A report that details ICP’s annual progress was just recently made available to the public. The report offered a comprehensive analysis of the numerous chain characteristics, extensive market expansion, collaborations, and upcoming initiatives that are associated with ICP.
ICPs Have Successfully Passed All Tests in 2023
Despite the difficult circumstances that prevailed in 2023, the cryptocurrency market went through a period of significant turmoil. Nevertheless, ICP was able to pull off a thirty percent increase in developer expansion by the end of the year. Another metric that shows the financial worth of the Internet Computer—the total cycle expenditure rate—also favored ICP.
Throughout the year, the typical daily consumption cycles increased by a significant amount, and it is anticipated that the consumption rate will almost triple by the year 2024. Similarly, the number of node providers participating in the network increased by 67%. There are now 22 countries that are using node machines for ICP, which is an increase from the previous count of nine.
The platform’s tokenomics showed a consistent flow of staked ICP, amounting to about 1.7 million per month in aggregate. There was also an increase in ICP trading, which can be attributed, in part, to the liquidity initiative that was implemented by the network. Included in CP’s purview were seven additional exchanges, three security systems, and ten wallet interfaces.
Network and Cryptocurrency Perspectives
During the previous year, the cryptocurrency known as ICP experienced a remarkable increase of 145.90% relative to its market performance. The current price of ICP is $13.34, which represents a 0.85% increase for the previous twenty-four hours. The value of the coin has increased by 12.57% over the past week, and the most recent ICP cryptocurrency price forecast indicates that it may soon come close to reaching the $17 level.
When it came to promoting itself, the network made sure to keep all of its bases covered by placing a significant emphasis on events, public relations, and media coverage. It was during the third quarter of 2023 that ICP.Hubs began to emerge in four distinct regions. At the moment, the hubs are spread out across 19 areas and have a presence all over the world.
The stratospheric surge in popularity of the SNS (Service Nervous System) DAO architecture was one of the most fundamental elements that contributed to the spread of ICP to a great extent. The year came to a close with ICP launching twelve social networking service decentralized autonomous organizations (DAOs), and two more are scheduled to launch in the following year.
ICP intends to implement a variety of upgrades over the following year. Some of these additions include EVM RPC, autonomous border nodes, certification libraries, threshold Schnorr, and others. As the number of projects that are turning to ICP for their early development continues to increase, it is projected that the network will continue to expand by the year 2024. This is due to the fact that ICP is becoming increasingly popular.
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