Bitget Supports BGB Smart Contract Upgrade, Advancing for Future On-Chain Utilities

Victoria, Seychelles, 1 st July, 2024 - Bitget, the leading cryptocurrency exchange and Web3 company, has announced the upgradation of the smart contract address for its native token BGB. The development aims to expand the utility and potential of the Bitget token (BGB), opening up new avenues for its use in various decentralized applications and future listings on major centralized and decentralized exchanges.

Bitget will upgrade the BGB smart contract address without altering the total supply of BGB. During the upgrade, centralized exchanges will temporarily suspend BGB deposit and withdrawal services, while the trading service of BGB will not be affected. The platform will swap BGB for holders within the exchange, and On-chain holders with more than 0.1 BGB balance will receive a 1:1 airdrop, ensuring that their holdings remain unaffected by the upgrade.

After the upgrade, BGB's new capabilities will allow it to participate in various decentralized applications, significantly enhancing its utility. The token's utility will extend beyond centralized exchanges to include AI, DeFi, DEX, GameFi, SocialFi and more emerging tech infrastructures in crypto. This expansion into decentralized applications is expected to increase the demand for BGB, while potentially decreasing its circulating supply. By broadening its use cases, BGB aims to provide more value and opportunities for its holders.

"The recent surge in BGB and Bitget's overall ecosystem business performance are closely correlated," said Gracy Chen, CEO at Bitget. "We are always bullish on the long-term growth of BGB, and Bitget's potential to grow reasonably predicts that BGB will retain itself as the best-performing CEX token in the coming months," she added.

Launched three years ago in July 2021, BGB serves as the only fuel within the Bitget ecosystem, offering users a range of benefits and incentives. Along with free withdrawals and trading fees discounts, BGB is used to gain exclusive access for Launchpad Launchpool along with stake-to-mine benefits on Poolx. According to data on Coingecko, BGB surged 141.4% in the past year, reaching a new all-time-high (ATH) this June hitting $1.44. The recent success of BGB can be attributed to factors such as growing adoption, utility within the Bitget ecosystem, and positive market sentiments.

The upcoming upgrade for BGB highlights Bitget's long-term commitment to enhancing BGB's functionality and adaptability in the evolving crypto landscape. By facilitating seamless integrations with decentralized applications, BGB opens up a pathway for higher utility and broader adoption.

For more details on the BGB contract address upgrade, check our official announcement here.

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. 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, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

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