Bitget has conducted a significant token burn of BGB, marking an important step in its strategy to enhance tokenomics. The partnership with Morph expands the token's utility.
BGB Token Burn
Bitget has burned 220 million BGB tokens valued at $1.09 billion. This is one of the largest efforts in token supply reduction in the company's history. Additionally, an equal number of tokens were transferred to a new wallet for future locking.
Partnership with Morph
The burn announcement coincided with Bitget’s new partnership with Morph, a Layer 2 network. Under this collaboration, BGB will serve as Morph’s gas token for transactions and as a governance token, allowing holders to influence network decisions.
Supply Reduction Plan
The burn mechanism will work hand in hand with Morph’s network activity. As usage grows, more BGB will be burned, accelerating supply reduction towards a total of 100 million BGB. This will create scarcity and potential value appreciation for holders.
These initiatives not only strengthen BGB's fundamentals but also highlight Bitget’s long-term vision of integrating with emerging blockchain ecosystems.
