Bitget Token (BGB) Burn

The BGB contract's (0x54d2…0581) 0x…dEaD wallet holds 1,089,079,125 BGB — 54.45% of the 2B original supply, and exactly 2B minus the 910.92M total supply CoinGecko reports. Seven rounds produced that figure, but four account for 99.1%: 800M on 30 Dec 2024 (the "initial" burn under the new whitepaper, 40% of supply, $4.87B at $6.09 — three days after the $8.45 high), 30,006,905 on 17 Apr 2025 ($132.5M) and 30,001,053 on 15 Jul 2025 ($139.9M) for the first two quarters of 2025, then 220M on 4 Sep 2025 ($1.09B at $4.98). The remaining three rounds add up to 9.07M.

On 2 Sep 2025 Bitget announced the transfer of 440M BGB to the Morph Foundation, making BGB the gas and governance token of the Morph chain. Two days later, 220M went into the dead wallet — the second-largest round ever, worth $1.09B — and circulating supply shrank by almost 39%. The other 220M sits in Morph's treasury, released at a fixed 2% a month (4.4M BGB) for liquidity, applications and education. Morph framed the 220M round as "more than seven quarters ahead" of the old 30M-a-quarter target — a polite way of saying the 30M-a-quarter schedule was over.

Three rounds executed by the Morph Foundation, each about two weeks after quarter-end: Q4 2025 burned 3,060,325 BGB on 23 Jan 2026 ($11.2M), Q1 2026 burned 3,000,330 on 9 Apr ($5.7M), Q2 2026 burned 3,010,400 on 14 Jul ($4.9M). The published formula: ecosystem protocol fees in USD (net of L1 fees paid to Ethereum) divided by the average BGB price, times a 100% governance factor and a governance-set Booster. The three figures sit within 2% of each other even though BGB fell 46% and chain usage changed — by this ledger's unpacking of the round announcements, real fees amount to only a few thousand BGB a quarter, and a Booster of roughly 1,420x does the rest. The burn is therefore effectively a fixed ~3M a quarter, until governance changes the Booster. The Q3 2026 round is expected around mid-October.

The current pace is 12M BGB burned a year — 1.3% of total supply — while Morph's treasury releases 52.8M a year: circulating supply grows by a net ~40M a year for as long as the 2%-a-month schedule runs (to around 2029). For BGB holders, the scarcity-by-burn phase ended on 4 Sep 2025; since then it has been a phase of mild net issuance. CoinGecko lists circulating supply at 700M, implying 210.9M still locked — less than the 2% schedule should have released after 12 months (~53M); this ledger follows CoinGecko and flags the gap rather than guessing.

Price did not reward the biggest burn: BGB peaked at $8.45 on 27 Dec 2024, three days before the 800M burn, and has never returned to that level. The low was $0.014 on 24 Jun 2020.

Burn = the 0x…dEaD balance of the current BGB contract 0x54d2…0581 on Ethereum, read daily; each round is one transfer into that wallet, recorded with date, amount and USD at Bitget's price that day. Cross-check: 2B − dead-wallet balance = 910,920,875, matching CoinGecko's total supply to the token. A note for anyone verifying: the old BGB contract 0x19de… is retired and its dead wallet is nearly empty — scanning the wrong contract makes BGB look unburned. There is no daily series because burns are quarterly; no revenue column because Bitget and Morph publish no fees per round; and no unlock card because Morph's 2%-a-month schedule has no on-chain source the ledger can read on its own.