Binance, one of the leading cryptocurrency exchanges, is gearing up to list ORDI, a token intricately linked to Bitcoin ordinals. According to the official announcement, the trading platform will commence the listing of spot trading pairs, including ORDI/BTC, ORDI/USDT, and ORDI/TRY, along with enabling withdrawals for ORDI starting from 6:30 a.m. UTC on November 8. Additionally, Binance intends to incorporate ORDI as a new borrowable asset, introducing the margin pair ORDI/USDT on the isolated margin platform.
The decision to list ORDI comes on the heels of Binance Pool’s introduction of the Ordinals Inscription Service, enabling users to inscribe additional data onto the Bitcoin blockchain. This development had an immediate impact on ORDI’s value, driving it up by 41% within the past 24 hours, reaching a trading price of $10.45—a significant surge since May, as reported by CoinMarketCap.
Despite the remarkable increase in ORDI’s value, Binance has issued a cautionary statement, reminding users that ORDI is a relatively new token associated with higher-than-normal risks, potentially leading to elevated price volatility. To address this, Binance plans to add a “Seed Tag” to the ORDI token, signifying projects with higher volatility and risks. Users dealing with seed tag tokens will be required to complete corresponding quizzes every 90 days on the Binance Spot or Binance Margin platforms, as per the exchange’s statement.
The Ordinals protocol, introduced earlier this year, facilitates the creation of BRC-20 tokens and NFTs [Non-Fungible Tokens] on the Bitcoin blockchain. Initially designed as a method of inscribing data in the witness section of BTC transactions, the protocol utilizes satoshis—the smallest divisible unit of BTC—as a medium for these inscriptions. The introduction of the BRC-20 token standard in March led to a substantial increase in Ordinals inscriptions.
Bitcoin Ordinals Total Inscriptions Count Cross Over 38M
Created by an anonymous on-chain analyst named Domo on March 8, 2023, the BRC-20 tokens on the Ordinals protocol employ ordinal inscriptions of JSON data to deploy token contracts, mint tokens, and facilitate token transfers, as outlined in the Bitcoin manual. At present, Bitcoin ordinals clocked over 38 million inscriptions to date.
As the cryptocurrency landscape continues to evolve, Binance’s decision to list ORDI signifies a strategic move to embrace innovative solutions within the realm of blockchain technology, catering to the growing demands and interests of the crypto community.