Gate exchange faces criticism over unhealthy Ordinals support 

People claimed that Gate exchange is charging very high fees from customers, who are trying to withdraw their Ordi tokens.

The gate is the 10th-ranked crypto trade platform by market cap. This exchange was founded in 2013. The services of this crypto firm are available for Institutional & retail crypto investors. 

On 8 May, Gate opened trading for Ordinal (ORDI), a BRC20 token, on the platform. 

Just recently the exchange opened Ordi token withdrawal support on the exchange. The transaction fee to withdraw an Ordi token was 65 ORDI tokens. 

The current trade price of 1 Ordi token is $12.90, so the total fee for a single withdrawal is $839, which is a very high price for small as well as big crypto traders. 

Later after criticism & troll, the exchange reduced the withdrawal price by 5.58 Ordi tokens, which is still near $72. 

Ordinals

Ordinals is a protocol that is initially introduced to use on the Bitcoin blockchain network to issue new tokens & NFTs.

Ordinals allow token issuance in the BRC-20 standard & the unique identity of each issued token remains attached with the value of 1 Satoshi. 

The majority of the Bitcoin ordinals (BRC-20) platforms are allowing people to mint new tokens at the cost of Bitcoin transaction fees. 

Over the last 30 days, Ordinals grabbed huge popularity but it will be interesting to see whether it will bring a real-life use case or it will lose popularity with time.

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