Internet Computer (ICP) community members pledged Internet Computer tokens worth nearly $80 million to aid in decentralizing protocols within the ecosystem last year.
The March 25, 2023, report of the DFINITY Foundation, a contributor to the Internet Computer network, detailed the community’s allocation of over 6.5 million ICP tokens towards decentralization initiatives.
The Internet Computer’s Service Nervous System (SNS) framework has committed to enabling protocols to operate as decentralized autonomous organizations (DAOs).
Decentralized messenger OpenChat, metaverse platform Dragginz, blockchain search engine Kinic, “Web3 TikTok” Hot or Not, the inaugural ICP meme coin Ghost, decentralized verification-as-a-service platform Modclub, on-chain gaming platform BOOM DAO, and social app Catalyze are examples of ICP projects and apps that have obtained funding via SNS decentralization.
“By its innovative technology stack and numerous network integrations, the SNS framework’s success has been a major triumph for decentralized governance around the world,” remarked Lomesh Dutta, vice president of growth at DFINITY.
Additionally, the DFINITY Foundation reported that Internet Computer’s blockchain gaming activity grew exponentially, attributing this to the platform’s high scalability and low transfer fees.
In 2023, DFINITY additionally allocated $6.25 million in ecosystem grants to 239 initiatives spanning 41 countries to foster the expansion of the ICP ecosystem. The report states that ICP’s overall network utilization increased by 121% annually, indicating consistent growth across the entire ecosystem.
According to DefiLlama, decentralized finance on ICP has also experienced consistent growth this year, with total value secured increasing 24% to $27 million since January 1.
ICP’s AI Move Leads to Token Price Surge
ICP prices have skyrocketed recently following the network’s announcement of its most recent artificial intelligence developments.
As a smart contract on the Internet Computer, DFINITY CEO Dominic Williams uploaded a video to X on March 22 that he claimed to be the first of its kind: “quite a sophisticated AI running on the blockchain.”
“This is only my first demonstration; AI will become the beating heart of our web3, multi-chain world,” he continued.
According to CoinGecko, since the announcement, ICP prices have increased by 50% and peaked at just under $20 on March 26. Nonetheless, the asset has declined 97% since its all-time peak of $700 in May 2021.
