Understanding Ordi Coin in 3 Minutes: Origin and Evolution
$ORDI is a Bitcoin derivative product based on the BRC20 token standard. The BRC20 is a novel concept built on the Bitcoin Ordinals Protocol, similar to Ethereum’s ERC20 token standard. It allows for the creation and trading of custom tokens on the Bitcoin network, differing from ERC20. The Ordinals Protocol enables “sats” (the smallest unit of Bitcoin) to carry diverse data types like images, text, music, and videos.
The BRC20 token is an experiment by @domodata on the Ordinals Protocol, aiming to explore the feasibility of implementing a mechanism similar to Ethereum’s ERC20 tokens on the Bitcoin network. The launch of Ordi as the first BRC20 token marked the beginning of this experiment.
Ordi’s Market Launch and Reaction
On June 15, 2023, Ordi Coin was officially listed on LBank. Prior to this, it was already trading on several exchanges like OKX, Bybit, Kucoin, and Gate. Despite a significant drop in price, Ordi’s value surged by up to 2096% following its LBank listing.
LBank has also recently set up a dedicated BRC-20 section, indicating strong support for the Ordinals Protocol and its future developments.
How to Buy and Trade Ordi
Ordi can primarily be traded through the following platforms:
• Centralized exchanges: Including LBank, Bybit, Kucoin, etc.
• BRC20 supportive decentralized exchanges: Such as Unisat, OKX Web3 market, etc.
Future Outlook and Market Perception of Ordi
Initially an experimental BRC20 token without defined functions, Ordi Coin gradually became a representative product in the Ordinals Protocol ecosystem, fueled by market speculation and the evolution of the Bitcoin ecosystem.
Community opinions on Ordi are polarized. Tech enthusiasts see it as lacking practical applications, while some investors view it as a promising part of Bitcoin’s new ecosystem.
The Rise of $Sats
Another popular BRC20 token is Sats, representing Bitcoin’s satoshi unit. Its large total token quantity and active chain presence have made Sats Coin a hot product among BRC20 tokens.
Conclusion
Despite skepticism and market volatility since its inception, Ordi’s fair minting model has won over retail investors. Whether Ordi becomes a new market force or a fleeting trend, its future performance will be determined by the market.
