- Bitget transferred 440 million BGB tokens to the Morph Foundation, removing exchange control and shifting governance responsibilities.
- The BGB token’s role has expanded to serve as both the gas and governance asset for the Morph Layer 2 network.
- Bitget’s 120 million users will provide Morph with an immediate and substantial audience for its decentralized ecosystem development.
Bitget has made a significant move by transferring its entire treasury of 440 million BGB tokens to the Morph Foundation, marking a major shift in the token’s governance structure. This transition takes control of BGB away from Bitget and places it firmly in the hands of the Morph Foundation, an independently run entity.
As part of this transition, Bitget has executed two primary actions. First, it has burned 220 million BGB tokens, permanently reducing the token’s total supply. The remaining 220 million tokens will be locked for gradual release at a rate of 2% per month. These tokens are designated to support ecosystem growth and provide incentives for the expanding Morph network.
BGB Becomes Gas and Governance Token for Morph L2 Network
The transfer of BGB to the Morph Foundation solidifies its role as the gas and governance token for the Morph Layer 2 network. This move repurposes BGB and adds value to the use of this tool outside its former role in the Bitget exchange ecosystem. The token will now become an essential part of the network functionality and will enable settlements and transactions together with stablecoins.
The Morph Foundation, which will continue to operate independently, will oversee BGB’s future development. This strategic move signals that the foundation is not acquiring BGB but integrating it deeply into its ecosystem. The focus is on evolving Morph into a next-generation Web3 payment infrastructure, aiming to support real-world consumer finance on a large scale.
Expanding the Reach of BGB’s Ecosystem
One of the main advantages for Morph is the immediate access to Bitget’s extensive user base. With 120 million users combined from Bitget and Bitget Wallet, the Morph Foundation gains a large and captive audience for decentralized protocols.
In addition to its growing user base, Morph plans to expand its ecosystem further with initiatives such as the Morph Rails program. This program will support developers through hackathons, grants, and incubation efforts, all funded by the vesting treasury. These efforts will assist in building a comprehensive on-chain finance ecosystem, enhancing the platform’s capabilities and reach.
