04.11.2024 – 10.11.2024
Over the past week, ICP’s price saw a substantial increase of 38.49%, rising from a low of $6.83 on November 4th to $9.49 on November 10th.
Additionally, 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, 29,400 ICP were burned, marking the fourth largest weekly burns since Genesis. This represents a slight decrease from the previous week, when 30,416 ICP were burned—the second-largest weekly burn on record.
During the last week, ICP generated $224.5K in fees, marking the sixth-highest weekly revenue in the protocol’s history.
Source: tokenterminal
Currently, ICP ranks as one of the top-performing Layer 1 protocols in terms of revenue over the past week among projects with a market cap below $100 billion.
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.
Overall, the number of active Internet Identities increased last week, reaching the highest daily activity level since early May.
Source: tokenterminal
Last week, 80,000 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:
Over the past three months, the daily average of Cycles burned has increased exponentially, signaling strong growth, development, and heightened usage of ICP.
- Network Activity: Up by 150%
- Full-Time Developers: Increased by 30% , as reported by Electric Capital, despite an industry-wide decline of 16% . Among blockchains with over 100 developers, ICP boasts the fastest-growing network.
Think 30% isn’t impressive? Consider this: between 2021 and 2023, full-time developers on ICP surged by 635% . ICP is outpacing other blockchains significantly in terms of developer activity!
Moreover, multiple sources indicate that ICP is the most actively developed project in the crypto space.
Last week, ICP was recognized by the Phoenix Group as a top 10 performer in social activity across key narratives, including DEPIN, RWA, NFTs, and DAOs.
Now, let’s highlight the key milestones achieved over the past week.
According to Chainspect, the fastest blockchains by real-time transactions per second (TPS) are:
- ICP: 2570 TPS
- Solana: 841 TPS
- Tron: 146 TPS
- Stellar: 135 TPS
- OpBNB: 121 TPS
These figures highlight ICP’s leading position in transaction processing speed within the cryptocurrency space.
Source: chainspect
Last week, the cycle burn rate peaked at 1.4 trillion cycles per second, marking the second-highest measurement since the beginning of October.
At a burn rate of approximately 1 trillion cycles per second, we were burning 1 ICP every 6 seconds, placing us about 4 times away from achieving slight deflation.
ICP has successfully resolved all scalability challenges, and the blockchain is now operating smoothly and at full capacity. With this foundation, we can fully focus on building, developing, and driving growth.
To wrap up this review, we’re excited to announce the Coin of the Week: Decide AI (DCD)
Key Highlights:
Decide ID: A Zero-Knowledge Proof-enabled decentralized identity solution that ensures a verified and credibility-proven workforce for contributing high-quality data and feedback. It establishes a secure and privacy-preserving identity system, enabling individuals to contribute while maintaining control over their personal information. Last week, DCD reached 21,000 verified unique users. Thanks to Decide ID, ICP stands out as the only blockchain actively combating bot accounts. Decide ID guarantees the uniqueness of users during airdrops, referrals, and monetary transactions, building trust and integrity in the ICP ecosystem.
DecideAI
Redactor: On-chain abusive language detector.
DecideAI
On-Chain AI Models: Decide AI has achieved a significant milestone by deploying OpenAI’s GPT-2 model fully on-chain via the Internet Computer blockchain. This marks the first realization of a fully on-chain AI model, opening doors for future developments in decentralized artificial intelligence.
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