An Ethereum-based governance token is surging after being listed on crypto exchange giant Binance.
In a new announcement, Binance says that the native governance token of Biconomy (BICO), a network that offers plug-and-play relayer infrastructure to developers and aims to economically connect users on decentralized applications (DApps) across different blockchains, will now be available for trading.
The news sent BICO’s price surging from a seven-day low of $5.65 to $7.78, a 37% increase. The altcoin has since stabilized and is exchanging hands at $6.18 at time of writing.
BICO aims to solve many of the issues associated with using Web 3.0, such as mandatory and volatile gas fees, the ability to only pay in Ethereum (ETH), and a long and complicated onboarding process that may turn away non-crypto savvy users, according to the project’s website. BICO holders can stake the token to earn awards and partake in the protocol’s governance.
“Almost every interaction with your DApp is a complex transaction for your users. In comparison to intuitive Web 2.0 products that people are used to, DApps can be extremely frustrating
Our aim is to make Web 3.0 products as intuitive and easy to use as legacy Web 2.0 products. Simplifying this transaction experience will be key for decentralized projects to achieve any sort of adoption.
Thus, by solving key pain points at the crypto transactional layer, we are on a mission to simplify Web 3.0 experiences that will drive mass adoption.”
Binance’s announcement comes on the heels of rival crypto exchange Coinbase listing the token last week, also causing the altcoin to rally.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
One under-the-radar altcoin is surging after a surprise listing by top US crypto exchange Coinbase.
In a new blog post, Coinbase says that the Biconomy (BICO) token will start trading on Coinbase Pro later today once appropriate liquidity conditions are met.
BICO is an Ethereum-based altcoin that powers Biconomy, a network that aims to cheaply connect users to any decentralized applications (DApps) across multiple chains. BICO can be used to pay network fees, as well as vote on upgrades.
According to the project website, Biconomy seeks to solve several logistical problems in order to increase mainstream adoption of Web 3.0.
“Web3 applications today face major roadblocks to user adoption in the form of terrible user onboarding and transaction experience.
There are various bottlenecks in the transaction experience: Necessity to pay a gas fee every time the user uses your application. Users can only pay in ETH, which they may not have at that moment. Or the user may not want to spend their ETH investment. New users have a long complicated onboarding process. Proficiency in complex blockchain technicalities is required such as using MetaMask…
Our aim is to simplify transactions by handling blockchain-related complexities under the hood.”
News of the listing sent the price of BICO up like a rocket from $6.49 to $9.82 in a matter of minutes.
At time of writing, the altcoin is trading for $10.06, according to CoinGecko.
Biconomy already has a number of impressive partnerships, including ones from BainCapital Ventures, Mechanism Capital and Huobi Ventures.
The BICO listing is the latest in a spate of altcoins added to the Coinbase platform in recent weeks. CEO Brian Armstrong said this past summer that the exchange was hustling to list as many different cryptos as possible.
BICO is not yet available on Coinbase.com or the Coinbase mobile app.
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Featured Image: Shutterstock/Mia Stendal/Vladimir Sazonov
NFT-based game ZED RUN has deployed a cross-chain bridge solution provided by Biconomy.
The integration will help gamers transfer assets between Ethereum and Polygon.
It should give users faster access to their funds.
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ZED RUN has integrated a native bridge with Biconomy to transfer assets between Polygon and Ethereum.
ZED RUN Integrated Biconomy Bridge
Virtually Human Studio, the creators of the popular NFT-based racing game ZED RUN, announced today that it has deployed a cross-chain bridge solution provided by Biconomy.
Known as Hyphen, the solution allows for instant asset transfers between various Ethereum Virtual Machine (EVM)-compatible chains. The integration will enable ZED RUN gamers to instantly transfer funds from Ethereum to Polygon and vice versa.
According to Virtually Human Studio, the previous bridging process created a bad experience for users switching between the Polygon bridge and the dApp.
ZED RUN lets gamers breed, purchase, and race digital NFT horses. Players can participate in various NFT-based activities in the game and become stable owners, race track owners, horse breeders, and more.
To get started, users need to send ETH from Ethereum mainnet to Polygon via the sidechain bridge to pay for in-game NFTs. However, using the Polygon network bridge was a complex and time-consuming process for many users.
The deployment of Biconomy’s Hyphen means that ZED RUN users will be able to stay on the gaming dApp and directly bridge their funds from Ethereum at a higher speed.
Biconomy, a project backed by Coinbase Ventures, has been working on various bridging solutions with Polygon’s core team. Polygon, which is often described as an Ethereum commit chain, has recently seen parabolic growth in daily active addresses thanks to its booming NFT-based gaming space.
Discussing the new integration, chief technology officer and co-founder of Virtually Human Studio Geoff Wellman said that the team was “thrilled to be one of the first to implement a native cross-chain bridge into a gaming dApp.” Ahmed Al-Balaghi, CEO at Biconomy added that Hyphen would fix the issues with “complicated onboarding processes” on blockchain games via in-game bridging.
Biconomy has worked closely with ZED RUN in the past; it powered the game’s gasless transactions and has processed 24 million to date.
As an increasing number of projects aim for a more user-friendly experience, direct native bridges like those ZED RUN is integrating may become more commonplace across DeFi, gaming, and NFTs in the future. Besides Biconomy, a growing number of bridging solutions in the Ethereum ecosystem, such as Hop Protocol, Celer, and AnySwap, are already helping users transfer assets across blockchains and scaling networks.
The ZED RUN bridge is due to go live later this month.
Disclaimer: The author of this article owns ETH and MATIC at the time of this article.
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