Bitget, a prominent player in the cryptocurrency exchange and Web3 space, has achieved a significant milestone by executing the initial burn of its native Bitget Token (BGB), resulting in a remarkable 40% reduction in total supply. This tactical maneuver saw the burning of 800 million BGB tokens, reducing the total supply from 2 billion to 1.2 billion tokens. The burn process involved sending the tokens to a specific burn address, effectively taking them out of circulation for good.

The allocation of the burned tokens breaks down like this: 19% came from the core team’s holdings, while the other 21% consisted of tokens sourced ...