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Gate.io Will Adjust BRC20 Tokens Withdrawal Fees
Gate.io Will Adjust BRC20 Tokens Withdrawal Fees
2023-12-06 01:48:05 UTC
18969 Read
As the first exchange to support deposits and withdrawals for BRC20 tokens, Gate.io has consistently been devoted to supporting the development of the BRC20 community and the ecosystem. We have committed a large amount of funds to subsidize BRC20 withdrawal fees, as part of our effort to support the innovation and incentivise its adoption. Over time, we have saved users a large amount of funds in BRC20 withdrawals fees.
However, with the rising BTC prices, the BRC20 transfer fee keeps rising, too. The recent average transfer cost of BRC20 is about $100 at the current BTC price. With a withdrawal fee of $25 or 1 ORDI on Gate.io, each withdrawal is subsidized by approximately $75 by Gate.io. Continuing to provide large subsidies to withdrawal fees has been increasingly difficult for us. Gate.io will adjust the subsidy for BRC20 tokens and increase the BRC20 withdrawal fees.
Starting from the date of announcement, the BRC20 withdrawal fee will be adjusted to $80, and the ORDI will remain unchanged at 1 ORDI. After the adjustment, each withdrawal subsidy is reduced to approximately $20.
As a supporter in the BRC20 community, we are committed to the long-term development of the BRC20 ecosystem. We will continue to provide support to the BRC20 community and ecosystem, and explore solutions to reduce BRC20 transfer cost.
Thank you for your understanding and support.
Why BRC20 token withdrawal is expensive?
BRC20 token withdrawal fee is high as a transfer called inscription is needed besides a standard transfer when sending a transaction. Moreover, sweeping transactions for each and every inbound transaction also need both inscription and transfer. For every transaction, network fees for 4 onchain transfers will be paid for an exchange. Plus the complexity and higher miner fee in a more selective mining network, the withdrawal fee for BRC20 token is high, currently at about $100.
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GateVIP Twitter: https://twitter.com/Gateio_Inst
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Instagram: https://www.instagram.com/gateioglobal
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Gate.io Team
December 06, 2023
However, with the rising BTC prices, the BRC20 transfer fee keeps rising, too. The recent average transfer cost of BRC20 is about $100 at the current BTC price. With a withdrawal fee of $25 or 1 ORDI on Gate.io, each withdrawal is subsidized by approximately $75 by Gate.io. Continuing to provide large subsidies to withdrawal fees has been increasingly difficult for us. Gate.io will adjust the subsidy for BRC20 tokens and increase the BRC20 withdrawal fees.
Starting from the date of announcement, the BRC20 withdrawal fee will be adjusted to $80, and the ORDI will remain unchanged at 1 ORDI. After the adjustment, each withdrawal subsidy is reduced to approximately $20.
As a supporter in the BRC20 community, we are committed to the long-term development of the BRC20 ecosystem. We will continue to provide support to the BRC20 community and ecosystem, and explore solutions to reduce BRC20 transfer cost.
Thank you for your understanding and support.
Why BRC20 token withdrawal is expensive?
BRC20 token withdrawal fee is high as a transfer called inscription is needed besides a standard transfer when sending a transaction. Moreover, sweeping transactions for each and every inbound transaction also need both inscription and transfer. For every transaction, network fees for 4 onchain transfers will be paid for an exchange. Plus the complexity and higher miner fee in a more selective mining network, the withdrawal fee for BRC20 token is high, currently at about $100.
Gateway to Crypto
Trade over 1,400 cryptocurrencies safely, quickly and easily on Gate.io
Sign up to enter the crypto gateway and get 40% commission from referrals
Download iOS/Android App right now.
Reach out to us!
Twitter: https://twitter.com/gate_io
GateVIP Twitter: https://twitter.com/Gateio_Inst
Telegram: https://t.me/gate_zh
API Telegram: https://t.me/gateioapi
Instagram: https://www.instagram.com/gateioglobal
Medium: https://gateio.medium.com/
Podcast: https://gateio.buzzsprout.com/?ch=buzzs
Gate.io Team
December 06, 2023
