Gate.io to Provide Infrastructural Solutions to Bolster Bitcoin BRC20/Ordinals Ecosystem

MAJURO, Marshall Islands, May 11, 2023 /PRNewswire/ -- Gate.io, a leading crypto exchange, has announced the launch of infrastructural solutions designed to strengthen the Bitcoin BRC20/Ordinals ecosystem. The BRC20 token protocol, based on the Bitcoin Ordinals protocol, has gained recognition as a significant industry disruptor, offering a unique storage method for information by directly inscribing onto the Bitcoin blockchain, eliminating the need for Layer 2 network support.

However, with the Bitcoin network's limited capacity, accommodating an average of 7 Transactions Per Second (TPS), the demand for BRC20 has surged, leading to high transaction fees exceeding $20 per transaction and significant network congestion. Moreover, the centralized method required for minting BRC20 tokens creates high barriers to entry, hampering the BRC20 ecosystem's expansion and development.

In response, Gate.io, an industry leader renowned for its advanced technology and standing as the largest BRC20 trading platform, has already saved its customers tens of millions of dollars in trading fees within a few days. Committed to enhancing the BRC20 ecosystem experience, and addressing high BRC20 fees and network congestion, Gate.io is proud to announce the introduction of innovative infrastructural solutions for the Bitcoin BRC20/Ordinals ecosystem:

The infrastructural solutions include:

• BRC20 Token Wallet Service: Users can easily acquire a Bitcoin on-chain address to receive BRC20 tokens directly from the Gate.io BTC deposit page.
• BRC20 Token Distribution Service: Gate.io offers a complimentary distribution service for the BRC20 ecosystem, seeking to decrease network distribution costs, ensure fair and efficient token distribution, and share early BRC20 ecosystem returns with a larger customer base. Interested project owners can contact [email protected] for more information.
• BRC20 Token Transaction Service: Gate.io facilitates transactions for projects evaluated by its team and recognized by the community. Customers have access to a BRC20 token market with high liquidity and cost-effectiveness. Note: Project evaluations are independent of token distribution, and token distribution support does not guarantee token listing.
• BRC20 Token Withdrawal Service: Soon, Gate.io will launch a BRC20 token withdrawal service, allowing users to withdraw their BRC20 assets from any location.

Gate.io's efforts seek to significantly reduce BRC20 token trading costs and barriers to entry, alleviate BTC network congestion, and foster the growth of the BRC20 ecosystem. The company will provide all the above infrastructural solutions to the BRC20 community free of charge, as it collaborates with the community to build a robust BRC20 ecosystem.

SOURCE Gate.io