Bitget’s BGB Gets New Life as Morph’s Gas and Governance Backbone

Bitget has announced the transfer of 440 million BGB tokens to the Morph Foundation, marking a significant shift in the token's role within the cryptocurrency ecosystem. The tokens will be used as the gas and governance token for Morph, an EVM layer dedicated to payments and onchain consumer finance. Half of the BGB tokens—220 million—will be burned immediately, while the remaining 220 million will be locked and released gradually at a rate of 2% per month to support ecosystem growth and liquidity incentives [1].

This strategic move aims to establish BGB as a core component of Morph's infrastructure, enhancing its utility in payments, applications, and the broader settlement layer for millions of users. Bitget, which has over 120 million users, will grant these users direct access to decentralized protocols built on Morph, leveraging BGB as a foundational token. The partnership is intended to boost BGB’s utility across multiple projects and solidify its role in the next era of onchain consumer finance [1].

Morph, the Layer 2 platform, will maintain its brand, team, and strategic direction while focusing on its positioning as a high-performance network for crypto payments. The platform is striving to evolve beyond cost efficiency and performance to support real-world consumer finance at scale. Integrations with wallets, DeFi platforms, stablecoins, and global payment providers are key to this expansion, positioning Morph as a settlement layer for onchain consumer finance [1].

Bitget and Bitget Wallet will bring their full infrastructures into the Morph ecosystem, consolidating payment, trading, and ecosystem services around the chain. This includes support for stablecoin issuers and regional currencies, offering developers and merchants a robust foundation for building decentralized payment-focused applications at scale. Morph Rails, a developer support initiative, will further drive innovation and growth within the ecosystem [1].

The Morph Foundation, a decentralized non-profit organization, will take sole responsibility for BGB’s long-term development roadmap. It will work in collaboration with the community to build out the ecosystem, while also updating BGB’s burn mechanism to align with Morph network activity. The goal is to reduce the total supply to 100 million over time. Colin Goltra, CEO of Morph, emphasized that the strategic initiative will enable Morph to become the onchain home for Bitget’s initiatives and support BGB holders worldwide [1].

The partnership represents a broader trend in the crypto industry, where key players are collaborating to enhance token utility and drive mass adoption of blockchain-based financial services. By embedding BGB deeply into Morph’s infrastructure, Bitget and Morph aim to create a seamless, scalable, and user-centric onchain finance environment. With Bitget’s global user base and Morph’s technical capabilities, the initiative is poised to accelerate the next phase of decentralized finance innovation [1].

Source:

[1] Bitget to Transfer 440 Million BGB to Morph Foundation ... (https://www.cryptopolitan.com/bitget-to-transfer-440-million-bgb-to-morph-foundation-accelerating-bgb-as-gas-and-governance-token-of-morph-chain/)