Bioniq Ordinals Marketplace Launches

Bioniq Launch: Everything You Need to Know

by Bob Bodily

After months and months of development, I am very excited to invite you all to try Bioniq, the newest Bitcoin Ordinals marketplace!

Our Focus on User Experience 

If you’ve been in the Ordinals space for a while the experience on Bioniq is going to be different, but in a good way I hope. You don’t need a browser extension wallet, you login with a Google account (non-custodial via Web3Auth), and we have a cross-chain wallet built directly into Bioniq. We built Bioniq on a Bitcoin sidechain (ICP) so you’ll need to wrap assets in order to use them on Bioniq.

Benefits of Building on a Sidechain 

The beautiful thing about building on a Bitcoin sidechain (ICP) is that once you have wrapped Bitcoin (called ckBTC) and wrapped Ordinals you can:

1. Transfer Bitcoin (ckBTC) in less than 10 seconds (10 sat fee)

2. Transfer Ordinals in less than 10 seconds (no fees)

3. Buy, sell, place offers, bid, and auction on the Bioniq marketplace

The key downside to building on a Bitcoin sidechain is you have additional trust assumptions by leveraging another blockchain. I know some people who like to stay a bit closer to L1 Bitcoin, and that is totally fine. I get it. But for most people, I feel like the cost benefits, scaling benefits, and UX improvements are worth it.

A New Primitive on Ordinals: Reserved Ordinals 

As you interact on Bioniq you’ll notice we use ‘Reserved Ordinals’. Reserved Ordinals contain all of the data needed to inscribe, but they are stored off-Bitcoin (on-chain on ICP) as packets of data that are reserved, tokenized, and given or sold to users. These reserved Ordinals are immediately tradable on Bioniq and allow the reserved Ordinal owner to inscribe as part of a collection whenever they want (e.g., they can wait for lower network fees).

Reserved Ordinals provide flexibility for creators as you can launch a collection without incurring high inscription costs, and provide flexibility for collectors as you can wait until the perfect time to inscribe your inscriptions. 

Thank You!

Bioniq has been a true labor of love for us and we hope you love it as much as we have loved building it. If you have questions, please email or DM me – I would love to hear from you. And if you find bugs – DM me and let me know. Would love to get them fixed as quickly as possible.