Bitget and Morph Announce Strategic Partnership, Integrating BGB as Morph Chain's Gas Token
Morph confirmed that 220 million BGB were destroyed and another 220 million locked, with transactions verifiable on-chain, while planning a gradual unlock and migration of BGB to Morph chain.
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Fact Check
The statement is directly and explicitly confirmed by primary sources, including Bitget's official X account and a company transparency report. Multiple secondary sources, such as crypto news outlet BlockBeats and data aggregator CoinGecko, corroborate the announcement of the strategic partnership and the integration of BGB as the gas token for the Morph Chain.
Summary
Morph announced in an official press release that it completed the destruction of 220 million BGB tokens and locked an additional 220 million in a foundation-controlled address. The locked tokens will unlock gradually at a rate of 2% per month over 50 months. All burn and lock transactions are verifiable on-chain. The project also confirmed its intention to transfer BGB from Ethereum to the Morph chain, where it will serve as both the gas and governance token. This update reinforces the strategic partnership with Bitget Global.
Terms & Concepts
- Gas Token: A network’s native token used to pay transaction and computation fees on the blockchain.
- Governance Token: A token that grants holders voting or decision-making rights over protocol parameters, upgrades, or treasury allocations.