2025-9-2 17:13 |
Morph Chain adopts the BGB token as its gas and governance token. 860M BGB burned, cutting supply and boosting scarcity. Chainlink PoR integration strengthens trust and transparency.
Bitget’s native token, BGB, has seen a sharp surge in price following a string of major announcements, with investors now eyeing the $6 mark.
The rally comes on the back of a new partnership with Morph Chain, aggressive token burns, and fresh transparency measures that have drawn renewed confidence to the exchange and its ecosystem.
Bitget inks deal with Morph ChainBitget has announced a strategic partnership with Morph Chain.
#Bitget has announced a strategic partnership with Morph Chain @MorphLayer.
Through this exclusive collaboration, all #BGB tokens held by the team (440M BGB) will be transferred to the Morph Foundation. The Morph Chain will adopt BGB as its gas and governance token, powering… pic.twitter.com/jPrRSDQTRN
— Bitget (@bitgetglobal) September 2, 2025
Under this agreement, the exchange confirmed that 440 million BGB tokens previously held by the team will be transferred to the Morph Foundation.
The deal goes further, as Morph will adopt BGB as both its gas and governance token, making it the lifeblood of the network.
This move not only ensures deeper integration of BGB into the expanding Web3 ecosystem but also places it at the heart of Morph’s settlement layer, touted as a new on-chain home for more than 120 million users worldwide.
The deal cements Bitget’s ambition of taking its token beyond exchange utility and into broader DeFi adoption.
Chainlink’s Proof-of-Reserve system integrationBeyond the Morph deal, Bitget has sought to strengthen confidence in its reserves.
On August 20, 2025, the company integrated Chainlink’s Proof-of-Reserve system, enabling real-time verification of its wrapped Bitcoin reserves.
We’re excited to announce that we’ve adopted the @chainlink data standard on @ethereum. 🙌
Chainlink Proof of Reserve brings enhanced transparency to BGBTC collateralization and enables @BitVaultFinance, which uses BGBTC in its DeFi yield strategies and as a collateral asset… https://t.co/AcjoNlwye2
— Bitget (@bitgetglobal) August 20, 2025
This addresses the lingering concerns around exchange solvency that have haunted the industry since the collapse of FTX.
The proof-of-reserve system demonstrates that each BGBTC token is backed one-to-one with Bitcoin, offering institutional-grade assurance to both traders and DeFi partners.
Similar transparency upgrades, such as Binance’s earlier Merkle audits, have often paved the way for strong rallies in exchange tokens, and Bitget’s adoption of this approach could catalyse greater institutional interest in BGB.
Deflationary mechanics fuel optimismAlongside these transparency efforts, BGB’s tokenomics have become increasingly attractive.
Over the past eight months, Bitget has burned 860 million tokens, equal to 43% of the total supply.
In the second quarter of 2025 alone, 30 million BGB, worth approximately $138 million, were permanently removed from circulation.
With the circulating supply now equal to the total supply at around 1.14 billion tokens, inflation risks have been eliminated.
On-chain data further shows that large holders have been accumulating BGB in million-dollar tranches, signalling confidence in the token’s long-term potential.
Historically, deflationary mechanisms have been a strong price driver in the exchange token market, with BNB providing one of the clearest examples.
BGB technical analysis points to $6The price of BGB has broken above its seven-day moving average at $4.59 and cleared the Fibonacci 23.6% level at $4.84, pushing toward $5.20.
Market analysis highlights $5.20 as the pivot level to hold, with resistance expected at $5.84, $5.96, and then $6.43.
If BGB sustains its position above $5.20, a push toward the $6 zone looks increasingly likely.
However, near-term profit-taking caution remains, with momentum indicators such as the MACD histogram and RSI hinting at mild overbought conditions.
The post BGB token price explodes, $6 in view as Bitget partners with Morph Chain appeared first on CoinJournal.
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