Dec. 2th - 8th 2024
Over the past week, several key indicators for ICP remained elevated. 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, 27,439 ICP were burned, marking the seventh largest weekly burns since Genesis. This represents a slight increase from the previous week, when 23,932 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 $442.8K in fees, marking the second-highest weekly revenue in the protocol’s history
Source: tokenterminal
Here is the weekly comparison of the ICP weekly revenue since the beginning of September, highlighting trends and changes over time.
Source: tokenterminal
Currently, ICP ranks as one the top-performing Layer 1 protocols in terms of revenue over the past week among projects with a market cap below $100 billion.
* 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.
Source: tokenterminal
Additionally, ICP has emerged as the leading Layer 1 blockchain (with a market cap under $100 billion) in terms of daily revenue generation on the 6th of December.
Source: tokenterminal
Over the past 90 days, ICP has demonstrated exceptional performance in fee generation, surpassing other Layer 1 protocols with significantly higher market capitalizations, such as Avalanche (AVAX), Polkadot (DOT), Cardano (ADA), Dogecoin (DOGE), NEAR Protocol, and Aptos. This achievement underscores ICP’s growing adoption and the increasing demand for its computational capabilities.
Source: tokenterminal
Last week, ICP was recognized by the Phoenix Group as a top 10 performer in social activity across key narratives, including NFTs, RWA, and DEPIN.
Source: x.com/pnxgrp
Recent data indicates that ICP leads the cryptocurrency sector in annual code commits, underscoring its position as the most actively developed project in the space.
Source: x.com/pnxgrp
Moreover, ICP dominated development in the AI & Big data space:
Source: santiment
Over the past week, ICP has seen a notable increase in the number of wallets holding more than 10, 100, and 1,000 ICP, all of which have reached all-time highs. This growth reflects strong confidence and accumulation within the ecosystem.
Source: icterminal
Final Analysis: Speed, Cost, and Security of the Blockchain
Let’s conclude this review with an evaluation of blockchain speed (transactions per second) and cost of transactions. In both areas, ICP stands out as a leader. However, it is important to recognize that speed and low costs are not the sole factors in ranking blockchains. A critical additional factor is the security of the network.
Security: The Golden Standard
ICP sets a new benchmark in blockchain security by holding all data fully on-chain. This eliminates vulnerabilities associated with off-chain solutions and bridges. In previous cycles, many blockchains faced devastating bridge hacks, which ICP’s architecture inherently prevents.
Cost-Effectiveness of On-Chain Data Storage
Is storing data on-chain expensive? With ICP, the answer is no. ICP offers one of the lowest costs of data storage in the industry, while maintaining the highest security standards. This combination of affordability and security makes it an ideal choice for developers and enterprises seeking a reliable blockchain solution.
ICP proves that a truly advanced blockchain must excel in speed, cost-efficiency, and security—a trifecta that positions it as a pioneering force in the blockchain space.
Source: chainspect; icp.guide