cryptonewsz.com
$ICP recently released a report to summarize its yearly progress. The report overviewed the multi-chain features, expansive market growth, partnerships, and new projects for $ICP.
While 2023 was a brutal year for the crypto market, $ICP still ended the year with a 30% increase in developer growth. Overall cycle burn rate, the metric used to highlight the economic value created by the Internet Computer, also favored $ICP.
The average daily burned cycles surged throughout the year, with the burn rate set to triple in 2024. Similarly, the network witnessed a 67% surge in node providers. The number of nations with node machines has gone from 9 to 22 for $ICP.
As for its tokenomics, the network experienced a constant inflow of staked $ICP at an average of 1.7 million per month. Trading for $ICP also went up, partly because of the liquidity program the network introduced. Besides this, $ICP also added 7 new exchanges, 3 custody platforms, and 10 wallet integrations.
In terms of $ICP’s market performance, the coin gained a whopping 145.90% value in the past year. Currently, $ICP is trading at 13.34 dollars, up 0.85% in the past 24 hours. The coin has gained 12.57% value in the past 7 days, and based on the latest $ICP crypto price prediction, the coin can reach the 17-dollar mark in the coming years.
The network did not lack in marketing efforts either, as it focused on events, PR, and media. $ICP.Hubs popped up in four regions during the 2023 Q3. Now, the hubs span across 19 regions with a global reach.
The SNS (Service Nervous System) DAO framework boom also played a big role in $ICP’s growth. The year ended with $ICP launching 12 SNS DAOs, with two more launching in the New Year.
$ICP has several upgrades, such as EVM RPC, decentralized boundary nodes, libraries for certification, threshold Schnorr, etc., lined up for the year. With more projects turning to $ICP for initial growth, the network is expected to get even bigger in 2024.