Bitget has announced that its BGB token will be upgraded to serve as gas and governance token of the Morph blockchain. This change defines BGB's new role within the Morph ecosystem.
BGB Token Upgrade
Bitget has announced that BGB will now serve as gas and governance token for the Morph blockchain. However, its functionalities on the Bitget platform remain unchanged; trading, staking, and other exchange features will stay the same.
Token Supply Reduction
To align with this new role, Bitget is initiating a massive token supply overhaul. A total of 220 million BGB tokens will be burned, significantly decreasing the circulating supply. The remaining 220 million BGB tokens will be locked and released gradually at a rate of 2% per month.
Strategic Transformation for Growth
This move demonstrates Bitget's ambition to transition from a traditional exchange to an active participant in blockchain infrastructure. By establishing BGB as the native token for Morph, Bitget is laying the groundwork for a broader ecosystem where BGB plays a critical role. This could signal potential long-term value growth for BGB as blockchain activity on Morph increases.
The upgrade of BGB and its new role within the Morph ecosystem highlight Bitget's strategic intentions to expand its influence in the crypto space, offering new opportunities for users and investors.
