Nov. 18-26 2024
Over the past week, ICP’s price saw a substantial increase of 37.1%, rising from a low of $8.87 on November 18th to $12.16 on November 24th.
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, 37,419 ICP were burned, marking the second largest weekly burns since Genesis. This represents a slight increase from the previous week, when 35,377 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 $407.2K 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.
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.
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.
Source: tokenterminal
Daily revenue comparison (20.11.24) for L1 Blockchains (MC under $100b):
Daily revenue comparison (21.11.24) for L1 Blockchains (MC under $100b):
Source: tokenterminal
This month, 96,000 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:
Last week, ICP processed 288,990 transactions, marking the third-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 NFTs, RWA, and DAOs.
Source: https://x.com/pnxgrp
ICP has experienced a significant increase in fees during the fourth quarter of this year, surpassing the total fees collected in the third quarter with approximately 45 days remaining in Q4. This surge indicates heightened network activity and 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
Recent data indicates that the Internet Computer (ICP) leads the cryptocurrency sector in annual code commits, underscoring its position as the most actively developed project in the space. Multiple sources corroborate this, highlighting ICP’s commitment to continuous development and innovation.
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 trend underscores the growing utilization and adoption of the ICP network.
ICP Ecosystem Updates:
Bitfinity Mainnet Launch: On November 19, 2024, Bitfinity Network launched its mainnet, aiming to bridge Bitcoin and decentralized finance (DeFi). The launch is supported by partnerships with platforms such as KuCoin, Huobi, Gate.io, and MEXC. Bitfinity has secured $7 million in funding from investors including ParaFi Capital, Polychain’s Beacon Fund, and 9 Yards Capital.
Gold DAO Recognition: GLDGOV, a tokenized gold coin, was featured by Forbes as one of the top tokenized gold coins, highlighting its prominence in the digital gold market.
- OpenChat User Growth: OpenChat, a decentralized messaging platform on the Internet Computer, has experienced significant user growth:
- Total user registrations: 196,900
- Referred user registrations: 86,700
- Decide ID Milestone: Decide ID has achieved a milestone of 24,000 verified unique users, reflecting growing adoption of decentralized identity solutions within the ICP ecosystem.
- OpenChat User Growth: OpenChat, a decentralized messaging platform on the Internet Computer, has experienced significant user growth:
These developments underscore the dynamic growth and innovation within the Internet Computer ecosystem, highlighting its expanding influence in the blockchain and decentralized application landscape.