Bitget Destroys $1.09 Billion Worth of BGB in a Major Burn & Lockup

Bitget recently executed a significant burn and locking initiative involving 220 million BGB tokens, valued at $1.09 billion. This action signifies a strategic move to enhance BGB’s utility within the Morph ecosystem. The burn is linked to network activity on the Layer 2 network, Morph, ensuring that more tokens are burned as usage increases. As a result of this strategy, the circulating supply will be reduced down to 100 million BGB tokens.