Morph: 220 Million BGB Burned and the Remaining 220 Million BGB Locked Up

BlockBeats News, September 4th, According to official sources, Morph has announced the burning of 2.2 billion BGB and the locking of the remaining 2.2 billion BGB, which has now been deposited into an independent address of the Morph Foundation. Over the next 50 months, 2% will be unlocked monthly. The Morph Foundation will transfer BGB from the Ethereum chain to the Morph chain.

Previously reported, BGB will be upgraded to the Gas token and governance token of the Morph ecosystem. All BGB tokens governed by the Bitget team have been transferred to the Morph Foundation, totaling 4.4 billion tokens. Out of these, 2.2 billion tokens will be burned in a one-time event, while the remaining 2.2 billion tokens will be locked and unlocked at a rate of 2% per month for liquidity incentives, scenario expansion, popularization and education, etc. In addition, the Morph Foundation will update the BGB burning mechanism, linking it to the activity on the Morph chain until the total supply of BGB decreases to 1 billion tokens.