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

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).

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.

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.

Gate.io Opens BRC-20 ORDI Token Withdrawal But Criticized For Too High Fees
24h ORDI price chart. Source: CoinMarketCap

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Source: https://news.coincu.com/188705-gateio-ordi-withdrawal-high-fees/