BGB · Bitget surrendered the stash. The Morph cap stays unused.
On September 2, 2025 Bitget transferred its entire 440M corporate BGB stash to the Morph Foundation. Half (220M) was burned immediately; the other half (220M) was locked under a 2% monthly release ceiling. That cap is a ceiling, not a deployment — it was NOT used in this window. Only the Q1 Morph-formula burn (~3M) flowed. Net −0.43% off market — structurally near-zero, slight deflation.
Fixed-supply ERC-20 (700M). No mint function on the contract — supply cannot grow.
All original allocation buckets fully unlocked pre-window. BWB merger completed December 30, 2024 — no residual migration unlocks.
No public evidence of release in window — monitored. §0.45.3.4 enumeration: Morph Foundation custody (220M BGB, locked under a 2% monthly release cap = 4.4M/month MAX = 13.2M / 90D MAX over 50 months). The cap remains structurally available for future use but was NOT deployed this window. Bitget has ZERO BGB on its balance sheet post-Sep-2-2025 transfer.
No bankruptcy estate. The Morph 220M locked stock lives under Row #3 (governance-capped release).
The old Bitget revenue-formula buyback (~30M/quarter) was retired September 2, 2025. The current mechanism is the Morph-formula quarterly burn (Row #2).
Morph-formula quarterly burn. Q1 2026 burn = 3,000,330 BGB (executed April 15, 2026). Projected forward at similar fee level (~$7K/quarter Morph protocol fees) → ~3M / 90D.
Morph Foundation is custody + burn engine, not accumulator. No structural buy programme.
No new long-term lockup programme.
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