Bitget, a top-tier cryptocurrency exchange and Web3 pioneer, has announced1 a major step forward in its ecosystem’s evolution: the merger of its two native tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB). This strategic move creates a single, unified token, BGB, designed to power both Bitget’s exchange and wallet services.
The announcement follows an exceptional year for the exchange, which is rapidly closing in on 50 million users. As a consequence, its native token BGB has emerged as one of the fastest-growing crypto assets. With its market cap soaring over 750% in 2024, BGB has firmly established itself as a top-performing CEX token.
A New Era for Bitget
This merger signifies a pivotal moment for Bitget as it accelerates efforts to build one of the most influential ecosystems in Web3. The synergies between Bitget Exchange and Bitget Wallet will unlock new opportunities for token holders, developers, and partners.
With its expanded utilities and adoption potential, BGB is poised to become a landmark asset in the crypto space, offering unparalleled opportunities across both centralized and decentralized platforms.
Why the Merger Matters
This merger consolidates Bitget’s centralized and decentralized services, providing seamless integration between its exchange and wallet platforms. At the time of writing this, Bitget Exchange ranks among the top three global exchanges by trading volume on derivatives, and top 6 in spot. At the same time, Bitget Wallet boasts over 60 million users, connecting them to diverse blockchain applications and decentralized ecosystems.
Together, the platforms serve 100 million users worldwide, making Bitget one of the largest global crypto ecosystems. The token merger is a natural step to enhance functionality and deliver even more value to its community.
BGB: The Unified Token Driving Innovation
Post-merger, BGB will be the sole utility token for Bitget’s ecosystem. It will serve as a critical bridge between on-chain and off-chain applications, expanding its use cases and strengthening its position as a leading cryptocurrency.
Expanded Utilities
BGB holders will enjoy benefits across both the centralized and decentralized finance (CeFi + DeFi) worlds, including:
- On-chain integrations: BGB will power decentralized apps (DApps), enable staking in lending protocols, and support multi-chain gas fee payments.
- Real-world payments: Starting in 2025, BGB will be used for dining, travel, shopping, and more, bringing Web3 and finance closer to everyday life.
- Exclusive perks: On the Bitget Exchange, BGB holders gain access to Launchpad early entries, Launchpool airdrops, trading fee discounts, and VIP rewards.
“BGB has had an extraordinary year, with its market cap increasing over 750%. By merging BGB and BWB, we’re creating a unified and powerful token that bridges on-chain and off-chain applications. This move will not only enhance BGB’s utility but also benefit every token holder as Bitget’s ecosystem continues to grow.”
– Gracy Chen, Bitget CEO
Token Swap Details
The merger process is straightforward and designed to ensure minimal disruption. Holders of BWB tokens can swap them for BGB at an exchange rate of 0.085632, calculated based on a 7-day average price of both tokens. For instance, if you hold 100,000 BWB, you’ll receive 8,563 BGB after the swap.
Key dates:
- December 27, 2024: BWB trading and related services will end.
- December 31, 2024: On-chain BWB holders (on Solana, Base, Ethereum, and Ton) can exchange tokens via a dedicated portal.
Importantly, the total supply of BGB will remain unchanged, preserving its scarcity and long-term value. After the swap, all BWB tokens will be burned.
BGB tokens are also tradeable on MEXC exchange, which announced3 full support for the merger.
BGB’s Explosive Growth
BGB reached a new all-time high earlier today, hitting $7.92 per token, with a market cap exceeding $10 billion, placing it among the top 20 cryptocurrencies globally. This marks a dramatic rise in value, with BGB nearly doubling in the past week and surging by over 30% in the last 24 hours. In the past 90 days, BGB skyrocketed by 600%, gaining 370% in the last 30 days.
In contrast, BWB, Bitget Wallet’s native token, currently holds a market cap of mere $80 million, further illustrating the strategic importance of merging these two assets into a unified ecosystem.
BWB Token Burn
In addition to the token merger, Bitget also announced4 an ambitious initiative to burn 800 million BGB tokens, worth over $5 billion at current prices. The 800M BGB burn will start immediately, reducing the token’s total circulating supply to 1.2 billion. Starting in 2025, the exchange will allocate 20% of profits earned to buy back and permanently burn additional BGB tokens.
All token burns will be recorded on-chain for maximum transparency. As a result of these burns, BGB token should become deflationary, with little standing in its way to new all-time highs.
How to Get Started With Token Merge
If you’re holding BWB, now’s the time to swap your tokens for BGB and unlock a suite of new benefits. Visit the Bitget platform for detailed instructions or keep an eye out for updates on the dedicated token swap portal.
If you’re not yet part of the Bitget ecosystem, consider joining now. With its unified token and expanding services, Bitget offers a gateway to the future of crypto and Web3. Head to Bitget today and start exploring the incredible opportunities made possible by this groundbreaking token merger!
