Nov. 11-17th 2024
Over the past week, several key indicators for ICP have shown notable increases, reflecting growth in user activity and adoption.
In this article, we’ll examine all relevant updates, data, charts, metrics, and indicators related to ICP and its broader ecosystem.
Let’s begin by analyzing the most significant metrics from the past week.
In the past week, 35,377 ICP were burned, marking the second largest weekly burn since Genesis. This represents an increase from the previous week, when 29,400 ICP were burned.
Here is the weekly comparison of ICP burned since the beginning of September, highlighting trends and changes over time.
During the last week, ICP generated $281.6K in fees, marking the second highest weekly revenue in the protocol’s history.
Source: tokenterminal
Source: tokenterminal
* I chose not to include TRX in the list, as its expenses are significantly higher than those of the other projects. For this reason, I believe including it would not provide a fair comparison.
Additionally, ICP has emerged as the leading Layer 1 blockchain (with a market cap under $100 billion) in terms of daily revenue generation on multiple occasions last week.
Daily revenue comparison (10.11.24) for L1 Blockchains (MC under $100b):
Source: tokenterminal
Daily revenue comparison (16.11.24) for L1 Blockchains (MC under $100b):
Source: tokenterminal
Daily revenue comparison (17.11.24) for L1 Blockchains (MC under $100b):
Source: tokenterminal
This month, 95,000 new ICP Canister Smart Contracts were added, reflecting a strong increase in developer activity on the network. This is the YTD comparison of the new monthly registered Canister Smart contracts deployed on ICP:
This week, ICP processed 378,440 transactions, marking the highest weekly transaction volume since the beginning of September. This increase reflects growing user engagement and adoption of the platform.
Last week, ICP was recognized by the Phoenix Group as a top 10 performer in social activity across key narratives, including DEPIN, RWA, and DEFI.
Source: https://x.com/pnxgrp
Source: dappradar
Over the past week, ICP has experienced a significant increase in its cycle burn rate, reaching levels 2.5 times higher than the 90-day average for several consecutive days. This surge resulted in the burning of approximately 1 ICP every 10 seconds. As a result, the Blockchain is now around 6X away from deflation. This trend underscores the growing utilization and adoption of the ICP network.
Source: icterminal
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