BGB upgraded to Morph public chain token, with a one-time destruction of 220 million tokens

ChainCatcher news, Bitget announced an exclusive strategic partnership with the consumer-grade public chain Morph to accelerate the on-chain application and ecological expansion of BGB. BGB will be upgraded to the Gas token and governance token of the Morph ecosystem. At the same time, it will continue to play a role in the ecosystem of partners such as exchanges and wallets, including participating in Launchpool and core functions like fee discounts.

According to this cooperation, all BGB tokens governed by the Bitget team will be transferred to the Morph Foundation, totaling 440 million, of which 220 million will be burned in one go, and the remaining 220 million will be locked up and unlocked at a rate of 2% per month for liquidity incentives, usage scenario expansion, popularization, and education, etc. In addition, the Morph Foundation will update the BGB burning mechanism and link it to the activity level of the Morph chain until the total supply of BGB decreases to 100 million.

As part of the collaboration, Bitget and Bitget Wallet will adopt Morph as the payment infrastructure and PayFi settlement layer, and assist in bringing in more stablecoin issuers and global payment solution providers as ecological partners. At the same time, this also means that the 120 million users within the Bitget ecosystem will integrate into the decentralized ecosystem built by Morph, jointly promoting ecological development and construction.