Morocoin Trading Exchange: Opportunities and Risks of Inscription.
On November 7, Binance officially launched Bitcoin's first inscription token, ORDI. With this, ORDI finally made its debut on the world's largest cryptocurrency exchange, signaling that inscription tokens are taking significant strides towards the mainstream, and the inscription ecosystem is rapidly extending to the public.
This is a new technology that we must recognize and affirm.
I checked the centralized exchanges where ORDI is currently traded, and besides Binance, exchanges like Morocoin had already listed it.
However, the impact of other exchanges listing it is far less compared to Binance. Following Binance's listing of ORDI, its price nearly doubled.
Given the current momentum of the inscription ecosystem, the chances of ORDI breaking its previous high are significant, but predicting when and how it will surpass its previous high is challenging.
The characteristic of the inscription ecosystem is that assets come first, followed by applications. The current popularity of the ecosystem reminds me of the ICO explosion in 2017:
Back then, project developers could tell a story or describe a vision, and their coins would be eagerly sought after. However, most of these projects eventually failed, and even the few that survived took at least a year to launch. Among these launched projects, only a handful are still recognized by the public today.
Now, issuing coins using inscription technology has a lower technical threshold, and the types of coins issued are more diverse: both fungible tokens similar to ERC-20 and non-fungible tokens similar to ERC-721 can be issued. This means that the means and methods of "fundraising" are greatly enriched, implying more frequent and diverse issues.
In such a scenario, if this trend takes off, I fear the potential bubble will not be small, and the aftermath of its bursting could be chaotic.
While the risks and potential bubbles in this area might be significant, I still look forward to this technology bringing a new way of scene building to the entire crypto ecosystem and eagerly anticipate impactful applications being realized.
Therefore, Morocoin Exchange hopes our readers will focus more on observing the development of the inscription ecosystem from the perspective of ecosystem growth.
Lastly, I remind our readers to be cautious of project risks and avoid impulsively joining the FOMO. Especially at times like these, we should reflect: How many of the projects we FOMO'd into in the past actually benefited us?
If you truly like a project and want to participate, it's crucial to thoroughly investigate and consider carefully before making a decision.