Bitget has announced the merger of BWB and BGB tokens in an effort to enhance its ecosystem by integrating its wallet and token functionalities. This strategic move aims to improve user experience and expand application possibilities across both centralized and decentralized platforms. As the exclusive ecological token for the Bitget exchange, the BGB token has seen significant growth, with its market cap surpassing $9.32 billion and reaching an all-time high price of $6.82. The token’s trading volume has dramatically increased by 271% in the past 24 hours to approximately $1.32 billion, demonstrating strong market activity and investor confidence.
The merger is designed to support ecosystem growth by broadening BGB’s use cases, including empowered launch pool initiatives and strengthening its presence on both on-chain and off-chain platforms. Bitget, a prominent platform for high-quality projects, offers a variety of services, ranging from pre-market, spot, to leveraged trading and contracts, currently ranking sixth globally in terms of trading volume with nearly $5 billion traded in the past 24 hours.
Bitget Wallet, one of the largest Web3 wallets, supports over 60 million users across various ecosystems. Coupled with Bitget’s user base, the two collectively serve over 100 million users, marking them as significant players in the cryptocurrency market. The integration with BGB will expand on-chain trading by deepening its involvement with popular public chains and major DeFi ecosystems. The token will be integrally used within the Bitget Wallet for on-chain functions like multi-chain gas fee payments and will serve as a staking asset for mainstream lending and staking protocols. Starting in 2025, BGB is set to enter the offline PayFi scenario, facilitating real-world transactions such as shopping and dining.
The merger rate between BWB and BGB was determined using the 7-day average closing prices from December 19 to 25, 2024, establishing a conversion rate wherein 100,000 BWB tokens can be exchanged for 8,563 BGB. This conversion will not impact the total issuance of BGB tokens, as no additional tokens will be created.
In summary, Bitget’s strategic merger of BWB and BGB tokens is a pivotal step in strengthening their ecosystem and enhancing the utility and reach of their platform in the digital currency space.
