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).

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.

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