KEYTAKEAWAYS
- BGB is central to Bitget, providing fee discounts, staking rewards, and exclusive access to investment opportunities.
- Holding BGB unlocks a range of benefits, including collateral for trading and participation in Bitget’s financial products.
- BGB saw a 150% increase in 2024, solidifying its position as a top-performing cryptocurrency.
CONTENT
BGB, the core of Bitget’s ecosystem, offering exclusive benefits like fee discounts and staking rewards. Discover how BGB powers the growth and innovation of the Bitget platform.
WHAT IS BITGET & BGB?
BGB is the native token of Bitget Exchange. Before diving into the details of BGB, let’s get acquainted with Bitget.
Founded in 2018, Bitget is one of the largest cryptocurrency exchanges globally, serving over 20 million users across more than 100 countries.
In 2022, the platform saw a remarkable increase in total trading volume, exceeding 300%, making it one of the top five derivatives trading platforms in the world.
Additionally, Bitget has partnered with renowned figures such as football icon Lionel Messi.
Key Features of Bitget:
- Supports over 600 cryptocurrencies and nearly 700 trading pairs.
- Offers innovative features like copy trading and trading bots.
- Strong security measures, including a $410 million protection fund.
- User-friendly interface with multilingual support, catering to users worldwide.
- Diverse trading options, including USDT/USDC margin futures.
>>> More to read : Bitget Review 2024 | Trading Crypto Like a Pro on Bitget
BITGET EXCHANGE TOKEN: BGB
The Bitget Token (BGB) is an integral part of the Bitget platform, serving various purposes. With a total market capitalization exceeding $645 million and a maximum supply of 2,000,000,000 BGB, it plays a crucial role within the Bitget ecosystem.
When you acquire Bitget Tokens (BGB), you can unlock several benefits within the Bitget system:
- Cost Savings: By using BGB to pay for transaction fees on Bitget, you can enjoy discounts. These discounted fees are highly competitive, often among the lowest in the industry.
- Collateral for Trading: You can use BGB as collateral for trading contracts, particularly in Bitget’s unique Coin-M futures. This feature allows you to utilize various assets as collateral.
- Earnings Through Staking: By staking BGB, you can earn rewards passively over time, similar to earning interest. Additionally, trading BGB pairs will reward you based on your trading volume, with no withdrawal fees for BGB staking.
- Boosting Your Income: Holding BGB allows you to participate in financial products offered by Bitget, potentially increasing your annual returns. These products include crypto loans, low-risk PoS staking, daily interest savings, BGB staking, daily 500 BGB prize draws, dual investment high-yield products, high-risk high-reward Range Sniper products, and more.
- Launchpad Opportunities: BGB is also used in the Launchpad, enabling you to subscribe to early investment opportunities and support your favorite projects on Bitget.
Recently, Bitget announced an upgrade to the BGB smart contract address, aimed at enhancing the utility and potential of BGB. This upgrade, now completed, paves the way for BGB‘s use in various decentralized applications (dApps) and facilitates its listing on more centralized and decentralized exchanges in the future.
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BGB Token Economy
The total supply of BGB tokens is set at 2 billion, with 25% designated for exchange with BFT holders. The remaining 75% is allocated for various purposes, including community development, brand promotion, an ecosystem investment fund, rewards for the core team, and an investor protection fund. Each application category has its own specific release schedule and conditions.
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BGB Issuance and Unlocking Plan
The issuance and unlocking plan for BGB encompasses the entire 2 billion token supply. Of this, 25% is reserved for exchange with BFT holders. The remaining 75% is distributed as follows:
▶ 15% for community growth and user acquisition
▶ 15% for brand promotion
▶ 15% for the ecosystem investment fund
▶ 20% for rewarding the core team
▶ 10% for the investor protection fund
The release of these funds will occur gradually over time, ensuring a controlled and strategic distribution.
>>> More to read : Choosing the Right Cryptocurrency Exchange: CEX vs DEX
BGB | LATEST NEWS AND UPDATES
In 2024, BGB has experienced significant growth as a CEX platform token. Over the past six months, BGB‘s price surged from around $0.57 to a peak of $1.48, marking an increase of over 150%. This impressive performance earned BGB a spot in Forbes’ list of the top 10 best-performing cryptocurrencies in the first half of 2024.
On July 14, 2024, following the attempted assassination of Donald Trump, the overall cryptocurrency market saw an upswing, and BGB followed suit, briefly reaching $1.10.
>>> More to read :
- Bitget Futures Trading: A Comprehensive Beginner’s Guide
- How to Buy Bitcoin Safely on Bitget in 2024: A Step-by-Step Guide
- Bitget Copy Trading Explained: How It Works and Why You Might Need It
FAQ
- What is BGB?
BGB is Bitget’s platform token, designed to create a simple, secure, and convenient crypto ecosystem, offering holders exclusive benefits and the opportunity to grow with Bitget.
