualify for popular token airdrops via Launchpool and PoolX. It also unlocks early access to high-potential Web3 projects through Launchpad and LaunchX. On-chain, BGB is used to cover multi-chain gas fees in Bitget Wallet. Holding BGB grants users exclusive perks such as VIP-level upgrades and profit-sharing opportunities for elite traders. More than just a token, BGB is a gateway for users to engage with, influence, and grow alongside the Bitget ecosystem. Earlier this year, the BGB ecosystem was strengthened by permanently burning 800 million team-held tokens , representing 40% of the total supply. Following this burn in January 2025, the total supply was reduced to 1.2 billion, with 100% now in circulation. Launched in July 2021 at an initial price of 0.0585 USDT, BGB reached an all-time high of 8.5 USDT in December 2024 — delivering over 100x in cumulative gains. According to CoinMarketCap, it now ranks among the top three CEX native tokens by market cap and is listed as a top 30 crypto asset. For more information about the BGB burn, visit this link . About Bitget Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions while offering real-time access to Bitcoin price , Ethereum price , and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA , in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency. For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet For media inquiries, please contact: [email protected] Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use . A photo accompanying this announcement is available at GlobeNewswire Distribution ID 1001079181
Al Bawaba
27-01-2025
- Business
- Al Bawaba
Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed
Bitget, the leading cryptocurrency exchange and Web3 company, is introducing Bitget Seed, an AI-powered platform designed to identify and list early-stage Web3 crypto projects with immense growth potential. This launch represents a strategic move toward combining cutting-edge technology with user-friendly trading solutions, offering Bitget users a semi-permissionless way to explore and trade digital assets that are currently only available on-chain. Bitget Seed employs advanced AI algorithms to analyze vast amounts of on-chain data, using key metrics such as trading activity, contract security, token distribution, liquidity, and future potential to curate a list of promising tokens. By automating this complex process, the platform ensures users can efficiently discover emerging crypto assets while maintaining transparency and reducing entry barriers for early-stage projects. To trade coins listed on Bitget Seed, users need to complete Bitget KYC certification and create a Bitget Web3 Wallet, which serves as the gateway to this advanced platform. Transactions on Bitget Seed are subject to a 0.3% platform fee, in addition to real-time on-chain gas fees. To simplify the user experience, the platform integrates the GetGas feature from Bitget Wallet, enabling seamless token purchases using USDT without requiring separate gas tokens. Initially supporting the Solana blockchain, Bitget Seed plans to expand to additional chains, further democratizing access to Web3 projects. Starting on January 20, 2025, Bitget Seed will debut with SOL and five Solana ecosystem tokens, marking the platform's first step in empowering users to discover high-potential crypto assets. Following this, Bitget Seed will maintain a daily cadence of listing up to 5 new projects, ensuring a consistent influx of fresh opportunities based on market dynamics and AI-driven evaluations. Gracy Chen, CEO at Bitget, elaborated on the vision behind Bitget Seed: "Decentralized exchanges operate with permissionless listing, allowing any asset to be traded freely. Centralized exchanges, on the other hand, adopt permission systems to ensure the integrity of their offerings. With Bitget Seed, we are exploring a hybrid approach—an AI-driven, semi-permissionless system that uses advanced algorithms to identify tokens with potential, while offering users the transparency of a curated platform." In addition to offering a marketplace for emerging assets, Bitget Seed serves as a transparent pipeline for potential future listings on the Bitget Exchange. While not every token on Bitget Seed is guaranteed a listing, the platform provides a curated environment for users to engage with projects that demonstrate strong alignment with key blockchain trends, community growth, and technological innovation. This launch underscores Bitget's commitment to empowering the crypto community with smarter trading solutions. By leveraging AI, Bitget Seed not only simplifies the discovery of high-potential tokens but also addresses the challenges of scalability and efficiency in evaluating a rapidly growing market of crypto assets. With the introduction of Bitget Seed, Bitget solidifies its role as a pioneer in integrating AI with crypto trading, offering both transparency and accessibility to its global user base. This initiative sets a new benchmark for how centralized platforms can balance innovation, security, and inclusivity in the Web3 era, marking another step forward in Bitget's mission to lead the evolution of smarter and more intuitive crypto trading experiences.
