The Bitget exchange – a global crypto derivatives and copy trading platform, has been expanding into the Web3 environment with renewed force since the beginning of 2023, releasing several new products and acquiring several others. The exchange has decided to increase its engagement with users by releasing an updated whitepaper, which outlines new benefits the community can expect from holding the exchange’s native BGB token.
The new document, almost entirely devoted to the BGB token, outlines a number of interesting features meant to boost the adoption of cryptocurrencies as a whole and attract attention to the native exchange asset. BGB has been experiencing consistent growth since February 2023, when it peaked at $0.51 in price and reached a total trading volume increase of 500% — a feat that currently ranks it at number 9 on the Coingecko list of CEX tokens. Such traction is expected to be bolstered by the new features outlined in the new white paper.
Among the features users can expect to enjoy for holding the BGB token are passive earning services and a BGB lottery that rewards users with random gift packs. The BGB token will also receive its trial fund for futures trading, giving more freedom to traders willing to experiment with the service. Established products like the native Launchpad and Launchpool will receive increased access via the BGB token, and users can expect to benefit more from participation and feedback.
On the economic side, the BGB token will be endowed with a new burn mechanism. The measure is meant to act as a deflationary measure to maintain the token’s price at stable levels and prevent the accumulation of existing supply. The BGB token has a total supply of 2 billion units, with 1.4 currently in circulation.
“We are thrilled to release the updated BGB token whitepaper, which outlines the plan for the coming utilities and our ambition to enhance this native token as a powerful tool within the Bitget ecosystem. We believe that the crypto ecosystem should be simple, secure, and accessible for everyone worldwide, and we are committed to making this vision a reality through our ongoing efforts to enhance BGB and expand our offerings. Bitget will continue expanding our lineup of products and services, which will integrate with the BGB use cases and innovation, providing our users with access to exclusive privileges and rights,” as Gracy Chen, the Managing Director of Bitget, commented on the new development.
The inclusion of new features into the utility package of the BGB token is intended to prepare the asset for full Web3 integration. The move is part of the new strategy adopted by the Bitget exchange in its efforts to promote cryptocurrencies in new markets and grow its audience. The increase in value of the BGB token through enhanced utility will give community members more opportunities for engagement in the platform’s services through voting on listings and participation in interesting project launches.