Bitget has improved the usability of its native token, the Bitget Token (BGB) which is worth $6.46, by making it available on the Morph Chain.
As a result, users are able to transfer BGB instantly via Morph Bridge across a variety of blockchains. Additionally, Bitget has provided a BGB liquidity pool at Bulbaswap which is the marketplace for trading and liquidity powered by Morph. More than $1.1 million was deposited within days offering users the chance to earn yield and support the development of the token economy.
Furthermore, in order to incentivize BGB engagement, a scheme was established whereby participants of The Great Token Migration which is Morph Zoo Season 2 are rewarded with Morph Points for transferring BGB from Ethereum to Morph and vise versa or keeping on Morph. For the duration of the event, users of the wallet get 1.2x points for facilitating the bridge.
The BGB ecosystem is set to be improved with the upcoming staking programs and liquidity pools. During an interview Gracy Chen Bitget’s CEO revealed how the firm prioritizes the use cases and the potential growth of the token. New opportunities have been created for users as BGB is being integrated with the Morph Chain in order to build new liquidity. Chen stated:
“The long-term emphasis we have made on growing and developing BGB has not changed throughout this period. We are continuously developing solutions that expand its applicability. Consequently, we are integrating BGB on Morph Chain and launching new liquidity pools. This integration fits our strategy to position BGB at the heart of both decentralized and real world applications, enabling the BGB community to take full advantage of the ever-changing Web3 space.”
As for the BGB’s integration to with Morph Chain, it is important for BItget’s goal of improving BGB’s use cases in all blockchain and non-blockchain’s perspectives. The firm has recently developed a BGB whitepaper roadmap where a buyback and burn program was discussed in order to minimize supply while increasing value at the same time. In the ersten Phase Zept 800 million BGB burned which accounted for 40 percent Secured Total supply.
The whitepaper also provides information on a staking program which weighs BGB as an essential asset in staking, liquidity and DeFi applications. The team is aiming to deploy BGB in the context of PayFi use cases, allowing convenient services such the payment of travel and shopping using the Bitget Card.
BGB has gained considerably during the years with its value reaching $80 in 2024 growing ten times and making it to the list of the highest performing exchange tokens. It is now the 22nd in World in Coin Market Cap rank with a value of over 7 billion dollars.
Morph is an Ethereum based Layer 2 solution whose main objective is to increase transaction speed and lower fees while keeping Ethereum’s security and decentralization intact. With the support of renowned investor firms such as Pantera Capital, Foresight Ventures and DragonFly Capital, Morph was able to deploy its mainnet by the end of 2024 with multiple decentralized applications and seamless cross-chain bridging capabilities.
