Crypto currency exchange BitgetAltcoin announced that BGB’s Morph Blockchain will become the main network. Now the BGB will be used as a means of gas and governance in the Morph network. In addition, at the Bitget ecosystem, Launchpool will continue to maintain its current functions such as transaction fee discounts and wallet integrations.
220 million BGB Coin was burned at once
A total of 440 million units managed by Bitget team BGB CoinHe was transferred to Morph Foundation. 220 million of this amount was burned at once and removed from the circulation. The remaining 220 million BGB will be transferred to locked accounts and will be launched with a 2 percent lock opening each month.
Coins will be used for liquidity incentives, ecosystem usage and training projects. With the burning process, BGB supply was reduced. With the locked distribution model, new coin entry will be provided to the market.
Morph FoundationWill associate the process with events in Blockchain by updating BGB’s coin burning mechanism. The Foundation plans to reduce the total supply of Altcoin to 100 million BGBs over time. In this context, the burning mechanism will work according to the usage rate of the network.
The BGB will continue to be used both in Morph Blockchain and Bitget ecosystem.
Altcoin’s price jumped after the announcement
After Bitget’s announcement, the price of BGB rose harshly. CoinMarketcapAccording to data, the price of Altcoin increased by 18 percent up to 5.44 dollars. The volume of transaction jumped to 371 million dollars with an increase of 408 percent.
AltcoinIt is stated that the burning of 220 million coins at one time is effective at the rise in the price of the price.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
