Motoko Sentinels gain traction despite ordinal volume decrease post-halving
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 as a result 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, informed 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 price 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 making an attempt to copy Ethereum or Solana; we’re making an attempt to copy AWS however on the blockchain,” Langham stated.
Functions hosted on ICP will already be built-in with Web2, enabling builders to make API calls on ICP. The crew can be engaged on Web3 integrations, or what it calls “chain fusion.”
“We built-in with Bitcoin a yr and a half in the past on the protocol stage, so there’s a Bitcoin gentle node operating on ICP facilitating builders to construct ordinal marketplaces — like Bioniq — on prime of ICP that may talk instantly with the Bitcoin community,” Langham stated.
Bob Bodily, co-founder and CEO of Bioniq, notes that via constructing on ICP, {the marketplace} can provide customers sooner transactions at decrease prices.
“You are able to do extra along with your ordinals, and along with your runes, or BRC-20 tokens whenever you bridge them to a extra programmable blockchain,” Bodily stated. “There are plenty of limitations on Bitcoin One.”
Bodily explains that customers utilizing ordinal marketplaces on Bitcoin layer-1 might encounter issues like MEV bots and getting sniped within the mempool.
“Typically, it’s costly to transact on Bitcoin in the next price atmosphere, so the entire aim of Bioniq was to create a layer for individuals to do extra with their ordinals that’s enjoyable, attention-grabbing 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 had 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 venture to discover this space. These particular person NFTs will be despatched out on missions to earn expertise and “stage up.”
“As they stage 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 flexibility to inscribe to Bitcoin at a subsequent later date, which is de facto 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 ground value of 0.002 (~$127).
