Biconomy price prediction: What is Biconomy (BICO)?
Want easier on-ramping and pain-free transaction management? Biconomy aims to provide both
What is Biconomy?
Biconomy is a blockchain technology enterprise co-founded by the Dubai-based Sachin Tomar and Ahmed Al-Balaghi, and Aniket Jindal, from Delhi. Biconomy provides a range of APIs purpose built to simplify the user experience for DApp customers, specifically in regards to transaction management and gas optimisation.
The native BICO token is an integral part of the Biconomy ecosystem, allowing for network validation and staking procedures. What is Biconomy (BICO) and should you start taking notice? Let’s break down the core components of the Biconomy platform before diving into Biconomy price predictions.
The Gasless API
The Gasless API is a tool for simplifying meta transactions (ie gas fees) on DApps. It allows DApp developers to “sponsor” gas fees, thus reducing a frustrating user experience. As an analogy, imagine having to calculate and individually pay VAT on every single purchase you make with your credit card. That is currently how many DApps operate. Instead, Gasless lets developers absorb gas fees into their infrastructure costs, removing the burden from customers.
Biconomy suggests that removing the gas burden for DApp users increases users retention rates due to faster on-ramping processes. Behind the scenes, developers must deposit tokens into a “gas tank” from which gas fees will be sourced.
As of 25 May, Gasless has 95 DApp implementations, hosting more than 1.7 million users. Gasless has facilitated more than 18.3 million transactions.
Gasless has steadily grown in popularity since early 2021. In February 2022, the number of Gasless users more than doubled.
The Hyphen API
The Hyphen API was designed to simplify interoperability across some EVM-compatible blockchains and Layer-2 protocols. At the moment, Ethereum, Avalanche, Polygon and BNB Chain are supported.
To facilitate this, Biconomy has liquidity stored on all supported chains. Off-chain servers monitor incoming transactions and execute them accordingly. This server is maintain by a network of node operators. This interoperability comes at a cost: while user funds remain non-custodial, Biconomy’s servers are responsible for all transactions. Thus Hyphen operates in a semi-centralised model.
Hyphen has so far executed transfers worth $133.8m with a unique user count of almost 20,000. The 24-hour total volume on 25 March was approximately $93,000, with the majority of activity logged on Polygon.
BICO token: Key details
Hyphen node operators must stake BICO to have skin in the game. In return, a mining reward for validating transactions is paid out in BICO.
Users can stake BICO to Biconomy’s “safety module”. This safety module was introduced in April 2020 as a way to protect users from potential shortfall events, “particularly when it comes to the risks involved with cross-chain transfers,” according to a press release.
In return for staking BICO, users earn yield sourced from an allocation of 370,000 BICO, or $247,900 given the trading value of $0.67 as of 25 May 15:10 BST (+1 UST).
BICO has a total supply of one billion tokens, almost 131 million of which are currently in circulation. Market capitalisation is $87.16m while the latest 24-hour trading volume of $9.54m was 11.4% of that figure.
BICO has witnessed little except downward price action in 2022 so far. Starting the year at $4.48, the token has been on a consistent downtrend, first hitting $2.04 on 1 February then dropping to $1.33 on 1 March. On 1 May, BICO fell to $1.07.
Biconomy price prediction
TechNewsLeader has a Biconomy price prediction for 2022 of $0.91, heading up to $2.65 in 2025. Looking further down the line, the forecaster’s Biconomy price prediction for 2030 currently stands at $16.69.
CoinCodex’s BICO price prediction is 92% bearish against 8% bullish. The token is expected to fall exponentially in the months ahead.
The Biconomy price prediction at Digitalcoin is more positive, offering a target of $0.87 for 2022, heading up to the $1 price point in 2024. The forecaster’s Biconomy price prediction for 2025 is $1.27.
CoinArbitrageBot has a particularly bullish Biconomy coin price prediction of $3.71 for 2022, $6.01 for 202, and $15.74 for 2025.
The median Biconomy crypto price prediction among the forecasters is generally bullish, although some expect a downturn in the months ahead. Currency.com stresses that these Biconomy price predictions should not be used solely to determine your investment strategy. Be sure to do extensive due diligence. Researching the whitepapers, roadmap and social channels should be combined with independent, third-party advice prior to making an investment.
How many Biconomy are there?
BICO has a total supply of one billion tokens, 130,577,972 of which are currently in circulation.
Is Biconomy a good investment?
That depends on the long-term potential of the project. As an investor, you should do your own research into BICO’s fundamentals and technical details before opening a position.
Will Biconomy go up?
The digital forecasters have mixed opinions on BICO. It could drop in value should the project not sustain utility of the token, or it could go up. Always invest with a cool head and never with more than you can afford to lose.
Should I invest in Biconomy?
Currency.com is not in the business of giving financial advice. The information presented in this article is relayed in a neutral fashion. Make sure to assess the fundamentals of the product, as well as getting independent financial advice, before concluding your own BICO price prediction.