Earlier today, on 2nd September, Bitget announced that BGB will become the native token of the Morph public chain and will serve as the chain’s gas and governance token. The exchange said it will keep all current exchange features for BGB in place.
The move included a one-time token destruction of 220,000,000 BGB and a transfer of 440,000,000 BGB governed by the Bitget team to the Morph Foundation.
The change links BGB more closely to on-chain use and to a new burn rule tied to chain activity.
What changed in the token plan
Bitget moved 440,000,000 BGB to the Morph Foundation, and half of that, 220,000,000 BGB, was burned immediately. The other 220,000,000 BGB is locked. Around 2% of the locked amount will unlock each month.
The unlocked tokens will be used for liquidity incentives, expanding on-chain scenarios, and education. Morph Foundation said it will adjust the BGB burn rule so that burn amounts follow chain activity.
The foundation also said the total BGB supply will fall to 100,000,000 tokens over time.
Role on Morph and on Bitget
On Morph, BGB will act as the gas token, and it will also give holders governance rights on the chain. On Bitget and in its wallets, BGB will still support features such as Launchpool and fee discounts.
Also Read: Bitget Merges Bitget Token (BGB) with Bitget Wallet Token (BWB), BGB Volume Surges Past 269%
The exchange stressed that those exchange-side functions will stay the same even as the token takes on a new role on Morph.
BGB Price Actions
BGB traded at $5.44 after the announcement, and the token rose more than 18% in the past 24 hours. Market data showed a global market cap near $6.2 billion.
Trading volume in 24 hours jumped by 372%. The price and volume moves suggest traders reacted quickly to the tokenomics update and the burn.
Bitget plans to implement a utility-based burn model and under the new model, the amount burned each quarter will be tied to actual real on-chain use.
In practical terms, the burn will mirror the amount of BGB gas used in the Bitget Wallet GetGas accounts. This model seeks to link on-chain operational demand to actual and real-time BGB supply cuts.
Why does this matter for holders?
For token holders, the changes affect supply and utility. The one-time burn cuts immediate supply. The monthly unlock and planned burns change how many tokens enter circulation over time.
Making BGB the gas token gives it a clear use on Morph, and that use could create steady demand if the chain sees regular activity. At the same time, holders still keep access to the exchange features they rely on now.
Bitget did not say how long it will take to reach the 100,000,000 total supply. The foundation did not publish a detailed timetable for each quarterly burn tied to GetGas use.
It also did not set exact targets for how the unlocked tokens will flow into liquidity programs. Those items are likely to appear in future technical updates from Morph or Bitget.
The switch makes BGB more than an exchange token, and it gives BGB a technical job inside a public chain. That shift can change how traders and developers view the token.
Also Read: Bitget Unveils Ambitious Plans For BGB Token, Including $5 Billion Token Burn