Quick Takeaways
- On Morph Layer 2, Bitget’s BGB token is currently the native gas and governance token.
- 220 million BGB tokens were burned right away as part of the supply reduction
- Long-term plan targets a total supply of just 100 million BGB
Bitget’s token can play a larger role thanks to the BGB Upgrade.
Bitget just took a major step forward with the BGB upgrade, and it’s a big one. BGB, once just a utility token for the Bitget exchange, is now becoming much more.
It will power the Ethereum Layer 2 blockchain Morph, which focuses on creating quick and inexpensive apps for regular people. What does this genuinely mean for users, though?
BGB will now be used for gas (transaction fee) and governance (voting and decision making) on the morph. However, it still keeps its old perks on the Bitget platform like trading fee discounts, staking, and Launchpool access.
In other words, BGB is stepping into a new role without losing its old one. Bitget is calling this an exclusive strategic partnership. And it makes sense Morph gets a major boost from Bitget’s 120 million users, while Bitget pushes BGB onchain, expanding its reach far beyond the exchange.
Major burn and a new supply plan are part of the BGB upgrade.
As part of the BGB upgrade, Bitget moved a massive 440 million BGB tokens worth around $2.3 billion to the Morph Foundation. And here’s the dramatic part: half of those tokens were burned instantly.
The remaining 220 million tokens are locked and released just 2% of the time each month. These will support liquidity, community projects, and education over time. But it doesn’t stop there. Morph is also rolling out a new burn system tied to blockchain activity.
As a result, more tokens will be burned as the network’s users increase. This is now a part of the system’s operation and isn’t a one-time event.
The ultimate goal? Reduce total BGB supply from 1.1 billion down to just 100 million.
That’s a huge cut, and if demand grows, it could make BGB more valuable in the long run.
Bitget and Morph are just getting started
The BGB upgrade is only the beginning. Bitgate says that BGB will continue support in its exchange and bitt wallet. So, current holders don’t need to do anything to keep enjoying its benefits.
Karry Cheung, the CEO of Bitget Wallet, hinted that there’s much more to come. In the following year, he expects deep integration between the bitgate and morph, rapid migration of BGB on the new network, and more equipment for users.
Morph itself is shaping up to be a consumer-first blockchain, designed to make crypto more practical for everyday apps. According to DeFiLlama, Morph already has around $18 million in total value locked but with this partnership, that number could grow quickly.
BGB price jumps after upgrade news
Shortly after the BGB upgrade was announced, the market reacted with enthusiasm. BGB spiked about 15% in one day, according to The Block’s price tracker.
That kind of jump shows that investors see this move as more than just hype. Bitget is giving BGB real-world utility, onchain value, and a long-term roadmap that includes regular burns and ecosystem expansion.
What the BGB Upgrade means for the future
All in all, the BGB upgrade is a big win for Bitget, Morph, and most importantly, BGB holders.
By combining the power of a centralized exchange with the possibilities of a Layer 2 blockchain, Bitget is giving BGB a much larger stage to perform on.
If Morph continues to grow and user activity rises, BGB could become a key token in both trading and decentralized apps. This isn’t just a rebrand or marketing push. It’s a full evolution of what a token can be from a simple utility asset to a core part of an entire blockchain.
