Binance Announces Listing of Ordinals with Zero Fee
In a move that has caught the attention of cryptocurrency enthusiasts and traders alike, Binance, one of the world's leading cryptocurrency exchanges, has announced the listing of Ordinals (ORDI). According to information received from external sources, Binance will introduce ORDI to its platform with trading pairs including ORDI/BTC, ORDI/USDT, and ORDI/TRY becoming available from November 7, 2023, at 10:00 UTC. Users have been given the green light to deposit ORDI in anticipation of trading activities. Moreover, withdrawals for ORDI are slated to commence on November 8, 2023, at 06:30 UTC. In an unprecedented move underscoring Binance’s confidence in the new asset, the listing fee for ORDI has been set at 0 BNB.
Promotional Deposit Activity and Margin Pair Addition
Alongside the listing announcement, Binance is incentivizing early adopters through a deposit activity promotion. From the announcement time until trading begins, the first 1,000 users who deposit a minimum of 72 ORDI will each be rewarded with a 50 USDT Trading Fee Rebate Voucher. The promotion is aimed at stimulating user engagement and bolstering liquidity for the newly listed asset. The exchange has also indicated that it will expand its margin trading options by adding ORDI as a borrowable asset on Isolated Margin. A new isolated margin pair featuring ORDI/USDT will be established within 48 hours following the commencement of spot trading. However, it should be noted that only VIP0-3 users from qualified regions are eligible for the promotional rewards, which are scheduled to be distributed within five days after the promotion concludes.
Understanding Ordinals (ORDI) and Its Unique Protocol
For those unfamiliar with Ordinals (ORDI), it is essential to grasp the underlying concept of inscriptions using the Ordinals protocol. Bitcoin's cap is set at 21 million bitcoins, divisible into 100 million satoshis—the smallest unit of bitcoin—resulting in a total of 2100 trillion satoshis. The Ordinals protocol facilitates inscriptions by embedding content directly onto individual satoshis without requiring a separate token or alterations to Bitcoin's sidechain or main chain. This content can range from text and images to audio and video files. However, due to Bitcoin block size limitations, inscriptions primarily involve text and images resembling non-fungible tokens (NFTs) and tokens. The Ordinals protocol leverages these capabilities to create a unique form of asset representation within the Bitcoin ecosystem.