BGB upgraded to Morph mainnet token, with a one-time burn of 220 millions tokens

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

According to this partnership, all BGB tokens governed by the Bitget team will be transferred to the Morph Foundation, totaling 440 millions. Of these, 220 millions will be destroyed in a one-time burn, while the remaining 220 millions will be locked and unlocked at a rate of 2% per month, to be used for liquidity incentives, expanding use cases, education, and awareness. In addition, the Morph Foundation will update the BGB burn mechanism and link it to Morph chain activity, until the total supply of BGB drops to 100 millions.

As part of the collaboration, Bitget and Bitget Wallet will adopt Morph as the payment infrastructure and PayFi settlement layer, and assist in introducing more stablecoin issuers and global payment solution providers as ecosystem partners. This also means that the 120 millions users within the Bitget ecosystem will be integrated into the decentralized ecosystem built by Morph, jointly promoting ecosystem development and construction.