According to Decrypt, Bioniq, a new Bitcoin Ordinals marketplace backed by Polychain Capital, has officially launched on Internet Computer (ICP), the layer-1 blockchain developed by Dfinity. Bioniq treats ICP as a layer-2 scaling network, claiming it offers various benefits over other Ordinals marketplaces. The platform is touted as the 'world's fastest' Ordinals marketplace and features a built-in wallet with optional Google login via Web3Auth. Additionally, Bioniq does not charge network transaction or gas fees to traders.
The marketplace operates through a token wrapping process on Internet Computer. Users can transfer their Bitcoin and Ordinals assets into Bioniq's wallet and choose to wrap the Ordinals asset by sending it to a specified Bitcoin wallet address for safekeeping. An identical NFT is then generated on the ICP network, allowing assets to be traded without gas or transaction fees. Bioniq CEO and co-founder Bob Bodily believes this process is more efficient than using partially signed Bitcoin transactions (PSBTs) on the slower Bitcoin network.
Bioniq also offers features such as easily adjustable offers and English auctions with a set reserve price. The team plans to build a launchpad for newly minted collections, add a way for users to borrow crypto with their Ordinals assets held as collateral, and enable collection offers made with the intent of buying any asset in a particular desired project.
Cheng Yuan
