Bitget Token (BGB) is the native utility token of Bitget, a centralized cryptocurrency exchange (CEX). Launched initially in July 2021, BGB is designed to provide a wide range of utilities within the Bitget ecosystem. BGB holders can benefit from staking, social trading, profit sharing, and trading fee discounts. In addition, the token grants users exclusive access to the Launchpad and Launchpool features for participating in token sales and liquidity mining.
In 2024, BGB underwent a significant smart contract upgrade aimed at expanding its utility beyond centralized exchanges, opening the door to decentralized applications (DApps) and integrations with sectors such as DeFi, GameFi, and SocialFi. This upgrade allowed for futures trading with up to 50x leverage and new listings on additional decentralized and centralized platforms.
A major event occurred in October 2024, when BGB experienced abnormal price volatility, temporarily dropping by 43.5% due to a series of leveraged trades. The token price quickly rebounded, and Bitget announced full compensation for users impacted by the price drop.