Biconomy (BICO) is a multi-chain relayer protocol launched in 2019 to simplify blockchain interactions and enhance the user experience for decentralised applications (dApps). It addresses barriers to blockchain adoption by enabling gasless transactions, streamlining user onboarding and facilitating cross-chain operations.
The platform offers three core products:
- Mexa: Allows gasless transactions, enabling users to interact with dApps without worrying about transaction fees.
- Forward: Provides flexibility by letting users pay transaction fees with their preferred tokens.
- Hyphen: Enhances interoperability through fast, low-cost cross-chain token transfers.
Biconomy leverages meta transactions, allowing users to conduct transactions even with zero account balances by having third parties cover the costs, which lowers entry barriers for new users. Additionally, it provides tools for developers to build user-friendly dApps and wallets by abstracting the complexities of gas management and blockchain interactions.
The BICO token is the ecosystem's native utility and governance token, with a total supply of 1 billion. It is used to pay network fees, stake for security and participate in governance decisions. BICO also incentivises node operators and liquidity providers while giving token holders the ability to vote on protocol changes, shaping the project's future direction.