December 1th 2024
In November, the demand for computation on the Internet Computer (ICP) remained consistently high. The sustained elevation in the Cycle burn rate serves as a strong indicator of growing adoption, increasing developer engagement, and heightened interest in the project.
In this article, we will explore all relevant updates, data, charts, metrics, and indicators pertaining to ICP and the broader ecosystem.
In November, 130.5K ICP were burned, marking the second-largest monthly burn since Genesis and reflecting a significant 36% increase compared to the previous month.
Below is the year-to-date (YTD) comparison of burned ICP:
The average daily cycle burn on ICP has increased by more than 20-fold since August, reflecting a significant surge in network activity and growing adoption of the platform.
The cycle burn rate reached a peak of 2.9 trillion cycles burned per second during November. At its highest point, ICP was being burned at a rate of less than one token every 3 seconds, highlighting an extraordinary level of network activity and adoption.
In November, ICP generated $1.26M in fees, marking the highest monthly revenue in the protocol’s history.
Source: tokenterminal
ICP has witnessed a remarkable increase in fees during the fourth quarter of this year, nearly doubling the total fees collected in the third quarter, with approximately 30 days still remaining in Q4. Specifically, ICP generated $1.25M in fees in Q3, while in Q4 has already generated $2.1M. This surge reflects heightened network activity and the growing adoption of the platform.
Source: tokenterminal
Furthermore, weekly fees for ICP have increased by an impressive 70-fold since the end of August, showcasing remarkable growth and heightened network activity.
Source: tokenterminal
Currently, ICP is recognized as one of the top-performing Layer 1 protocols in terms of revenue for November among projects with a market capitalization under $100 billion.
Source: tokenterminal
It is worth highlighting that ICP delivered an impressive performance during the third week of November, ranking as the top-performing Layer 1 protocol in terms of revenue among projects with a market capitalization under $100 billion for that period.
Source: tokenterminal
Moreover, in addition to the previously mentioned milestones, ICP ranked as the top-performing Layer 1 protocol in terms of revenue during the first week of November among projects with a market capitalization under $100 billion for that period.
Source: tokenterminal
In November, 96000 Canister smart contracts were added, marking the fourth-highest number recorded this year. An increase in Canister smart contracts speaks to the growth in developer activity on the network. This is the YTD comparison of the new monthly registered Canister Smart contracts deployed on ICP:
In November, ICP processed 1.37 million transactions, representing the highest monthly transaction volume since the start of the year. This significant increase highlights growing user engagement and adoption of the platform. Below is the year-to-date (YTD) comparison of monthly transactions processed on ICP:
ICP daily transactions reached an All-time high during the month of November:
Source: dappradar
In November, ICP reached a significant milestone, with the ICP Blockchain having processed 4 billion blocks since Genesis. Here is a comparison of block times (finalization rate).
Source: chainspect
According to ICTerminal, 51,838 new ICP addresses were added in November, signaling increasing interest in the platform. Small and mid-sized investors continue to accumulate ICP, with the number of significant wallets holding at least 10, 100, 1,000, and 10,000 ICP reaching an all-time high, reflecting strong confidence in the ecosystem.
Source: icterminal
In November, ICP was recognized by the Phoenix Group as a top 10 performer in social activity across key narratives, including DEPIN, DeFi, RWA, NFTs, and DAOs.
Source: x.com/pnxgrp
According to a report by Electric Capital, ICP has seen a 30% increase in full-time developers over the past 12 months, despite an industry-wide decline of 16%. Among blockchains with over 100 developers, ICP stands out as the fastest-growing network, underscoring its strong developer engagement and ecosystem expansion.
In November 2024, ICP demonstrated remarkable developer engagement, positioning itself as a leading project in the crypto space. This surge in activity is evidenced by the addition of 96,000 Canister smart contracts—the fourth-highest monthly increase this year—indicating a robust expansion in developer participation. Additionally, multiple sources labeled ICP as the most active project in the Crypto space for the month of November:
In November, the availability of ICP on exchanges was notably lower than that of Bitcoin (BTC) and Ethereum (ETH). This scarcity is attributed to a significant portion of ICP being staked by holders.
This substantial commitment to staking reduces the circulating supply on exchanges, thereby increasing scarcity.
Source: cryptoquant; icterminal
The DFINITY Foundation has released a significant update on November 12, 2024. This update improved speed, simplified development processes, and expanded on-chain storage capabilities.
The Tokamak milestone was completed on ICP Results:
1) ICP Ledger → Average latencies are decreased by 51% from 4.57 seconds to 2.23 seconds
2)Internet Identity → the average latency of sign in times were reduced from 7.12 seconds, down to 3.9 seconds, which is a 45.2% reduction
3) Application Subnets → average E2E latencies decreased from 2.43 seconds to 1.35 seconds, meaning a ~44% reduction
The Stellarator milestone was completed on ICP. Results: Each subnet can now host over 1TB of memory per subnet.📈 Increased the stable memory limit of a canister to 500GiB.📈 Users of canisters on subnet will experience a quicker response time and increased throughput.📈 This advancement allows developers to build sophisticated applications requiring large-scale data processing.
Regarding speed, Cryptogics highlighted ICP as the fastest blockchain by maximum recorded transactions per second (TPS).
Source: x.com/cryptogics
According to Token Terminal, ICP has demonstrated strong performance across several key metrics:
- Market cap 30d% +42.6% 📈
- Token trading volume (30d) +114.9% 📈
- Fees (30d) +78.5% 📈
- Fees (annualized) +6.1% 📈
- Revenue (30d) +78.5% 📈
- Revenue (annualized)+6.1% 📈
- Token incentives (30d) +15.7% 📈
- Core developers 30d% +4.4% 📈
- Number of ICP transactions (30d) +62.1% 📈
- Unique transacting wallets 30d% +24.5% 📈
- Blocks per second 30d% +1.6% 📈
- Total canister state 30d% +4.6% 📈
Source: tokenterminal
In their recent essay, Lei Yang, Robert Drost, and Namik Muduroglu shed light on a transformative concept in the world of blockchain technology: the World Computer. This vision presents a decentralized, global computing system where anyone can run applications, store data, and engage in digital interactions without relying on a single centralized entity.
Despite Ethereum’s promise, the researchers’ essay on decentralised computing lacks a discussion of one important actor: the Internet Computer Protocol.
The discussion about the concept of the “World Computer” is not a recent development; it began as early as 2015. In 2015, Dominic stood as a lone heretic, largely isolated in his belief that creating a true World Computer blockchain was technically feasible. He envisioned a decentralized system capable of competing with centralized computing infrastructure. Drawing on his technical expertise and research in crypto theory, Dominic committed himself entirely to blockchain research to realize this vision. Initially, his goal was to advance Ethereum 2.0, but he ultimately shifted focus, abandoning Pebble to dedicate his efforts toward building the World Computer blockchain we now know as ICP.
Panel Moderator: Martin Koeppelmann, Panel (from Right to Left): Dominic Williams, Vitalik Buterin, Vlad Zamfir, Jae Kwon, Recorded at the Silicon Valley Ethereum Meetup – October 22nd, 2016.
For a comprehensive exploration of the World Computer concept, including historical data and insights, you can read my publication.
Key Milestones for the ICP Ecosystem in November 2024
- Bitfinity Network Launch:
On November 19, 2024, Bitfinity Network launched its mainnet, bridging Bitcoinand DeFi The launch is supported by major platforms, including KuCoin, Huobi, Gate.io, and MEXC, and has secured $7 million in funding from notable investors such as ParaFi Capital, Polychain’s Beacon Fund, and 9 Yards Capital. - Decide ID Milestone:
Decide IDreached over 24,000 verified unique users, marking a significant milestone for decentralized identity on ICP. - Gold DAO Recognition:
GLDGOV, a tokenized gold coin on ICP, was featured by Forbesas one of the top tokenized gold coins, highlighting its growing prominence in the digital gold market. - OpenChat User Growth:
The decentralized messaging platform OpenChatexperienced remarkable growth:- Total user registrations:198,600
- Referred user registrations:87,900
- Omnity Network Whitepaper Release:
The release of the Omnity Network REE (Runes Exchange Environment) Whitepaperintroduced an innovative approach, leveraging ICP’s tech stack to enable composable smart contracts on Bitcoin L1 without the need for asset bridging.
These milestones reflect the Internet Computer’s continued innovation and growing adoption across a variety of sectors, further establishing it as a leading force in the blockchain ecosystem.
