Binance, one of the world’s leading cryptocurrency exchanges, has added ORDI to its list of tradable assets. Additionally, Binance is adding ORDI as a new borrowable asset within the Isolated Margin, enhancing the platform’s financial offerings. Following the announcement, the token linked to Ordinals had an 80% surge in valuation.
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Seed tag: Identifying innovative projects
To highlight the innovative and potentially more volatile nature of projects like ORDI, Binance introduces the “Seed Tag”. This tag serves as a marker for projects with unique attributes, which might entail a higher level of risk compared to conventional tokens.
Users seeking to trade tokens marked with the Seed Tag will be required to pass specific quizzes on Binance’s Spot and Margin platforms every 90 days. The quizzes aim to ensure that traders are well informed about the potential risks associated with tokens displaying the Seed Tag. Furthermore, a risk warning banner will be prominently displayed for all Seed Tag-associated tokens.
Users can easily identify these tags on Binance’s trading pages and the Markets Overview section.
Understanding Ordinals (ORDI)
Ordinals (ORDI) is a unique NFT project that revolves around the concept of inscriptions and focuses on integrating content into Bitcoins. With a total supply of 21 million Bitcoins and the capability to subdivide each Bitcoin into 100 million satoshis, Ordinals leverages the Ordinals protocol to write content directly onto satoshis.
These inscriptions cover a wide array of formats, including text, pictures, audio, and video, among others. Importantly, this is achieved without the need for a separate token, side-chain, or Bitcoin. Ordinals is poised to make its mark by pushing the boundaries of what’s possible within the cryptocurrency space, with a primary focus on text and picture-based inscriptions due to the Bitcoin block’s size limitations.
Bitcoin fees experience uptick
Bitcoin transaction fees have recently surged, approaching an average transaction cost of $6, a level not seen since June. The primary driver of this fee increase is the notable uptick in NFT trading volumes. The use of Ordinals NFTs has resulted in congestion on the Bitcoin blockchain, ultimately leading to an upswing in gas fees.
Over the past week, the Bitcoin ledger has seen close to one million Ordinals NFTs minted. Ordinals NFTs created a significant buzz when coder Casey Rodarmor discovered a method to store NFTs directly on the Bitcoin blockchain.
This practice, while innovative, wasn’t originally intended within the network’s design. In May, transaction fees spiraled significantly, surging nearly 1,000% in a matter of weeks due to a flood of Ordinals NFTs. While the current fee surge is less dramatic, it remains a source of frustration for users seeking to use Bitcoin for traditional payments.
Bitcoin marches on
Despite the fee increase, Bitcoin’s spot price has remained relatively stable, with the BTC/USDT pair maintaining a value above $34,800. Bitcoin has exhibited reduced volatility this month, following a substantial double-digit surge in October. Nonetheless, it remains one of the best-performing asset classes in 2023, with a remarkable gain of over 110% year-to-date.