Bitget Merges BGB and BWB Tokens
Foreks - Cryptocurrency platform and Web3 company Bitget announced the merger of its tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB). This decision, made in response to user and community demands, aims to position BGB as the ultimate ecosystem token for Bitget Exchange and Bitget Wallet by merging both tokens.
Post-merger, BGB will function as a unified token driving the growth of the Bitget ecosystem. By being deeply integrated into decentralized applications (DApps), BGB is set to become a core asset in large blockchain ecosystems, supporting staking and lending protocols in DeFi applications. Additionally, BGB will enhance Bitget Wallet services by integrating functionalities such as Fair Launchpool and multi-chain gas fee payments.
Real-life usability of BGB will be increased in regions where it is feasible. Users will be able to enjoy a seamless Web3 PayFi experience by using BGB for daily needs such as food, travel, fuel, and shopping.
In 2024, BGB saw a market value increase of over 750%. Bitget CEO Gracy Chen commented that merging BGB and BWB is a significant step toward creating a unified and robust ecosystem that connects on-chain and off-chain applications. This move will increase BGB's utility and enable every token holder to benefit from the growth of the Bitget ecosystem. As the cryptocurrency market matures, only assets with strong ecosystems and real-world value will persist through cycles. Ranked among the top 30 in market capitalization, BGB has proven itself as a leading instrument due to its exceptional liquidity and strong community. This merger will strengthen BGB's role in the Bitget ecosystem and open new doors for exploring dynamic opportunities in the decentralized world.
Merger Process and Token Exchange
Users who hold BWB tokens will be able to automatically convert their BWB to BGB on the Bitget exchange. The BWB/BGB conversion rate has been set at 0.08563, based on the 7-day average closing price of the BWB/USDT pair on Bitget between December 19-25, 2024. After the token exchange, all BWB tokens will be burned, and an equivalent amount of BGB tokens will be airdropped to users' accounts. BWB transactions and related services will be suspended as of December 27.
Bitget, one of the world's top three centralized exchanges (CEXs) in terms of trading volume and the fastest-growing, offers extensive services including pre-market, spot, margin, and futures trading. Additionally, Bitget Wallet stands out as one of the largest Web3 wallets with over 60 million users worldwide. Widely used across Layer-1 and Layer-2 ecosystems, Bitget Wallet together with Bitget serves a total of over 100 million users. This merger has established Bitget as the second-largest CEX ecosystem in the world.