- Bitget is merging its native tokens, BGB and BWB, into a unified token, BGB, to streamline its ecosystem and enhance utility across its exchange and wallet platforms.
- Post-merger, BGB will power decentralized applications, staking in DeFi protocols, multi-chain gas fee payments, and real-world Web3 PayFi solutions like dining, travel, and shopping.
- BWB holders will have their tokens automatically swapped to BGB at a predefined ratio, with all BWB tokens burned post-swap.
- With a user base exceeding 100 million and a 750% increase in BGB’s market cap in 2024, Bitget aims to solidify its role as a top CEX ecosystem while bridging on-chain and off-chain finance.
Bitget is consolidating its native tokens—Bitget Token (BGB) and Bitget Wallet Token (BWB)—into a unified ecosystem token, BGB. This move, driven by strong community demand, aims to streamline its offerings and enhance the utility of its native token across its growing ecosystem.
The merger aligns with Bitget’s broader strategy to solidify its position as a major player in the crypto market.
The exchange, ranked among the top three globally by trading volume, offers a full spectrum of trading services, including spot, margin, and futures trading. Alongside its exchange, Bitget Wallet—one of the largest Web3 wallets—boasts over 60 million users and extensive adoption across leading blockchain networks. Together, the platforms serve a combined user base of over 100 million, making Bitget the second-largest centralized exchange (CEX) ecosystem worldwide.
A Year of Unprecedented Growth for BGB
BGB has emerged as a standout performer in the volatile crypto market, with its market capitalization soaring by over 750% in 2024. This growth cements its status as the best-performing CEX token of the year, bolstered by increasing demand and a diverse range of use cases.
“By merging BGB and BWB, we are taking a major step toward building a unified and robust ecosystem that bridges on-chain and off-chain applications. This move will enhance the utility of BGB, and ensure that every holder benefits from Bitget ecosystem growth,” Bitget CEO, Gracy Chen, said in a press release shared with AlexaBlockchain.
A Unified Token for a Decentralized Future
Post-merger, BGB will serve as the cornerstone of the Bitget ecosystem. It will be deeply integrated into decentralized applications (DApps), DeFi protocols, and blockchain networks. Notably, BGB will power staking in lending platforms, serve as a payment token for gas fees across multiple chains, and support innovative offerings like Fair Launchpool through Bitget Wallet.
Beyond digital applications, BGB is also poised to expand into real-world use cases. Bitget envisions the token as a key enabler of Web3 PayFi experiences, allowing users to pay for dining, travel, shopping, and more.
Transition Details and Community Incentives
To ensure a seamless transition, Bitget has outlined a straightforward token swap mechanism. Holders of BWB on the Bitget exchange will see their tokens automatically converted to BGB at a predefined ratio of 0.08563, based on a 7-day average closing price of BWB/USDT.
Once the swap is complete, all BWB tokens will be burned, and the equivalent BGB will be airdropped to user accounts. BWB trading and related services will cease on December 27, marking the culmination of the integration process.
Gracy Chen highlighted the long-term vision for BGB, adding: “As the crypto market matures, only the most resilient assets with robust ecosystems and real-world value can thrive through cycles. BGB, ranking among the top 30 tokens, has established itself as a leading utility token with exceptional liquidity and a strong community. This merger will enhance BGB’s role within Bitget’s ecosystem and create new opportunities for it to explore the dynamic decentralized world.”
The Bigger Picture
Bitget’s token merger reflects a broader trend in the crypto industry, where utility and interoperability are increasingly prioritized. By consolidating its tokens, Bitget not only simplifies its ecosystem but also strengthens its value proposition to users navigating the evolving Web3 landscape.
As the company integrates BGB across its vast array of services, it aims to solidify its reputation as a pioneer in bridging centralized and decentralized finance. For Bitget, the future lies in building a unified, user-centric ecosystem that meets the demands of both crypto natives and newcomers alike.
Read Also: Bitget Aims to Reshape the Crypto Landscape with Global Recruitment Drive
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