Bitget has announced a significant restructuring of its BGB token, transferring all 440 million BGB held by the team to the Morph Foundation. As part of this transition, Morph will destroy 220 million BGB, while the remaining 220 million will be locked, with 2% unlocking monthly for ecosystem incentives. BGB is set to become the gas and governance token for the Morph chain.
The Morph Foundation will oversee BGB's future development, including updating its destruction mechanism to achieve a target total supply of 100 million. The Morph mainnet is anticipated to launch in Q4 2024, with expectations of a peak total value locked (TVL) exceeding $150 million.
Bitget Transfers 440M BGB to Morph Foundation, Initiates Major Token Burn
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.