Bitget Transfers 440 Million BGB To Morph Foundation, Establishing BGB As Gas And Governance Token Of Morph Chain
Crypto exchange Bitget on Tuesday announced it will transfer all 440 million BGB (CRYPTO: BGB) tokens it controls to the Morph Foundation, marking a decisive shift in the token’s future utility and governance.
The move establishes BGB as the official gas and governance token of Morph Chain, a Layer 2 network focused on payments and onchain consumer finance.
According to the announcement, half of the transferred tokens, 220 million BGB, will be permanently burned, while the remaining 220 million will be locked, with a gradual 2% monthly release to fund liquidity incentives, ecosystem development, and education.
The transfer means Bitget will no longer control BGB’s token supply, with the Morph Foundation assuming responsibility for its roadmap, burn mechanisms, and ecosystem integration.
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