Ordi Token has recently gained significant popularity, with its value increasing more than 100 times within less than a month, currently experiencing a surge of over 4000 times. Unlike other tokens, Ordi Token does not have any project team and is considered to be completely decentralized. This factor has contributed to the immense popularity of the BRC-20 protocol.
BRC-20 is a token protocol based on Bitcoin that does not have smart contracts. Currently, its primary use is for generating Bitcoin-based NFTs using the Ordinals protocol.
Ordi Token is the first token created by user Domodata using the Ordinals protocol and based on the BRC-20 standard. Since the tokens generated by Ordinals are more similar to NFTs, they require users to mint them. User Domodata, after completing the production, considered the tokens to have little value and made them available for free minting online.
Within just 48 hours, all 21,000,000 tokens were minted.
Therefore, Ordi Token is more like an NFT with very little content. In addition, when selling Ordi Tokens, they are packaged and sold as a whole. For example, if 100 tokens are minted, they are sold as a package of 100. This is completely different from the usual token sales.
“Chain-based purchase of ORDI tokens” refers to purchasing ORDI tokens on BRC-20 chain markets such as Unisat and brc-20.io, where the tokens can only be purchased in batches. This means that when a user mints 100 tokens, they are sold as a single unit of 100 tokens.
Many users previously purchased minted tokens using the basis of 1000 tokens (as the maximum purchase limit is 1000 tokens per transaction).
However, if the token is listed on an exchange such as BingX and can be traded as a spot ORDI/USDT pair, the token can be sold and purchased individually. This is because the sale and purchase are not carried out on the chain, but through matching within the CEX exchange. The exchange can handle packaging and unpackaging. Therefore, if a user purchases a token on a CEX exchange, they can sell it back to the chain in batches. In addition, the current BTC network fees for selling on the chain are very high, reaching around 20 U.
The price of ORDI on the CEX exchange is expected to exceed 100 U, but it may also drop to around 40 U.