Startup Bioniq, which has received support from the Polychain Capital investment fund, has launched a marketplace for Ordinals based on the Internet Computer Protocol (ICP) to reduce network congestion and lower fees.
In a conversation with Cointelegraph, Bob Bodily, CEO and co-founder of Bioniq, stated that the project's development began in February 2023.
Bioniq offers a platform for conducting auctions using Bitcoin captions and provides tools for their creation, as well as a ready-to-use cross-chain wallet for exchanging between Bitcoin and ICP.
As Bodily explained, if users store their Ordinals in the Bioniq wallet, they can "wrap" these assets by sending them to a Bitcoin address created using a smart contract.
Using ICP allows transactions to be processed in less than two seconds and does not charge gas fees. The ecosystem's architecture also optimizes storage costs, which average around $5 per gigabyte of data per year.
The platform's team has focused on the significant growth in the number of BRC-20 tokens since their creation in January 2023. More than 45 million Ordinals have been issued in total, and the cumulative fees associated with them have reached 3196 BTC (approximately $120 million).
Previously, the average transaction fee on the Bitcoin blockchain exceeded that of Ethereum due to the increasing interest in Bitcoin captions. At that time, the cost of a Bitcoin transaction was $12.75.
Recall that in November, the daily transaction volume on the Fantom network reached record levels, driven by the growing popularity of similar Ordinals in the form of FRC-20 standard tokens.
Simultaneously, for similar reasons, there was significant activity growth in the Avalanche C-Chain blockchain.
