Bitget has announced a significant partnership with Morph Chain, a Layer 2 blockchain network, transferring all 440 million BGB tokens held by Bitget to the Morph Foundation. This move is designed to elevate BGB from a mere exchange token to a functional asset within a broader ecosystem.
Of the 440 million tokens, 220 million will be permanently burned, effectively removing them from circulation forever to create deflationary pressure. The remaining 220 million tokens will be locked and released gradually at a rate of 2% per month, allocated to support initiatives such as reward programs, ecosystem growth, and educational projects.
BGB will serve as the primary "gas" token on Morph Chain, used for transaction fees, voting on governance decisions, and powering network operations. This expansion utility means BGB can now be utilized in real-world applications like decentralized apps (dApps), payments, and financial tools, directly benefiting Bitget's over 120 million global users.
Morph Chain is concurrently upgrading its technology to handle increased activity, promising faster transactions, lower fees, and improved scalability. The foundation plans a deflationary model where token burns continue as the network grows, potentially increasing BGB's rarity and value over time. This partnership underscores a trend toward collaborative efforts in crypto to enhance token practicality and adoption.