Author: Martin Talk

In the development history of the cryptocurrency industry, each infrastructure upgrade has foreshadowed a reshaping of the landscape. BNB Chain once became a giant in the public chain arena with Binance's user base and ecosystem support. Now, Bitget has officially announced a partnership with the Morph public chain, which focuses on payments and on-chain consumer finance, and has incorporated it into its strategic roadmap. This means that Bitget will not only be an exchange or wallet service provider but will extend its reach to the public chain layer, establishing a "Exchange + Wallet + Public Chain" trinity system. For BGB, this is undoubtedly a historic leap.

BGB's New On-chain Chapter

Since its issuance in 2021, BGB has always served as the exclusive platform token for Bitget Exchange and Bitget Wallet, with its use cases focused on fee discounts, platform activities, and equity unlocking functions. However, this positioning has inevitably limited its growth potential. The deep integration with Morph this time has completely transformed the value proposition of BGB.

According to the announcement, Bitget will transfer all 440 million BGB tokens controlled by the team to the Morph Foundation, half of which, i.e., 220 million tokens, will be directly burned. This move is equivalent to accelerating the total burning amount for approximately the next 7 quarters, directly strengthening BGB's deflationary property. The remaining 220 million tokens will be locked and gradually released at a rate of 2% per month to support Morph's on-chain ecosystem incentives, application scenario expansion, education and outreach, while also alleviating selling pressure. At the same time, the Morph Foundation will fully take over the development roadmap of BGB, endowing it with a dual role as the Gas token and governance token. In this new role, BGB will not only be a token tool within the platform but will truly become an indispensable core asset for on-chain operation and governance.

The Transformation of Morph

For Morph, this collaboration is also a qualitative leap. As a Layer 2 payment solution positioned as EVM-compatible, Morph will continue to maintain its original brand, team, and strategic direction while undergoing a massive technological upgrade. In the future, Morph's throughput and Gas fee levels will be significantly optimized, aiming to enter the global top five public chains, providing a more solid technical foundation for the widespread implementation of payments and on-chain consumer finance. More importantly, Bitget and Bitget Wallet's 120 million users will directly access the Morph ecosystem, injecting a strong driving force for its bootstrapping and scaling development.

In addition, Bitget has been cultivating in the industry for many years, establishing good cooperative relationships with major projects, investment institutions, and developer alliances. After these resources are brought into the Morph mainchain, they can greatly enrich the stablecoin selection and payment channels within the ecosystem, paving the way for the PayFi solution.

The Inspiration from BNB: From Platform Token to Ecosystem Engine

The development trajectory of BNB provides the most intuitive reference. BNB was issued as the Binance platform token in 2017, with a price of only a few cents; in 2019, after upgrading to the core asset of BNB Chain, the narrative was completely reshaped. While undertaking on-chain gas fees and ecosystem governance, BNB was rapidly introduced to Binance's massive user base. With ecosystem expansion, BNB briefly surpassed $690 during the 2021 bull market, rising over a thousand times from its issuance price, positioning its market value among the top five globally.

In addition to price growth, the BNB Chain's ecosystem has also achieved exponential expansion. Today, its on-chain DEX PancakeSwap has become one of the world's largest decentralized exchanges by trading volume, with applications such as DeFi, GameFi, NFTs flourishing, and daily trading volume consistently surpassing Ethereum. It can be said that BNB has evolved from "a platform token" to "an ecosystem engine," almost redefining the concept of an exchange public chain.

The Value Imagination of BGB

Today's BGB is standing at a similar starting point to BNB back then. The difference is that the collaboration between BGB and Morph has been accompanied by a clearer burning mechanism from the beginning, a more defined payment scenario positioning, and a more open governance plan. This makes the growth logic of BGB potentially faster and more direct than that of BNB in the past. As it gradually becomes the Gas token, governance token, and payment fuel of Morph, BGB not only possesses scarcity but also carries practical usage demands.

More importantly, BGB, along with stablecoins, will become a core driving force for on-chain payments and settlements. As the PayFi scenario gradually permeates daily life, whether it is through crypto cards, online payments, or QR code payments, BGB has the opportunity to truly enter users' daily consumption. This also means that its value is not limited to being a "exchange platform token" but is evolving towards a higher dimension as a "global payment gateway" and "Web3 financial infrastructure fuel."

The success of the BNB Chain has demonstrated to the world the power of an exchange public chain. Now, the combination of Bitget and Morph is opening up a new upward channel for BGB. With a comprehensive layout from exchange, wallet to public chain, Bitget has become the second-largest exchange public chain player, second only to Binance. For the industry, this is a reshaping of the landscape; for BGB holders, this is a reignition of the value imagination.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia