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Biconomy (BICO) is the 137th largest cryptocurrency in the world by market cap, valued at $380,500,000. The current price of Biconomy is $0.3805, which is -4.875% lower than yesterday. Prices have ranged between $0.403078 and $0.374645 over the past 24 hours. All prices are listed in US dollars and accurate as of March 30, 2023 08:03 UTC.
Biconomy is a multi-chain relayer protocol that enables end-users to seamlessly interact with Web3 decentralized applications (dApps). The plug-and-play protocol is aimed at simplifying the onboarding process for dApps by eliminating the need for fees, the navigation through wallets, and the need to set up Remote Procedure Calls (RPCs) that are usually required when connecting Web3 wallets to a blockchain.
This simplicity is achieved through Biconomy’s innovative product suite that includes: Mexa, Forward, and Hyphen.
According to the Biconomy website, Mexa, Forward, Hyphen, have been developed to improve the user experience of the Web3 ecosystem. Firstly, the Mexa module allows dApps to absorb gas costs so users don’t have to pay for every interaction. By absorbing gas costs, users can often be more inclined to use the services offered. Secondly, when it is impractical for a dApp to cover users’ gas costs, the Forward module can be implemented which allows users to pay for gas fees using other ERC-20 based tokens instead of ETH - adding an additional level of flexibility. Finally, Hyphen is a cross-chain bridge that allows users to efficiently and instantly transfer tokens across different blockchains, including second-layer protocols. This is achieved through the use of multiple liquidity pools that are stored on different blockchain networks.
The native utility and governance token of the Biconomy protocol is called BICO. It is used to pay for all network fees that take place within the Biconomy ecosystem and can also be used to vote on future development proposals.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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