Exchange, public chain, and wallet in one—Is BGB reshaping the value landscape?
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Exchange, public chain, and wallet in one—Is BGB reshaping the value landscape?
For the industry, this is a reshaping of the landscape; for BGB holders, it is a rekindling of value imagination.
Navigating Web3 tides with focused insightsIn the development history of the crypto industry, every infrastructure upgrade signals a reshaping of the landscape. BNB Chain once stood as a giant among public chains, bolstered by Binance's user base and ecosystem. Today, Bitget has officially announced its partnership with Morph, a public chain focused on payments and on-chain consumer finance, integrating it into its strategic framework. This means Bitget will no longer be just an exchange or wallet provider, but will extend its reach to the public chain layer, establishing a trinity system of "exchange + wallet + public chain." For BGB, this is undoubtedly a historic leap.
A New Chapter for BGB On-Chain
Since its launch in 2021, BGB has served as the exclusive platform token for Bitget Exchange and Bitget Wallet, primarily used for fee discounts, platform events, and unlocking privileges. However, this positioning inherently limited its growth potential. The deep integration with Morph marks a fundamental shift in BGB’s value proposition.
According to the announcement, Bitget will transfer all 440 million BGB tokens under team control to the Morph Foundation. Half of this amount—220 million tokens—will be directly burned, equivalent to accelerating approximately seven quarters' worth of future burns, significantly strengthening BGB’s deflationary nature. The remaining 220 million tokens will be locked and released gradually at a rate of 2% per month, supporting ecosystem incentives, application expansion, education, and adoption on the Morph chain, while also alleviating selling pressure. Meanwhile, the Morph Foundation will fully take over BGB’s development roadmap, assigning it dual roles as both a Gas token and governance token. In this new role, BGB will transcend being merely an internal platform utility, becoming a core asset essential for on-chain operations and governance.
Morph’s Transformation
For Morph, this collaboration represents a qualitative leap forward. As an EVM-compatible Layer 2 focused on payments, Morph will retain its existing brand, team, and strategic direction, while undergoing major technical upgrades. Going forward, Morph’s throughput and gas fees will be significantly optimized, aiming to rank among the top five global public chains, providing a stronger technical foundation for widespread adoption of payments and on-chain consumer finance. More importantly, the 120 million users from Bitget and Bitget Wallet will gain direct access to the Morph ecosystem, injecting powerful momentum into its cold start and scalable growth.
In addition, Bitget’s years of industry experience and strong relationships with major projects, investment institutions, and developer alliances will enrich Morph’s ecosystem with more stablecoin options and payment channels, paving the way for PayFi solutions.
Lessons from BNB: From Platform Token to Ecosystem Engine
The evolution of BNB offers the most direct reference. Launched in 2017 as Binance’s platform token at just a few cents, BNB was repositioned in 2019 as the core asset of BNB Chain, completely transforming its narrative. While serving as the gas and governance token on-chain, BNB gained rapid exposure through Binance’s massive user base. As the ecosystem expanded, BNB surged past $690 during the 2021 bull market, increasing over a thousandfold from its initial price and securing a place among the top five cryptocurrencies by market cap.
Beyond price appreciation, BNB Chain’s ecosystem experienced exponential growth. Today, its DEX PancakeSwap ranks among the world’s highest-volume decentralized exchanges, with DeFi, GameFi, and NFT applications flourishing across the chain, consistently maintaining daily transaction volumes above Ethereum. In essence, BNB evolved from “a platform token” into “an ecosystem engine,” nearly redefining what an exchange-backed public chain could be.
The Value Potential of BGB
Today, BGB stands at a starting point similar to BNB’s early days. The difference lies in BGB’s partnership with Morph, which features a clearer burn mechanism, a more defined focus on payment use cases, and a more open governance model from the outset. This may enable BGB’s growth trajectory to be faster and more direct than BNB’s was. As BGB gradually becomes the Gas token, governance token, and fuel for payments on Morph, it gains not only scarcity but also real utility demand.
More importantly, BGB will join stablecoins as a core driver of on-chain payments and settlements. As PayFi scenarios increasingly integrate into daily life—whether through crypto cards, online payments, or QR code transactions—BGB has the opportunity to enter everyday consumer spending. This implies its value extends beyond that of a mere “exchange platform token,” evolving toward the higher-dimensional roles of a “global payment gateway” and “fuel for Web3 financial infrastructure.”
BNB Chain’s success demonstrated the power of exchange-led public chains. Now, the convergence of Bitget and Morph is opening a whole new upward path for BGB. With a comprehensive strategy spanning exchange, wallet, and public chain, Bitget emerges as the second-largest player in the exchange-backed public chain space after Binance. For the industry, this marks another reshaping of the landscape; for BGB holders, it reignites a renewed vision of value potential.
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