What are Memos/Tags?
What are Memos/Tags?
Whether using a wallet or an exchange, when users initiate deposits and withdrawals, it's crucial to input the correct address. However, for certain digital assets, along with the address, users must also include a Memo. The Memo is a unique numerical or string identifier ensuring the deposit address's uniqueness, sometimes referred to as a label, tag, message, or payment ID. It pairs with the deposit address, and any mismatch may result in failed transactions and potential asset losses. Therefore, it is essential to diligently provide accurate Memo information.
1. Why Include a Memo?
It's necessary to include a Memo because—for specific tokens such as XRP—the platform uses the same address for all users. To differentiate deposited assets for individual users at this address, the platform generates a unique Memo for each user, streamlining effective management. Additionally, certain projects may require the inclusion of a Memo when performing transfer operations.
2. Crypto with Memos on Ourbit
The following are common tokens with Memos that are listed on Ourbit: XRP、CRO、TON, and many others.
3.Important Considerations When Adding a Memo
3.1 The Memo corresponds one-to-one with the deposit and withdrawal addresses, ensuring the uniqueness of these addresses. Filling it incorrectly or omitting it may result in potential asset loss.
3.2 When selecting the deposit network, ensure that the withdrawal network on other trading platforms or wallets is consistent with the deposit network on Ourbit. Otherwise, it may lead to the loss of your assets.
3.3 Some tokens or networks may not necessitate a Memo. Please adjust your actions during deposits or withdrawals based on the specific conditions. If no Memo is needed for withdrawals, choose "No Memo." If a Memo is necessary, ensure both the address and Memo are filled in together. Otherwise, it may lead to the loss of your assets.
4.How to Correctly Fill Out the Memo—Deposits
Let's take an XRP deposit as an example.
4.1 web:
Enter the deposit page, select [XRP] as the crypto, the Deposit Reminder will appear. After reading it , please click "Show Address" to get your XRP deposit address.
After generating the address, copy the deposit address and Memo/Tag to the corresponding withdrawal platform.
4.2 APP
In the deposit reminder pop-up window, tap [I am aware of the above risks]. Then, tap [Display Address & Memo], and an address will be generated.
Copy the deposit address and Memo/Tag to the corresponding withdrawal platform, and verify whether the network is consistent. Confirm whether you are depositing into a spot account or a futures account, and complete the XRP asset deposit.
5. How to Correctly Fill Out the Memo—Withdrawals
Let's take an XRP withdrawal as an example.
5.1 Web
Enter the withdrawal page, select [Address] under "Withdraw To," fill in the fields "Address" - "Network" - "[Memo/Tag] Identifier" - "Amount," and click [Submit].
(If your XRP address does not require a Memo, you can check the box for "No [Memo/Tag] Identifier" and proceed with the withdrawal.)
5.2APP
On the app's "Wallets" page, tap [Withdraw], enter "XRP" in the search box to find the XRP token you want to withdraw, and select [On-chain Withdrawal] as the withdrawal method.
On the withdrawal page, enter the withdrawal address, select XRP as the withdrawal network, input the Memo/Tag identifier, and input the withdrawal amount. After confirming that the information is correct, tap [Confirm]. (If your XRP address does not require a Memo, you can check the box for "No [Memo/Tag] Identifier" and proceed with the withdrawal.)
