Enormous Growth From ICP in 2022 Carries into Q1 of 2023
Internet Computer Growth Continues
The Internet Computer has continued a strong 2022 with a hot start to 2023. With major deployments and impressive growth across several verticles, the rapid expansion seems to have even caught some centralized exchanges by surprise.
Dfinity, the creators of the Internet Computer, reminded everyone on Twitter of the year-to-year growth experienced by the ICP ecosystem from 2022 to 2023.
With network activity growth: +1829%, the #InternetComputer saw exponential growth📈 in 2022
But it’s nothing compared to what’s in store for 2023
Detailed discussion on 2022 numbers in this chat with @yapignolet & @kylelangham https://t.co/N0WwCuJ6kY pic.twitter.com/A6UgJTuExU
— DFINITY (@dfinity) February 17, 2023
So far in 2023, ICP has maintained or increased several of the metrics. Total network transactions are slightly down from December but since January 1, the price of $ICP is up about 100% and the market capitalization has also gone up over 33%, according to CoinGecko.
Notably, the number of canisters to help build out the network has also increased plus the number of Internet Identities (users). This signals a time for building with a major upgrade, the $ckBTC, recently integrated.
$ICP Supply Shock in Binance
You guys better be safe and send all your $ICP to NNS 🤝
Recently just bought some and cant withdraw lol 👇 pic.twitter.com/JIaK4HROJe
— icircle.icp ₿ Ξ ∞ (@icircle_nft) February 18, 2023
The rapid expansion of the ICP ecosystem seems to have caught Binance off-guard. Whale accounts of ICP have reported the inability to withdraw ICP tokens through the weekend.
Weekend issues like this are usually the cause of bank closures with Binance, however, the increase in demand is notable.
Dfinity recently partnered with FEDERITALY to help guarantee products ‘100% Made in Italy’ with QR codes to verify validity on the ICP blockchain. The move is one which brings real-world utility to the Internet Computer and could be a sign of more to come.
What is the Internet Computer:
Internet Computer (ICP) is a set of protocols that allow independent data centers around the world to band together and offer a decentralized alternative to the current centralized internet cloud providers. The Internet Computer is a World Computer blockchain that can host and run mass-market social networks, online games, video streaming services, or enterprise systems entirely on the blockchain itself — eliminating the need for centralized IT and cloud services. The native ICP token is used for governance (holders can vote on the future of the network), to reward network participants for good behavior, and is used to pay fees for making transactions.
