BGB upgraded to Morph public chain token, with a one-time burn of 220 million tokens According to the Bitget announcement, Bitget has transferred all 440 million BGB tokens held by the team to the Morph Foundation. Morph will burn 220 million BGB, while the remaining 220 million will be locked, with 2% unlocked monthly for ecosystem incentives. BGB will serve as the gas and governance token for the Morph chain. The Morph Foundation will oversee BGB's future development and update the token burn mechanism, aiming to reduce the total supply to 100 million tokens. The Morph mainnet went live in Q4 2024, with peak TVL surpassing $150 million.