An Ethereum-based governance token is surging after being listed on crypto exchange giant Binance.
In a new announcement, Binance says that the native governance token of Biconomy (BICO), a network that offers plug-and-play relayer infrastructure to developers and aims to economically connect users on decentralized applications (DApps) across different blockchains, will now be available for trading.
The news sent BICO’s price surging from a seven-day low of $5.65 to $7.78, a 37% increase. The altcoin has since stabilized and is exchanging hands at $6.18 at time of writing.
BICO aims to solve many of the issues associated with using Web 3.0, such as mandatory and volatile gas fees, the ability to only pay in Ethereum (ETH), and a long and complicated onboarding process that may turn away non-crypto savvy users, according to the project’s website. BICO holders can stake the token to earn awards and partake in the protocol’s governance.
“Almost every interaction with your DApp is a complex transaction for your users. In comparison to intuitive Web 2.0 products that people are used to, DApps can be extremely frustrating
Our aim is to make Web 3.0 products as intuitive and easy to use as legacy Web 2.0 products. Simplifying this transaction experience will be key for decentralized projects to achieve any sort of adoption.
Thus, by solving key pain points at the crypto transactional layer, we are on a mission to simplify Web 3.0 experiences that will drive mass adoption.”
Binance’s announcement comes on the heels of rival crypto exchange Coinbase listing the token last week, also causing the altcoin to rally.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia