Gate.io Opens BRC-20 ORDI Token Withdrawal But Criticized For Too High Fees

Key Points:

• Gate.io opened ORDI Token BRC20 withdrawal on May 19 for users.
• The community criticized a lot because the withdrawal fee was as high as 65 ORDI (about $800), and Gate later reduced the fee to 5.58 ORDI (still over $66).
• Previously, Gate became the first BRC-20 currency exchange and trading platform to list five BRC-20 tokens: ORDI, VMPX, MEME, BANKBRC, and PEPEBRC.

Cryptocurrency exchange Gate.io announced the opening of ORDI withdrawal yesterday, but the community disagreed because the transaction fee was too high.

As was announced earlier, as the popularity of BRC-20 increased, the number of BRC20 tokens deposited into Gate.io increased sharply, and the demand for withdrawal of BRC-20 tokens also increased. In response, the exchange will open the BRC-20 withdrawal service as soon as the BRC-20 function is safe and stable, scheduled for May 18-19.

Gate opened the BRC-20 ORDI Token withdrawal on May 19, but it was heavily criticized by the community because the withdrawal fee was as high as 65 ORDI (about $800), and Gate later reduced the fee to 5.58 ORDI (still over $66).

Rubbish Gate exchange. Ordi withdraw fee 800U. 800U!!!

— Kevin Zheng (@KevinZh70371933) May 19, 2023

Gate Exchange opened the BRC20 Token ORDI withdrawal function on May 19, but it was widely criticized by the community because the withdrawal fee was as high as 65 ORDI (about $800), and Gate later lowered the fee to 5.58 ORDI (still over $66).https://t.co/gtbRr8YzfE

— Wu Blockchain (@WuBlockchain) May 20, 2023

Keeping up with the explosive trend of the BRC-20 token, the crypto trading platform announced on May 8 a breakthrough milestone as the BRC-20 currency exchange and trading platform first to list five BRC-20 tokens: ORDI, VMPX, MEME, BANKBRC and PEPEBRC. The listing event puts Gate in the lead in providing access to these cutting-edge tokens to its users – cementing its reputation as a trusted solution for exchanges to trade tokens newspaper BRC-20.

Double your BRC-20 Token Holdings with https://t.co/8kWqgEeplL!

Add to your #cryptoportfolio now to win $ORDI $VMPX $MEME $DRAC $NALS #BANKBRC #PEPEBRC #PIZABRC

JOIN HERE https://t.co/5NwTu5P0OE pic.twitter.com/tvtpUPg343

— Gate.io (@gate_io) May 12, 2023

As the first BRC-20 token ever created, ORDI was designed initially as a meme to showcase the potential of the new standard. With a limited rollout of 1,000 tokens per mint and a total supply of 21 million tokens, ORDI’s creation has inspired many startups to develop tools for users to use mint BRC-20 tokens and store them in their wallets.

Currently, the ORDI token is down 5% and is trading at $12.4, down 58.68% from its peak at $29.16.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News