Last year, members of the Internet Computer community pledged almost $80 million worth of Internet Computer (ICP) tokens to support the decentralization of protocols in the ecosystem. The DFINITY Foundation, a contributor to the Internet Computer network, recently released its 2023 protocol ecosystem report, revealing that the community has committed over 6.5 million ICP tokens to decentralization efforts. This pledge has been made through the Internet Computer’s Service Nervous System (SNS) framework, which enables protocols to function as decentralized autonomous organizations (DAOs).
Several ICP projects and decentralized applications (dapps) have received funding for their decentralization efforts through the SNS framework. These include OpenChat, a decentralized messenger, Dragginz, a metaverse platform, Kinic, a blockchain search engine, Hot or Not, a “Web3 TikTok”, Ghost, the first ICP memecoin, Modclub, a decentralized verification-as-a-service platform, BOOM DAO, an on-chain gaming platform, and Catalyze, a social dapp. After October 2023, the daily message count on OpenChat experienced a significant surge.
Lomesh Dutta, Vice President of Growth at DFINITY, commented on the success of the SNS framework, stating that it has been a significant achievement for decentralized governance worldwide, thanks to its innovative technology and numerous network integrations. The DFINITY Foundation also reported substantial growth in blockchain gaming activity on the Internet Computer, which can be attributed to low transfer fees and high scalability.
In 2023, DFINITY distributed $6.25 million in ecosystem grants to support the growth of the ICP ecosystem. A total of 239 projects from 41 countries benefited from these grants, contributing to the constant expansion of the ICP network. The report also shows that overall network usage on ICP increased by 121% year-over-year, indicating the continuous growth of the ecosystem.
Decentralized finance (DeFi) on ICP has also experienced steady growth this year. According to DefiLlama, the total value locked in DeFi protocols on ICP has increased by 24% to reach $27 million since January 1.
ICP prices have recently seen a significant surge after the network unveiled advancements in the field of artificial intelligence (AI). Dominic Williams, the CEO of DFINITY, demonstrated a sophisticated AI running on the blockchain as a smart contract on the Internet Computer. This development has led to a 50% increase in ICP prices since the announcement, reaching a two-year high of just under $20 on March 26. It is important to note that ICP prices are still down 97% from their all-time high of $700 in May 2021.
The $6.25 million in ecosystem grants distributed by DFINITY is a testament to their commitment to fuel the growth of the ICP ecosystem. This support will undoubtedly contribute to its continuous expansion.
I’m thrilled to see the progress and expansion of the Internet Computer network. The future of decentralized governance and blockchain gaming looks incredibly promising!
The surge in daily message count on OpenChat after October 2023 speaks volumes about its popularity and success. 📈🚀 Keep the conversations flowing!
A 50% increase in ICP prices since the announcement of AI advancements demonstrates the market’s excitement and confidence in the Internet Computer network. The future looks bright for ICP!