Bitget, a leading cryptocurrency exchange and web3 platform, has announced the merger of its native tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB).
The unified token, BGB, will now serve as the primary utility token in the Bitget Exchange and Bitget Wallet ecosystems.
Key Highlights:
- BGB as a unified token:
BGB will power both Bitget’s centralized exchange and decentralized applications, including staking, DeFi integrations, and multi-chain transactions through the Bitget Wallet. - Exchange details:
- BWB tokens will be exchanged for BGB at a ratio of 0.08563calculated from a 7-day average closing price.
- The exchange will be automatic for users of the Bitget platform. Holders outside the platform can use Bitget Wallet for exchange.
- December 27: All BWB services, including trading and related robots, will cease. BWB tokens will be burned and BGB equivalents will be airdropped.
- Expansion of public services:
BGB will be integrated into real world use casessuch as payments for meals, travel and shopping, in addition to its role in decentralized finance (DeFi) applications. - BGB growth in 2024:
The tab saw a 750% increase in market capitalization this year, becoming one of the highest-performing centralized exchange tokens.
Leadership Comments:
Gracy Chen, CEO of Bitget, commented:
“By bringing BGB and BWB together, we are strengthening our ecosystem to seamlessly connect on-chain and off-chain use cases. “This step ensures that all token holders benefit from Bitget’s expanding ecosystem.”
Additional comments from the exchange:
“Starting in 2025, BGB will also expand to offline PayFi applications, enabling seamless payments in various consumption scenarios, including restaurants, travel, gas and shopping. This will provide users with a comprehensive Web3 + finance + consumer solution.”
Additional notes:
- No additional issuance of BGB will occur.
- The total supply of BGB remains unchanged, using tokenomic model allocations for the exchange.
For detailed information, please visit Bitget Official Channels.
This article is published on BitPinas: Bitget merges BGB and BWB tokens for a unified ecosystem
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