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Week #1

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28.10.2024 – 03.11.2024

During the past week, we observed that several key indicators for ICP remained elevated, despite negative price movements. In this article, we will examine all relevant updates, data, charts, metrics, and indicators related to ICP and the broader ecosystem.

Let’s start by analyzing the most significant metrics from the past week.

During the last week we have burned 30,416 ICP, which is the second largest weekly burn of ICP since Genesis.

Source: icterminal

During the last week, ICP generated $262.2K in fees, marking the second-highest weekly revenue in the protocol’s history.

Source: tokenterminal

Currently, ICP stands out as one of the top-performing Layer 1 protocols in terms of revenue for the last week. The following projects have generated less weekly revenue compared to ICP.

Source: tokenterminal

Overall, the number of active Internet Identities increased last week, reaching the highest daily activity level since early May.

In October, ICP reached a significant milestone, with the ICP Blockchain having processed 3.9 billion blocks since Genesis. The countdown to 4 billion blocks processed on the ICP network continues. Here is a comparison of the number of blocks various blockchains can process per second.

Source: chainspect

ICP keeps on demonstrating exceptional developer engagement, leading the cryptocurrency sector in GitHub activity and code commits. According to CryptoMiso, ICP secured the first position in the last 12 months with 7,604 GitHub commits across 80 core repositories. This substantial developer activity underscores ICP’s commitment to innovation and its prominent role in the blockchain ecosystem.

According to CryptoMiso, the top three cryptocurrency projects based on code commits for the last 12 months are:

  1. ICP: Leading with 7,604  commits from over 100 contributors, ICP demonstrates robust developer engagement.

  2. MINA: Recording 3,989 commits.

  3. SushiSwap (SUSHI) Recording 3,810 commits by 26 contributors.

 
On a monthly basis, the top three cryptocurrency projects based on code commits are:

  1. ICP: Leading with 1,377 commits from over 100 contributors.

  2. SushiSwap (SUSHI): Recording 1,040 commits by 26 contributors.

  3. Chainlink (LINK): With 907 commits from more than 100 contributors.

Source: cryptomiso

Moreover, activity on the ICP Developer Forum continues to remain high. Below, you can find a comparison between the engagement levels on the ICP research forum (left image) and the Ethereum research forum (right image). It is important to note that increased activity on a research forum does not necessarily translate to user adoption or business success.

However, it does indicate that there is an active and engaged community within the Internet Computer ecosystem, with members participating in meaningful public discourse on a daily basis.

Now, let’s highlight the key milestones achieved over the past week.  

In the past week, ICP achieved a significant milestone by reaching a transaction processing speed of 9,000 transactions per second (TPS). This accomplishment underscores ICP’s position as the fastest blockchain in the cryptocurrency space. Its high throughput capacity is a testament to the network’s scalability and efficiency, enabling it to handle a substantial volume of transactions seamlessly.

According to Chainspect, the fastest blockchains by real-time transactions per second (TPS) are:

  1. ICP: 4218 TPS
  2. Solana: 855 TPS
  3. Tron: 126 TPS
  4. Stellar: 105 TPS
  5. NEAR Protocol: 98 TPS

These figures highlight ICP’s leading position in transaction processing speed within the cryptocurrency space.

Source: chainspect

Last week, MIEPs (Millions of Instructions Executed Per Second) reached an all-time high, with the average MIEPs providing an estimate of the significant amount of useful computational work performed.

During the last week, the supply of Chain-key Ethereum (ckETH) and Chain-key Bitcoin (ckBTC) reached all-time highs, highlighting the success of the Chain Fusion summer initiative. However, the supply of ckBTC subsequently experienced a sharp decline, indicating that large holders (whales) are selling Bitcoin as its price surpasses $70,000. This trend suggests a strategic move by significant investors to capitalize on the recent price surge.  

In recent governance developments, the motion to add 20 additional application subnets to the Internet Computer (IC) network has been approved. Earlier this week, DFINITY proposed this expansion to accommodate the growing demand and enhance the network’s capacity. With the motion now passed, the IC is poised to scale effectively, supporting increased usage and fostering continued growth.
 

To wrap up this review, we’re excited to announce the Coin of the Week: OpenChat. Stay tuned for a detailed look at what makes OpenChat a standout project, including its recent developments and the impact it’s having within the ICP ecosystem.

Key Highlights of OpenChat:

  1. Successful Airdrop: On November 1st, OpenChat successfully distributed 100,000 CHAT to over 14,000 users.
  2. Strategic Partnership: OpenChat recently partnered with Token Terminal, enhancing their reporting capabilities and providing deeper insights.
  3. User Growth: Active daily and monthly user numbers have been on an upward trend since last summer, reflecting growing engagement.
  4. Increased Activity: Since August 2023, the weekly message count has surged by 14x, showcasing significant growth in user interaction.
  5. OpenChat has rolled out various new features and enhanced the scalability and performance of their platform, further improving the user experience and supporting continued growth.