In this article, we will talk about the latest development in the cryptocurrency market as Binance Futures announces the introduction of the ORDI perpetual contract. This move marks a significant expansion of the trading options available to users of the platform and highlights the growing interest in innovative digital assets.
What is ORDI?
ORDI stands out as a memecoin within the Bitcoin network and takes the lead as the premier BRC-20 token crafted using the groundbreaking Ordinals protocol. Developed by software engineer Casey Rodarmor, the Ordinals protocol revolutionizes how data, including text, images, audio, and video, can be inscribed directly onto each satoshi, the Bitcoin network’s smallest unit. This technological breakthrough paves the way for the advent of non-fungible tokens (NFTs) and other token types on the Bitcoin platform.
A satoshi, being the tiniest fraction of Bitcoin, combines over 2.1 quadrillion units in total. The Ordinals protocol exploits this granularity to embed diverse data types directly onto each satoshi, creating a lasting imprint. This capability introduces unprecedented applications for Bitcoin, transforming it into a versatile platform for NFTs and various cryptographic tokens. As the inaugural token utilizing this protocol, ORDI exemplifies the novel possibilities enabled by the Ordinals protocol. With its supply capped at 21 million tokens, mirroring the total supply of Bitcoin, ORDI operates as both a fungible and transferable asset. It signifies the first venture into Bitcoin-based NFTs and tokens, showcasing the innovative potential of the Ordinals protocol and the future opportunities it opens.
Binance Futures’ New Offering
Cryptocurrency exchange Binance has made headlines by announcing the listing of the ORDI perpetual contract. This development is set to occur on February 22 at 07:00 (UTC), introducing a USDC-margined ORDI perpetual contract with the option of up to 75x leverage. Such a feature signifies a remarkable step forward in the flexibility and diversity of trading strategies that participants can employ on the platform.
The ORDIUSDC perpetual contract is initiated with a maximum financing rate of +2.00% and -2.00%, with the funding fee calculation occurring every four hours. This structure offers traders an intricate mechanism to hedge or speculate on the price movements of ORDI.
Moreover, in a move to attract and retain traders, Binance Futures is offering a 10% discount on trading fees for all USDC margined futures contract trades, valid until April 03, 12:30 pm (UTC).
Market Reaction to ORDI Listing
The announcement of the ORDI perpetual contract listing has positively impacted the Ordi token (ORDI), which saw a 4% increase in the last 24 hours. Currently, the asset is trading at $71. Additionally, ORDI’s trading volumes surged by 15% to $191 million.
The ORDI token initially emerged as a meme coin without a direct association with the developers of the Ordinals protocol. Yet, it has evolved to become the most prominent among BRC-20 tokens and now serves as the primary token of the protocol. Tokens of the BRC-20 standard are digital assets that can be generated and transferred on the Bitcoin (BTC) blockchain through the Ordinals protocol, marking a significant innovation in the use of Bitcoin’s blockchain for token creation and transfer.
The launch of the ORDI perpetual contract by Binance Futures represents a significant milestone in the cryptocurrency trading landscape. It not only broadens the spectrum of trading instruments available but also underscores the innovative strides being made in the digital asset space.
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