The Ordinals protocol—which enables the inscription of-like the properties of blockchain—commanded the crypto world’s attention at the start of the year, and the space has continued to grow and evolve ever since. And here’s a new twist: The latest Bitcoin Ordinals market has not been built on Bitcoin.
Bioniq, which is backed by Polychain Capital and officially opened on Wednesday, is instead built on the Internet Computer (ICP), the layer-1 blockchain developed by Dfinity that offers Bitcoin integrations. In this case, Bioniq treats the Internet Computer like a layer-2 scaling network of sorts, claiming that it offers different benefits to other Ordinals markets.
It’s called Ordinal’s “fastest” marketplace, offers a built-in wallet with optional Google login via Web3Auth, and doesn’t charge network transaction or gas fees to merchants.
It works through the token wrapping process of the Internet Computer. Bitcoiners who want to use Bioniq can transfer their Bitcoin and Ordinals assets to the market wallet. They can choose to wrap the asset in Ordinals by sending it to a specific Bitcoin wallet address for storage, and then a similar NFT is created on the Internet Computer network.
From there, assets can be traded on the faster ICP network with no gas or transaction fees. While there are additional steps involved in doing so, Bioniq believes that this process is ultimately preferable to what most Ordinal markets do, which use “partially signed Bitcoin transactions” (PSBTs) to manage transactions on the slow Bitcoin network.
“Even in high Bitcoin fee environments, everything packaged can be transacted at the speed and cost of ICP rather than the speed and cost of Bitcoin, giving users a more reliable (faster and smoother) experience regardless of the increase in Bitcoin fees,” said Bioniq CEO and co-founder Bob Bodily Decrypt.
Bioniq also offers features it claims other Ordinal marketplaces lack, such as allowing for “flexible” offers and enabling English auctions with a fixed reserve price.
The body and group also have big plans ahead for the market, with ambitions to create a launchpad for newly produced collections, adding a way for users to borrow crypto with their Ordinal property held as collateral, and can make collection offers made with the purpose of purchasing any asset in a particular desired project.