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- Internet Computer Protocol (ICP) overall network activity grew by 150%, with a 30% increase in full-time developers.
- This reflects rising interest in the platform’s cross-chain capabilities and its appeal despite the broader industry’s challenges, such as regulatory scrutiny.
The DFINITY Foundation, the Switzerland-based organization backing the Internet Computer blockchain, has published its 2024 Ecosystem Report. This report highlights the impressive growth in cross-chain technology within its platform. According to the report, the Chain Fusion protocol saw a remarkable 1,230% increase in activity over the past year.
For context, the Chain Fusion protocol is a key feature of Internet Computer (ICP) enabling smart contracts to interact with multiple blockchain networks.
Internet Computer’s Chain Fusion Protocol Notes Massive Surge
Chain Fusion allows for seamless, direct connectivity between ICP and prominent blockchains like Bitcoin and Ethereum. This feature is designed to eliminate third-party intermediaries that often introduce security and efficiency concerns. Thus, it has been instrumental in the rise of decentralized applications (dApps) on the Internet Computer network that relies on cross-chain capabilities to meet the demands of the Web3 space.
The report further reveals a dramatic increase in message processing within Chain Fusion, rising by 2,040% compared to the previous year. This upsurge in usage and data flow underscores a growing developer preference for cross-chain solutions that enable complex, multi-chain applications.
Alongside this growth, ICP’s overall network activity also expanded by 150%. This marks substantial traction in a sector that has recently faced a general hiring slowdown. Moreover, developer interest in Internet Computer continues to rise as reflected in a 30% increase in full-time developers dedicated to building. The above-mentioned growth trajectory highlights ICP’s appeal as a versatile platform despite the crypto industry currently contending with heightened regulatory scrutiny.
Furthermore, ICP also announced the launch of Verified Credentials (VCs), a walletless solution designed to enable the efficient and trustworthy sharing of personal data, while ensuring privacy and control, reported CNF.
The Bitcoin Integration Grabs Limelight
One distinguishing feature driving Internet Computer’s recent success is its integration with Bitcoin. This collaboration enables developers to build applications on ICP while harnessing the security of Bitcoin’s strong network. Without relying on traditional “bridges” prone to security vulnerabilities, it offers developers a secure means to leverage Bitcoin within dApps.
Projects such as the Rainbow and Tap Protocols have emerged as pioneering examples of how Bitcoin can be harnessed for complex dApps through ICP. Amid these achievements, the Internet Computer price has seen an upsurge. At press time, the ICP price soared 7.01% to $7.69 on Wednesday, November 6.
Furthermore, in the 24-hour frame, the trading volume for Internet Computer surged by a whopping 162.94% to $136.23 million. Also, according to Coinglass data, the open interest for Internet Computer has climbed 25.15% to $52.51 million today. This indicates a bullish sentiment in the market as there’s an increase in ICP long positions.
