How to obtain Biconomy (BICO) coins

Biconomy's BICO tokens can be acquired through cryptocurrency exchanges, staking rewards, community events, and providing liquidity on decentralized exchanges.

Nov 30, 2024 at 12:54 pm

How to Obtain Biconomy (BICO) Coins

Biconomy (BICO) is a decentralized network that aims to simplify blockchain access for developers and businesses. The network's native token, BICO, is used for various purposes within the Biconomy ecosystem, including transaction fees, governance, and staking rewards.

1. Purchase BICO on Cryptocurrency Exchanges

One of the most straightforward ways to acquire BICO coins is through cryptocurrency exchanges. Many popular exchanges, such as Binance, KuCoin, and Gate.io, offer trading pairs that allow you to buy BICO using a stablecoin or other cryptocurrencies.

• Create an account on the exchange and complete the required verification process.
• Fund your account with the supported currency you intend to use for buying BICO.
• Navigate to the BICO trading pair, specify the amount you want to purchase, and place a buy order.
• Once your order is matched, you will receive BICO coins to your exchange wallet.

2. Earn BICO Rewards through Staking

Biconomy offers a staking program that allows token holders to earn rewards for contributing to the network's security and functionality. Staking involves locking up your BICO coins in a dedicated wallet for a specific period.

• Set up a non-custodial wallet that supports Biconomy staking, such as the Ledger Nano X or Trust Wallet.
• Transfer your BICO coins to the staking wallet.
• Delegate your BICO coins to a validator node. Validators maintain the Biconomy network and process transactions.
• Monitor your rewards, which will be distributed to your wallet regularly.

3. Participate in Biconomy Community Events and Campaigns

Biconomy frequently hosts community events and campaigns that reward participants with BICO coins. These events can include contests, hackathons, and educational initiatives.

• Check the Biconomy website and social media channels for announcements about upcoming events.
• Register or participate in qualifying activities, depending on the event requirements.
• Earn BICO rewards based on your performance or contributions.

4. Provide Liquidity on Decentralized Exchanges

Biconomy is available for trading on decentralized exchanges (DEXs), such as Uniswap and SushiSwap. Users can contribute to liquidity pools by providing both BICO and another asset, such as ETH or USDC.

• Connect your wallet to a DEX that supports BICO trading.
• Select the desired BICO trading pair and click "Add Liquidity."
• Specify the amount of BICO and the other asset you want to contribute.
• Provide liquidity to the pool and receive liquidity provider (LP) tokens.
• Earn fees from trades that involve the BICO trading pair.