- Bitget is merging its native tokens, BGB and BWB, into a unified token, BGB, to optimize its ecosystem and improve usability across its exchange and wallet platforms.
- Post-merger, BGB will power decentralized applications, betting on DeFi protocols, multi-chain gas fee payments, and real-world Web3 PayFi solutions such as dining, travel, and shopping.
- BWB holders will automatically have their tokens swapped to BGB at a predefined ratio, and all BWB tokens will be burned after the swap.
- With a user base exceeding 100 million and a 750% increase in BGB market capitalization in 2024, Bitget aims to solidify its role as a leading CEX ecosystem while uniting finance on and off the chain.
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 optimize its offerings and improve 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 cryptocurrency 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. In addition to its exchange, Bitget Wallet, one of the largest Web3 wallets, has over 60 million users and wide adoption on major blockchain networks. Together, the platforms serve a combined user base of over 100 million, making Bitget the second-largest centralized exchange ecosystem (CEX) in the world.
A year of unprecedented growth for BGB
BGB has emerged as a prominent player in the volatile cryptocurrency market, with its market capitalization increasing by over 750% in 2024. This growth cements its status as the best-performing CEX token of the year, driven by growing demand and a wide range of use cases.
“By merging BGB and BWB, we are taking an important step towards building a unified and robust ecosystem that unites on-chain and off-chain applications. This move will enhance the utility of BGB and ensure that all holders benefit from the growth of the Bitget ecosystem,” Gracy Chen, CEO of Bitget, said in a press release shared with AlexaBlockchain.
A unified token for a decentralized future
After the 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. In particular, BGB will drive participation in lending platforms, serve as a payment token for gas fees across multiple chains, and support innovative offerings like Fair Launchpool through the 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 simple token swap mechanism. BWB holders 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 exchange is complete, all BWB tokens will be burned and the equivalent BGB will be airdropped to users’ accounts. BWB trading and related services will cease on December 27, marking the completion of the integration process.
Gracy Chen highlighted BGB’s long-term vision and added: “As the cryptocurrency market matures, only the most resilient assets with robust ecosystems and real-world value can thrive through the cycles. A top 30 token, BGB 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
The Bitget 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 for users navigating the changing 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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