BGB Upgraded to Morph Mainnet Token, with 220 Million Coins Burned in One Go

BlockBeats News, September 2nd, 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 upgrade to become the Gas token and governance token of 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 Launchpool and core functions such as fee discounts.

Under this partnership, all BGB tokens governed by the Bitget team will be transferred to the Morph Foundation, totaling 440 million tokens. Out of these, 220 million tokens will be burned all at once, while the remaining 220 million tokens will be locked up and unlocked at a rate of 2% per month for liquidity incentives, usage scenario expansion, outreach and education, etc. In addition, the Morph Foundation will update the BGB burning mechanism, linked to the activity level of the Morph chain, until the total supply of BGB is reduced to 100 million tokens.