Binance's launch of ORDI is questioned by Ordinals founder, and the trading platform is also unclear about what BRC is.

Kaoriand others2Authors

2023-11-08 11:14

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BRC 20 has always been a hot topic in the Bitcoin community. ORDI, as the first deployed BRC 20 token, has been deployed since April of this year, and it has been seven months now. However, many people still do not understand ORDI.

BlockBeats reported on November 7th that Binance announced the launch of ORDI, followed by the release of ORDI's 1-50x U-based perpetual contract. At the time of writing, ORDI was priced at $13.353, with a 24-hour increase of over 127%.

Binance has launched ORDI, but its description has been questioned by the community

Later, some community users claimed that it was incorrect for Binance to consider ORDI as the token of the Ordinals protocol. "BRC-20 is a part of the Ordinals protocol, and ORDI is just a memecoin in BRC20."

Although later Binance deleted this statement and replaced it with "ORDI is the first token created according to the BRC-20 interchangeable token standard on the Bitcoin blockchain", CBSpears, an employee of Ordinals Hub, pointed out that the links associated with the "information" page of the ORDI token on Binance are not related to ORDI, and called it "extremely misleading".

Ordinals founder requests Binance to remove ORDI related information

This morning, Casey Rodarmor, the founder of the Bitcoin Ordinals protocol, posted on social media requesting that Binance remove some links on the ORDI token information page that point to Ordinals. "I hope this issue can be resolved as soon as possible. ORDI is not related to the Ordinals project, the Open Ordinals Institute, or The Ordicord. These links should be removed, and the token should not be named Ordinals, but should be ORDI. If anyone has any contacts at Binance who can help resolve this situation, please have them message me!"

In the official manual of the Ordinals protocol, Casey's idea for the Ordinals protocol is to create "digital artifacts" or "NFTs" through Bitcoin. However, with the development of the Ordinals protocol, the number of inscriptions related to BRC 20 has accounted for more than 85% of the total number of inscriptions. In Casey's view, the "art gallery" he created has become a playground for speculators, which makes him very uncomfortable.

However, there are different opinions within the community regarding this matter. Some people believe that this incident is a good introduction for newcomers who do not know what Ordinals are. "More exposure is a good thing."

Encryption KOL @BTCdayu believes that "this founder is emotionally unstable, lacks a big picture view, and has a strong desire for power. He wants to define how the Bitcoin ecosystem should be run, which is very bad. Therefore, I do not participate in any other protocols he later develops because I dislike this person. Decentralized protocols grow naturally, like natural diamonds. Too centralized protocols are like artificial diamonds. This will be the first law of the Bitcoin ecosystem."

ORDI 是什么？

translates to

What is ORDI?

in English.

BRC 20 has always been a hot topic in the Bitcoin community. As the first deployed BRC 20 Token, ORDI has been deployed since April of this year, and it has been seven months now, but many people still do not understand ORDI.

In fact, ORDI has nothing to do with the Ordinals project and is a true community meme coin. ORDI's presence can even be found on second-hand trading platforms like Xianyu.

There are more BRC 20 ecological meme coins emerging besides ORDI. Due to the 4-character limit on the name of BRC 20 tokens, a BRC-20 token named $nals has gained popularity with a story like "Ordi + nals give Ordinals a complete home". In fact, $nals was deployed as early as March 10th, but it was not fully minted until May 1st.

《Binance finally launches ORDI, learn about the BRC-20 that has been speculated for half a year

After being "discovered" by the community, the price of ORDI skyrocketed in a short period of time. On April 19th, in a now-disbanded BRC-20 OTC group, ORDI was being sold for a price of 0.088 USD (1 unit = 88 USD). By April 25th, in the Ordswap Discord OTC, the asking price for ORDI had risen to almost 0.65 USD per unit (1 unit = 650 USD).