Motoko Sentinels is a new Ordinal series launched on the Bioniq Marketplace, and while Ordinal trading volumes have declined after the Bitcoin halving, the Motoko Sentinel series has seen an increase in trading volumes.
While total transaction volume fell by more than 58% the day after Bitcoin’s halving due to high network fees, the Motoko Sentinel series saw a 20% increase in transaction volume.
Kyle Langham, DFINITY’s director of data and analytics, told Blockworks that this is because the Bioniq marketplace runs on the Internet Computer Protocol (ICP), a network natively integrated with Bitcoin that keeps transaction costs low regardless of the fee environment on the native Bitcoin chain.
“ICP is what’s called a third-generation blockchain. We’re not trying to copy Ethereum or Solana. We’re trying to copy AWS on the blockchain,” Langham said.
Applications hosted on ICP have been integrated with Web2, enabling developers to make API calls on ICP, and the team is also working on Web3 integration, or so-called “Chain Fusion.”
“A year and a half ago, we integrated with Bitcoin at the protocol level, so we run a Bitcoin light node on ICP, which allows developers building Ordinal marketplaces on top of ICP, such as Bioniq, to communicate directly with the Bitcoin network,” said Langham.
Bioniq co-founder and CEO Bob Bodily noted that by building on ICP, the marketplace can provide users with faster transactions at a lower cost.
“When you connect Ordinal or Rune or BRC-20 tokens to a more programmable blockchain, you can do a lot more with them,” Bodily said. “Bitcoin One has a lot of limitations.”
Bodily explained that users using the Ordinal market on Bitcoin’s Layer 1 could run into issues like MEV bots and get blocked in the mempool.
“Generally speaking, it’s expensive to do Bitcoin transactions in a high-fee environment, so the whole goal of Bioniq is to create a layer that allows people to do more interesting, fun, and engaging things with their Ordinal,” Bodily said.
Despite these advantages, Blockworks’ initial testing of the Bioniq platform encountered some technical difficulties, including errors in the transaction process and registration issues, which were eventually resolved. These challenges highlighted areas for improvement in the user experience.
Motoko Sentinels is Bioniq’s first project exploring this area, and these individual NFTs can be sent out on missions to gain experience and “level up.”
“As they level up, there will be more layers on your Motoko, and you can eventually attribute them directly to Bitcoin as part of the gameplay.”
“This means they are minted on Bitcoin Layer 2 and are able to be written to Bitcoin at a later date, which is very convenient when fees are high,” he said.
At the time of writing, there are three inscribed Motoko Sentinels, with the collection trading at 3.75 and a floor price of 0.002 (about $127).
View Links:
bioniq.io/collection/motoko-sentinels/inscriptions
Hong Kong Bitcoin Conference Event Preview
After successfully hosting several of the world's largest Bitcoin summits, Bitcoin Conference has undoubtedly become the world's largest gathering of Bitcoin enthusiasts. In the past five years, the summits have been held in Europe and the United States, including San Francisco, Miami, Amsterdam, etc. This year, "the Bitcoin Summit has come to Hong Kong."
We all remember the grand occasions of the Bitcoin 2019, 2020, and 2023 series of conferences. As the world's largest Bitcoin event, the Bitcoin 2024 Asia edition will create a new peak. We will be waiting for you in Hong Kong in May!
This year, Bitcoin ETF attracts huge capital inflows and Bitcoin block rewards are halved. What consensus will blockchain-related companies, investors, and developers at home and abroad reach after the halving? This may very well influence the subsequent market trends, investment hotspots, and technical directions. The Bitcoin Asia Summit is about to begin!
In 2024, Bitcoin will also take off like a dragon. The fire of Bitcoin will continue the enthusiasm of the Year of the Dragon, igniting innovation and prosperity. Join us to grasp this powerful energy and achieve industry prosperity and financial freedom in the Year of the Dragon!
ICP is heading to the Hong Kong Bitcoin Conference, get ready:
Keynote: Bitcoin L2s powered by Chain Fusion
Panel Discussion: Cultivating the Bitcoin Ecosystem
Be sure to watch this insightful talk by DFINITY Senior Research Scientist Aisling Connolly and stop by the ICP booth!
In addition, the IC Chinese community has also become the media and community partner of this conference.
Ticket purchase entrance
General admission tickets to the conference are priced at $249, while exclusive Whale Passes that include VIP passes and privileges are priced at $3,999. Student tickets are $30, and official conference T-shirts are $35. Ticket purchase link:
asia.b.tc
For more information, please visit the website:
b.tc/conference/zh-hk/asia
List of surrounding activities:
foresightnews.pro/event/detail/1195
Follow The Bitcoin Conference on Twitter (@thebitcoinconf) for the latest conference news and updates.
#Ordinals. #Runes符文 #BTC🔥🔥🔥🔥🔥🔥 #icp. $BTC $ICP
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