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

On May 19, Gate.io enabled users to withdraw ORDI Token BRC20. However, there was substantial backlash from the community due to the excessively high withdrawal fee of 65 ORDI (equivalent to around $800). In response to the criticism, Gate.io later decreased the fee to 5.58 ORDI, which still amounted to over $66.

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

In response to the growing popularity of BRC-20 tokens, Gate.io experienced a significant increase in the number of BRC20 tokens being deposited into their platform. Consequently, there was a surge in the demand for BRC-20 token withdrawals. To address this, Gate.io planned to open the BRC-20 withdrawal service on May 18-19, once they ensured the safety and stability of the BRC-20 function.

On May 19, Gate.io commenced the withdrawal service for BRC-20 ORDI Token. However, the community heavily criticized the exchange due to the exorbitant withdrawal fee of 65 ORDI (approximately $800). In response to the backlash, Gate.io later reduced the fee to 5.58 ORDI, which still amounted to over $66.

Gate.io demonstrated their commitment to keeping up with the rapid growth of BRC-20 tokens by announcing a significant milestone on May 8. They became the first BRC-20 currency exchange and trading platform to list five BRC-20 tokens: ORDI, VMPX, MEME, BANKBRC, and PEPEBRC. This listing event positioned Gate.io as a leading provider of access to these cutting-edge tokens, solidifying their reputation as a trusted platform for trading BRC-20 tokens.

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

At present, the ORDI token has experienced a 5% decline in value and is currently trading at $12.4. This marks a decrease of 58.68% from its peak price of $29.16.

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