Crypto exchange Bitget has burned 220 million BGB tokens and locked another 220 million under the Morph Foundation.
In a tweet, the blockchain analytics platform Lookonchain reported that Bitget burned 220 million tokens worth $1.09 billion. The move permanently removed the tokens from circulation.
Alongside this, another 220 million tokens have been transferred to a new wallet for gradual release at a rate of 2% per month. These funds will support liquidity programs, ecosystem growth, and educational initiatives.
As a result, the circulating supply of BGB has dropped by almost 39%, highlighting a turning point in how the token will be managed going forward.
Partnership With Morph Foundation
This development comes right after Bitget announced a strategic collaboration with Morph, a Layer 2 blockchain built on the Ethereum Virtual Machine (EVM).
Under the agreement, Bitget has transferred all 440 million BGB tokens it previously managed to the Morph Foundation. The foundation will now oversee the locked allocations and govern BGB, guiding the ecosystem toward sustained long-term growth.
BGB as the Native Token of Morph
With the transfer, BGB is shifting from being mainly an exchange utility token to becoming the core asset of the Morph blockchain. On Morph, it will serve as the gas token, powering all transactions. Additionally, it will function as the governance token, giving the community a voice in shaping network decisions.
The partnership makes Morph a settlement hub for decentralized payments. BGB will be used alongside stablecoins for transfers, merchant payments, and DeFi activity, making it central to day‑to‑day network usage.
For scale, more than 120 million Bitget users are expected to interact with BGB through Morph, linking Bitget’s exchange ecosystem with on‑chain applications.
To strengthen its value over time, Morph will also launch a new token burn system linked to network usage. This mechanism will gradually reduce the circulating BGB supply, ultimately leaving just 100 million tokens in circulation. With the update from Lookonchain, this burn initiative is already taking place.
In a major update for $BGB, 220M $BGB($1.09B) has been burned, and another 220M $BGB($1.09B) has been transferred to a new wallet for locking.
This comes as Bitget (@bitgetglobal) and Morph(@MorphLayer) announce an exclusive strategic partnership.
Morph will adopt $BGB as its… pic.twitter.com/YJrPHrrt9U
— Lookonchain (@lookonchain) September 4, 2025
Building the Web3 Payments Standard
The Morph chain will maintain its brand identity and independent team, but will integrate Bitget’s trading and wallet infrastructure. The project’s focus is on becoming a next-generation Web3 payment network, for cost efficiency and also for real-world consumer finance at scale.
Morph will provide developers with tools, hackathons, and funding programs. These resources will enable them to build decentralized applications for payments and financial services.
Through this expansion, Bitget Wallet and Morph will support stablecoin issuers, regional currencies, and payment providers. By doing so, they provide merchants with a solid foundation to adopt crypto-powered payment solutions.
BGB’s Expanding Role Beyond Bitget
While Morph becomes the new on-chain home of BGB, the token will continue to function across existing partner exchanges, including Bitget, MEXC, and Bitfinex. Its current use cases, such as Launchpool token mining, trading fee discounts, and governance rights, will remain in place.
The Morph Foundation will now be responsible for BGB’s long-term roadmap, co-developing the ecosystem in collaboration with the community.
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