ICP’s 2023 review: The year of next-gen SNS DAOs and Multi-Chain

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.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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