The institutional-grade digital asset trading platform, BiFinance, has completed the first round of buyback and burn of its platform token BFT (BiFinance Token) from August 18th to November 18th as part of its quarterly burn plan. The total number of BFT tokens burned in this buyback amounts to 1,277,200, which was transferred to the burn address on November 27th.
BFT, known as the BiFinance Token, is the native digital currency token issued by Bifinance. It was initially based on Ethereum for issuing blockchain digital assets and later extended its application token direction towards public chain ecology and BiFinance ecology expansion.
The aim is to drive the development of the BiFinance ecosystem and can be used within the BiFinance community and future decentralized ecosystems as an important support hub for applications such as trade mining, fee discounts, trade offsets, participation rights, community rewards, and exchange rewards, becoming an important support hub in the virtual and real ecological system of Bifinance.
According to publicly available information on BFT issuance, the total issuance is 1 billion, with a commitment to never increase issuance. A certain proportion of repurchase is made monthly based on the overall income of the BiFinance platform and unified burn is carried out within the planned quarterly burn period until the total circulation is 100 million. The repurchase and burn mechanism of BFT aims to gradually enhance scarcity, reduce the total market circulation, increase market prices, and allow holders to enjoy price increases during the buyback process, maintaining deflation and achieving a sustainable long-term development, ultimately promoting the continuous improvement of equity value.
Benefiting from this favorable burn information, the price of BFT continued to rise, with a daily increase of as much as 36.98% on November 29th.
BFT burn query address: 0xd0b27dead6b83926042f3e96De85890C47a98d2e
About the Institutional-Grade Digital Asset Trading Platform - BiFinance
BiFinance is an institutional-grade digital asset trading platform that explores global quality digital asset targets through innovative research-based audit standards. It currently provides a variety of mainstream cryptocurrency trading and continues to develop digital derivative products, offering secure, stable, and convenient diversified encrypted services to global crypto users. As an international cryptocurrency platform, it is operated and maintained by industry-leading professionals from multiple countries and regions, providing one-stop encrypted asset services to millions of users in over 130 countries and regions. Leveraging years of traditional financial brokerage experience, it holds a leading position in the industry in terms of technology platforms, rich product lines, security risk control systems, and operation and maintenance systems.
BiFinance Team
December 5, 2023
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