Bitget, a cryptocurrency exchange recently announced the merger of its Bitget Wallet Token (BWB) and BGB tokens, establishing BGB as the unified ecosystem token for both the exchange and wallet. The main aim of this move was to streamline the token economy, reduced fragmentation and strengthen the overall ecosystem.
The announcement had a great impact on the price of the BGB token as it experienced a significant surge and its trading volume surpassed that of the Binance’s BNB token. At press time, the price of the token stands at $6.85 with a surge of 22.3% in the last 24 hours.
Key Details of the Bitget Merger
Automatic Merger: For Bitget platform users, the transition will occur automatically based on the exchange rate calculated from Dec 19-25 (100,000 BWB = 8,563 BGB).
Burning BWB: All BWB tokens will be burned after the merger, while locked BWB will convert to BGB once unlocked.
No Inflation: The total supply of BGB will remain unchanged, ensuring no new tokens are issued.
For Bitget Wallet users, manual conversion is required on-chain before December 27, 08:00 UTC. This will ensure a smooth transaction and access to the unified token benefits.
Market Reacts
The community has expressed optimism about the move. One of the users on X stated “Smart consolidation move by Bitget. Merging BWB into BGB creates a stronger unified token economy and reduces fragmentation. The volume surge past BNB is impressive, but let’s see if it sustains.”
With the current scenario where the crypto market is highly saturated, by merging of ecosystem under one token, Bitget has not only simplified its token structure but also positioned BGB as a more competitive and attractive asset for traders and investors.
As the user correctly pointed out, the initial optimism is obvious and the token growth seems promising at first but the key question will be whether BGB’s impressive trading volume and price momentum keep up and sustain over the coming weeks or not.
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Source: https://www.cryptonewsz.com/bitget-bwb-bgb-united-boost-utility-adoption/