Announcements Gate.io Will Compensate Users who Paid Excessive Ordinals（ORDI) Withdrawal Fees

Gate.io Will Compensate Users who Paid Excessive Ordinals（ORDI) Withdrawal Fees

2023-05-20 08:35:03 UTC 50101 Read

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With the opening of withdrawals of Ordinals tokens, Gate.io has become the first  exchange that supports deposits and withdrawals of  BRC20 tokens. This is  also part of our effort to support the BRC 20 infrastructure and the community.

However,  the launch of Ordinals withdrawals didn’t  come without any minor issue. At the very first 30 minutes, excessive withdrawal fees were displayed to users due to unstable initial parameters  set for withdrawals for Ordinals（ORDI）tokens. Though we adjusted the parameters as soon as we identified the causes, some users who made withdrawal early had already paid the high withdrawal fees. For users who paid  excessive withdrawal fees (higher than  65 USDT) earlier, we have come up with a compensation plan for you.

Why 65 USDT in withdrawal fee?
The  BRC20 withdrawal fee is now already at the normal level, at about 65 USDT per transaction. It is still higher than a standard Bitcoin transaction. Why is that? Ordinals（ORDI） withdrawal fee is expensive 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. The complexity and higher miner fee in a more selective mining network have made  Ordinals  withdrawal fee much higher than a standard BTC transaction, currently at about 65 USDT. 
We are currently working on possible solutions to decrease the Ordinals withdrawal fees. but at this point, we recommend that you withdraw when the network is not congested to reduce the withdrawal fee. As we are using a dynamic withdrawal fee structure which adjusts fees according to network conditions, the withdrawal fee will be reduced significantly when the network is not congested.

Gate.io compensation plan to users who paid excessive Ordinals withdrawal fee
If you paid fees more than 65 USDT  in value at the very beginning following the openning of ordinals withdrawal, you are eligible for a refund for the amount in excess of 65 USDT.   
Besides that you will also be given a reward worth about 65 USDT.
Please contact our customer support to get your compensation
We apologies for any inconvenience caused

As part of our effort to support the development of the Ordinals ecosystem, we are striving to become  the largest  BRC20 trading platform in the world that provides the best in class  services from wallets, trading, to token distribution for BRC20 tokens and the whole ecology.

We are also exploring solutions to reduce high transaction fees and congestion for BRC20 tokens to improve user experience.  If you have any questions or suggestions, please let us know.  We appreciate your continued support and trust as always.

<sp>
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Gate.io Team
May 20, 2023

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