Motoko Sentinels, a brand new ordinal assortment that launched on the Bioniq Market, noticed its buying and selling quantity improve following the Bitcoin halving, regardless of the excessive buying and selling volumes instantly following the occasion.
Though whole ordinal quantity had decreased by over 58% the day following the Bitcoin halving on account of excessive community charges, the Motoko Sentinel assortment noticed its buying and selling quantity improve by 20%.
Kyle Langham, the director of knowledge and analytics at DFINITY, advised Blockworks that it’s because the Bioniq market operates on the Web Pc Protocol (ICP). This community, which is natively built-in with Bitcoin, can keep decrease transaction prices whatever the charge atmosphere on the native Bitcoin chain.
Learn extra: Bitcoin ordinals quantity jumps whereas ERC-404 experiment loses steam
“ICP is what you name a technology three blockchain. We’re not attempting to duplicate Ethereum or Solana; we’re attempting to duplicate AWS however on the blockchain,” Langham stated.
Purposes hosted on ICP will already be built-in with Web2, enabling builders to make API calls on ICP. The workforce can be engaged on Web3 integrations, or what it calls “chain fusion.”
“We built-in with Bitcoin a 12 months and a half in the past on the protocol degree, so there’s a Bitcoin mild node working on ICP facilitating builders to construct ordinal marketplaces — like Bioniq — on high of ICP that may talk instantly with the Bitcoin community,” Langham stated.
Bob Bodily, co-founder and CEO of Bioniq, notes that by means of constructing on ICP, {the marketplace} can supply customers quicker transactions at decrease prices.
“You are able to do extra together with your ordinals, and together with your runes, or BRC-20 tokens if you bridge them to a extra programmable blockchain,” Bodily stated. “There are numerous limitations on Bitcoin One.”
Bodily explains that customers utilizing ordinal marketplaces on Bitcoin layer-1 could encounter issues like MEV bots and getting sniped within the mempool.
“Usually, it’s costly to transact on Bitcoin in a better charge atmosphere, so the entire aim of Bioniq was to create a layer for individuals to do extra with their ordinals that’s enjoyable, fascinating and fascinating,” Bodily stated.
Regardless of these benefits, Blockworks’ preliminary exams on the Bioniq platform encountered some technical difficulties, together with errors throughout transactions and registration points, which have been ultimately resolved. These challenges highlighted areas for potential enchancment in consumer expertise.
Learn extra: Bitcoin Runes look to boost the halving occasion
Motoko Sentinels is Bioniq’s first mission to discover this space. These particular person NFTs may be despatched out on missions to earn expertise and “degree up.”
“As they degree up, you get extra layers in your Motoko, and you may ultimately go and ascribe them instantly on Bitcoin as a part of the gameplay,” he stated. “This implies they’re minted on a Bitcoin layer-2, with the power to inscribe to Bitcoin at a subsequent later date, which is basically useful when charges are excessive.”
On the time of writing, there are three inscribed Motoko Sentinels. The gathering has a buying and selling quantity of three.75 and a flooring value of 0.002 (~$127).
