The chief executive of crypto exchange OKX says that he’s being encouraged to list more Bitcoin (BTC) ordinals as the total market cap of BRC-20 tokens jumps 30% in one day.
In a lengthy thread, OKX CEO Jay Hao tells his 65.500 followers on the social media platform X that while he’s being urged to add more ordinals, he won’t because it would “destroy the market.”
“A lot of friends [are] urging me [to] list more BRC-20 tokens. Thanks for these kindly suggestions. I want to clarify, as an exchange, if we use the simplest strategy that is just [to] list all tokens, I believe it may help [the] exchange make more quick money, but will destroy the market.
OKX never wants to be the most aggressive listing exchange in the industry. Although OKX is not the industry’s biggest leader, we still have our long-term philosophies like building the infrastructure, don’t be evil, as transparent as possible and always be technology driven.
[Sending] spam listing requests to me on Twitter will never work.”
BTC ordinals allow investors to inscribe digital items such as images and videos to a satoshi – the smallest unit of Bitcoin – much like how non-fungible tokens (NFTs) are minted.
Hao goes on to list the five principles OKX uses to decide whether or not to list a crypto product.
“1. Whether the token is blockchain technology and product-driven.
2. The popularity of the token in the community.
3. Whether the project founder and investors team are long-term builders.
4. Legal and compliance review.
5. We don’t accept pitching, but pick up projects from the market based on our research.”
The total market cap of BRC-20 tokens has risen 33.8% during the last 24 hours to $2.2 billion, according to data from CoinGecko.
Bitcoin is trading for $43,654 at time of writing, a fractional increase on the day.
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