- Bitget combines its native tokens, BGB and BWB, into a unified token, BGB, to streamline its ecosystem and enhance the utility of its exchange and wallet platforms.
- After the merger, BGB will enable decentralized applications, staking on DeFi protocols, multi-chain gas payments, and real-world Web3 PayFi solutions such as dining, travel, and shopping.
- BWB holders will automatically exchange their BGB tokens at a predetermined ratio, with all BWB tokens burned after the exchange.
- With a user base exceeding 100 million and a 750% increase in BGB market cap by 2024, Bitget aims to solidify its role as the leading CEX ecosystem while integrating on-chain and off-chain finance.
Bitget combines 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 improve the utility of its native token in 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. Along with its exchange, Bitget Wallet—one of the largest Web3 wallets—boasts over 60 million users and widespread use on leading blockchain networks. Together, the platforms serve a combined user base of more than 100 million, making Bitget the second largest centralized exchange (CEX) ecosystem in the world.
A Year of Unprecedented Growth for BGB
BGB has emerged as a standout performer in the volatile crypto market, with its market capitalization increasing by more than 750% in 2024. This growth reinforces its status as the year’s best-performing CEX token, bolstered by of increasing demand and a diverse range of use cases.
“By bringing BGB and BWB together, we are taking a big step towards building a unified and robust ecosystem that bridges on-chain and off-chain applications. This step will enhance the utility of BGB, and ensure that every holder will benefit from the growth of the Bitget ecosystem,” said Bitget CEO, Gracy Chen, in a press release shared with AlexaBlockchain.
A Unified Token for a Decentralized Future
After the merger, BGB will serve as the foundation of the Bitget ecosystem. It will be deeply integrated with decentralized applications (DApps), DeFi protocol, and blockchain networks. Notably, BGB will power staking on lending platforms, serve as a payment token for gas bills across multiple chains, and support innovative offerings like Fair Launchpool via 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 seamless transfer, Bitget has outlined a direct token swap mechanism. BWB holders on the Bitget exchange will see their tokens automatically converted to BGB at a predetermined ratio of 0.08563, based on the 7-day average closing price of BWB/USDT.
Once the swap is completed, all BWB tokens will be burned, and the corresponding BGB will be airdropped into user accounts. Trading of BWB and related services will cease on December 27, marking the end of the integration process.
Gracy Chen emphasized the long-term vision for BGB, adding: “As the crypto market matures, only the most resilient assets with a stable ecosystem and real-world value can thrive in cycles . BGB, which ranks in 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 the Bitget 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 into its broad range 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.
Also Read: Bitget Aims to Reshape Crypto Landscape with Global Recruitment Drive
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