Biconomy is a blockchain-agnostic relayer protocol that makes it easy for people to use decentralized applications. It allows users to execute fast transactions with low gas and send real-time cross-chain messages. BICO is the name and ticker symbol of Biconomy's native utility and governance token.
Biconomy has three core products:
- Mexa, which enables gasless transactions.
- Forward, which allows users to pay gas fees in ERC-20 tokens.
- Hyphen, which powers instant cross-chain transfers.
QuantStamp, MixBytes, Certik, and Halborn audit its smart contracts. Biconomy also streamlines the complex onboarding process of decentralized applications (DApps) by providing plug-and-play SDKs for developers.
Biconomy uses meta transactions that allow them to execute trades on behalf of the user. First, a user needs to sign a message containing the transaction details. Once signed, Biconomy will execute the transaction on the requested blockchain.
The Biconomy multi-chain relayer network currently supports Ethereum, Matic, xDai, and Moonriver, among other Mainnets. In addition, over 75 DApps have integrated Biconomy's gasless feature, including prominent names like Curve Finance, dYdX, Aavegotchi, Decentral Games, Perpetual Protocol, and Sapien Network.
BICO tokens pay network fees on Biconomy and reward network stakeholders, including node operators, delegators, and liquidity providers. BICO holders can also participate in the network's governance by voting on decisions like changing network code, adding new services, and allocating treasury funds.
BICO price and tokenomics
Biconomy has a total supply of 1 billion BICO tokens. 6% was allocated to their pre-seed round, 6.38% to their seed round, and 12% to their private round. Strategic investors received 0.5% of the BICO supply, while 5% was reserved for public sale.
Of the remaining supply, the Biconomy team and advisors kept 22%. In addition,10% was reserved for the Foundation, and 38.12% was saved for community rewards and incentives.
BICO follows a vesting schedule of up to four years. This will typically impact BICO's price as the tokens are unlocked. In the long run, the performance of BICO charts will depend on the number of DApps using Biconomy's services.
About the founders
Biconomy is co-founded by Ahmed Al-Balaghi, who was previously associated with ViewFin, Sachin Tomar, who has a background with Samsung, and Aniket Jindal, an advisor to Matic. The project is supported by a team of 26 full-time staff from various parts of the world.
Biconomy has successfully raised over $20 million in funding and enjoys the backing of prominent investors like Coinbase Ventures, Huobi Ventures, True Ventures, Eden Block, Fenbushi Capital, and CoinFund, among others.
