In the Bitcoin ecosystem, a new NFT marketplace is aiming to significantly save on network fees related to Bitcoin Ordinals transactions by utilizing the Internet Computer Protocol (ICP). Following the hype around Bitcoin Ordinals in early 2023, Bioniq, which operates on the ICP ecosystem, plans to capitalize on Bitcoin integration to support Ordinals trading within the Bitcoin ecosystem.
Bioniq Team’s Striking Steps
Prior to the platform’s launch, Bioniq CEO and co-founder Bob Bodily announced that the project has been under development since February 2023. The team stands out as a marketplace featuring Ordinals tokens within the ICP ecosystem. The team has developed a cross-chain wallet between Bitcoin and ICP and a minting tool:
“It was only two weeks after Casey Rodarmor released Ord 0.4.0, and I knew Ordinals was going to be absolutely massive.”
The Bioniq team has highlighted the growth in market value of BRC-20 tokens since the first step taken in January 2023. With more than 42.6 million Ordinal tokens minted to date, the platform’s market value now exceeds $3 billion. This has directly affected the congestion on the Bitcoin network, leading to the highest increase in Bitcoin transaction fees since 2021.
Noteworthy Features of the Platform
The Bioniq platform has a smart wallet that allows users to manage their private keys using Web3Auth. This step allows users to log into the platform using their traditional Web2 Google accounts, while maintaining out-of-sight control of their wallets and assets.
The platform also uses partially signed Bitcoin transactions (PSBTs) through the ICP ecosystem’s Bitcoin network integration. This feature unlocks smart contract capabilities for Bitcoin, helping to eliminate the need for users to use centralized cross-chain bridges.
Being built on ICP allows Bioniq to conduct transactions with less than two-second finality times and zero commission fees. Additionally, the platform architecture provides optimized storage costs of around $5 per gigabyte of data stored annually.
- Bioniq leverages ICP to innovate NFT trading.
- Platform aims to reduce Bitcoin network fees.
- User-friendly features enhance asset management.