The listing of ORDI token on Binance comes with a Seed Tag hinting at elevated levels of risk and volatility compared to other listed tokens.
In the latest announcement on Tuesday, November 7, Binance will list Ordinals (ORDI) on the platform while introducing spot trading pairs such as ORDI/BTC, ORDI/USDT, ORDI/TRY. Furthermore, Binance also announced that they would be applying a Seed Tag to ORDI.
Ordinals is a new inscription protocol on the Bitcoin network. The total supply of Bitcoins is capped at 21 million, with each Bitcoin divisible into 100 million satoshi, the smallest unit of Bitcoin. This amounts to a staggering 2,100 trillion satoshi in total.
The innovative Ordinals protocol enables the creation of inscriptions by encoding content into individual satoshi units. These inscriptions encompass various forms of data, including text, images, audio, and video. It is important to note that, due to Bitcoin’s block size limitations, inscriptions primarily consist of text and images.
It’s essential to exercise caution when trading ORDI, a relatively new token carrying a higher risk profile. Given its nascent nature, ORDI may exhibit considerable price volatility. Traders are strongly advised to implement effective risk management strategies, conduct thorough due diligence on ORDI’s fundamentals, and gain a comprehensive understanding of the project before engaging in token trading.
Introduction of Seed Tag
The Seed Tag is an indicator applied to innovative projects that might present elevated levels of risk and volatility compared to other listed tokens. In the case of ORDI, the Seed Tag will be associated with this token.
To access trading for tokens marked with the Seed Tag, users are required to successfully complete the corresponding quizzes on Binance Spot and/or Binance Margin platforms every 90 days. This measure is designed to promote awareness and understanding of these tokens’ unique characteristics and associated risks.
ORDI Deposits and Withdrawals Activity
Binance, a leading cryptocurrency exchange, has rolled out a special promotion for users interested in trading ORDI tokens. Starting from the moment of this announcement until the commencement of trading, the first 1,000 users who deposit a minimum of 72 ORDI tokens will qualify for a generous reward. Each eligible account will receive a 50 USDT Trading Fee Rebate Voucher.
However, Binance has mentioned a few important points that users need to keep in mind.
- Eligibility: The rewards are exclusively available to regular and VIP 1-3 users from designated regions.
- Reward Distribution: Trading Fee Rebate Vouchers will be distributed to eligible accounts within five days following the conclusion of the activity.
- Sub-Accounts Considered: Binance will aggregate the deposit volume of sub-accounts with that of the master account during the final reward calculation.
- Right to Amend: Binance retains the sole and absolute discretion to determine, amend, or modify the terms and conditions of this activity without prior notice. This includes the authority to cancel, extend, terminate, or suspend the promotion.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
