Recently, the ICP Token, classified under the ‘RWA’ category by CoinMarketCap, has seen a significant surge in interest. Notably, it has experienced a 10% rise in the last 7 days, drawing the attention of the crypto community.
What is ICP?
Internet Computer Protocol (ICP) is developed by the DFINITY Foundation. It’s an ambitious project aimed at reinventing the internet by enabling the creation of software and services on a decentralized infrastructure. The protocol extends the capabilities of the public internet beyond data sharing to host backend software, thus decentralizing the web.
Dune Analytics Reveals Increasing User Engagement
According to Dune Analytics, the number of ckICP holders has exponentially grown from 9 on 2023–09–23 to 240 recently. This increase is a strong indicator of the growing interest and confidence in the ICP project and its potential.
Understanding ckICP
ckICP represents a ‘wrapped’ version of the ICP token that functions on blockchains other than its native one. This wrapping process enables ICP to be utilized within various decentralized ecosystems, increasing its versatility and reach.
CoinMarketCap’s Unique RWA Classification
It’s important to note that CoinMarketCap’s ‘RWA’ category might differ from the standard Real-World Asset definition. In this context, ‘RWA’ refers to projects that are gaining traction or are significant in the current market landscape, as opposed to representing traditional physical assets.
Conclusion: The Rising Tide of ICP
The growth in user base and the price increase of the ICP Token reflects a burgeoning interest in its promise to offer a decentralized and more robust framework for internet services. Backed by the DFINITY Foundation, ICP is emerging as a noteworthy player in the evolving landscape of blockchain technologies.
