In the Bitcoin ecosystem, a new NFT marketplace is emerging with the goal of significantly reducing network fees associated with Bitcoin Ordinal transactions. Utilizing the Internet Computer Protocol (ICP), the platform named Bioniq was established to support Bitcoin integration and facilitate Ordinals trading within the Bitcoin ecosystem.
Bioniq’s CEO and co-founder Bob Bodily announced prior to the platform’s launch that the project has been in development since February 2023. The team is notable for providing a marketplace within the ICP ecosystem that offers Ordinals tokens. They have developed a cross-chain wallet and a minting tool between Bitcoin and ICP.
The Bioniq team has highlighted the market value growth of BRC-20 tokens since the first step taken in January 2023. To date, more than 42.6 million Ordinal tokens have been minted, and the platform’s market value currently exceeds 3 billion dollars. This has had a direct impact on congestion within the Bitcoin network and the highest increase in Bitcoin transaction fees since 2021.
The Bioniq platform possesses a smart wallet that allows users to manage their private keys using Web3Auth. This step enables users to log in to the platform using traditional Web2 Google accounts while invisibly controlling their wallets and assets.
The platform utilizes Partially Signed Bitcoin Transactions (PSBT) through the ICP ecosystem’s integration with the Bitcoin network. This feature unlocks smart contract capabilities for Bitcoin and helps eliminate the need for users to use centralized cross-chain bridges.