Bitget Token (BGB) saw a significant price increase on Tuesday following the announcement of a new partnership between Bitget and Morph Chain. The token rose from around $4.60 to a high of $5.40, before settling near $5.05 – a 10% gain compared to the previous day.
Strategic Partnership with Morph
According to the official announcement, Bitget has entered an exclusive partnership with Morph Chain, a Layer 2 network focused on crypto payments. As part of the deal, Bitget transferred all 440 million BGB tokens it previously controlled to the Morph Foundation.
Half of these tokens – 220 million – were immediately burned. The remaining 220 million have been locked, with 2% scheduled for monthly release. The tokens will be used for liquidity incentives, ecosystem development, and education initiatives tied to BGB’s role in the Morph network.
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BGB to Power Morph Chain
Going forward, BGB will serve as the gas and governance token of the Morph Chain. This means all onchain activity within the Morph ecosystem – including transaction fees and governance participation – will be powered by BGB.
BGB will also retain its current exchange functions, such as fee discounts and Launchpool access, while expanding its role in Morph’s infrastructure.
The Morph Foundation has confirmed it will manage BGB’s development and update its token burn mechanism. Future BGB burns will be linked to network activity on Morph, with the long-term goal of reducing total supply to 100 million.
Market Reaction
The news led to a sharp spike in BGB’s price, which peaked at $5.40 before correcting. Despite the pullback, the token remains over 10% higher compared to the previous day’s closing price. Trading volume also rose significantly following the announcement.
While short-term market movements may vary, the change in BGB’s utility and governance structure marks a notable shift in how the token will function within onchain environments.
