PANews reported on September 2nd that Bitget announced it will transfer all 440 million BGB held by the team to the Morph Foundation. Morph will destroy 220 million BGB, leaving the remaining 220 million locked and unlocking 2% monthly for ecosystem incentives. BGB will become the gas and governance token of the Morph chain. The Morph Foundation will be responsible for BGB's future development and will update the BGB destruction mechanism, with a target total supply of 100 million. The Morph mainnet is expected to launch in Q4 2024, with a peak TVL exceeding $150 million.