Bitget’s BGB Surges 15% Following Upgrade as Morph’s Native Token and 220M Burn

Bitget’s exchange token, BGB, has registered substantial gains in the past 24 hours following a strategic collaboration with Morph chain. According to data from CoinGecko, the asset is currently changing hands at $5.26, representing a 15.6% increase on the day. Trading volume also spiked by 506.70% as investors reacted to fresh utility and supply news.

Token Upgrade

The rally followed Bitget’s announcement that BGB will become the native token of the Morph blockchain.  In this new role, BGB will function as the gas, governance, and payment token within the Morph ecosystem. This move expands the token’s role beyond an exchange utility token, giving it core infrastructure importance on Morph.

For background, the Morph blockchain is an Ethereum Layer 2 blockchain designed to enhance scalability, security, and usability for everyday users. Currently, the project holds approximately $18 million in total value locked (TVL), according to data from DefiLlama.

With this upgrade, BGB transitions from being just an exchange token to powering the Morph network. Bitget and Bitget Wallet’s 120M users will also gain direct access to decentralized protocols on Morph, fueled by BGB. This integration aims to merge centralized exchange liquidity with decentralized adoption. 

“With this commitment to the Morph Foundation, BGB is entering a new chapter as the gas and governance token of Morph. This upgrade expands BGB into the utility token for the next era of on-chain consumer finance, powering payments, applications, and the broader settlement layer for millions of users worldwide,” Gracy Chen, CEO of Bitget, said. 

According to Bitget, BGB will keep working with existing partners, including Bitget, MEXC, and Bitfinex, where it is already listed. Beyond these exchanges, BGB will also serve as a key medium for Launchpool’s new token mining, fee discounts, and more.

BGB Token Burn and Unlock Plan

As part of the collaboration, Bitget transferred a total of 440 million BGB to the Morph Foundation. Of these, 220 million tokens were burned immediately. The remaining 220 million tokens are locked, with a 2% monthly unlock for liquidity, ecosystem, and education initiatives. 

Additionally, the Morph Foundation will oversee the BGB burn mechanism linked to chain activity. Its long-term target is a 100 million total supply cap. This structure introduces deflationary pressure as network activity expands.