DFINTY Announces 5 Big Things That Happened with Internet Computer: Analyst Eyes ICP to Surge 6X from Here

The past few weeks have seen a flurry of positive developments for the Internet Computer (ICP) ecosystem. From impressive decentralized finance (DeFi) growth and governance upgrades to expanded support for developers and new startup incubator initiatives, ICP continues to build steam.

In a recent tweet thread, the team announced five key things that happened in the world of ICP.

DefiLlama Rankings Showcase ICP DeFi Dominance

According to leading DeFi analytics site DefiLlama, ICP now occupies spots in 8 of the top 16 most active decentralized autonomous organizations (DAOs).

This includes the 1 spot held by the Network Nervous System (NNS), the governance DAO for the Internet Computer blockchain. 

SNS Upgrades Bring DAOs Closer to Full Decentralization

An approved proposal for the Smart Node Subnet (SNS) now enables any SNS-based DAO to modify configuration settings for one or more application canisters via decentralized proposals.

This is a key step toward the end goal of DAOs managing dapps in a fully decentralized manner without relying on core developers.

Enhanced Documentation and Tooling Accelerate Development

Major improvements were recently introduced to ICP’s developer documentation and tools. This includes UI upgrades, streamlined organization, and reduced duplication, all with a focus on simplifying the learning curve for new developers.

Support for capabilities like chunked Wasm uploads also speeds up build and deployment times. Collectively, these changes create a friendlier environment for building dapps on ICP.

Incubator Program Funds Pioneering Web3 Startups

Together with the city of Lugano, Switzerland, ICP launched a Web3 startup incubator program. Through competitive application rounds held every six months, this initiative aims to fund talented teams leveraging ICP infrastructure for innovative Web3 solutions.

The first cohort selected six Swiss and Italian startups on January 30th, who will now receive support and ICP tokens over a six-month development period.

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Developer Activity Metrics Confirm Ongoing Growth

According to crypto analytics firm Santiment, ICP registered the highest developer activity out of all tracked crypto projects over the past 30 days, based on GitHub metrics. This confirms that building on ICP is accelerating rapidly amidst its recent advancements.

Technical Analysis Points to Further Upside Potential

Per trader analysis by Javon Marks, ICP’s price action following its breakout from long-term resistance shows indicators of continuing momentum. With prices already up 225% off local lows, Marks identifies further upside potential of over 400% to hit technical upside targets.

Marks also expects ICP to surge nearly 6X from its current position. With fundamentals and technicals aligned positively for ICP, the coming months will prove critical in translating developer activity and platform growth into broader adoption and investment inflows.

Still, for long-term believers in the Internet Computer’s mission of bringing full decentralization to global internet services, there are plenty of green shoots to provide hope.

ICP has exhibited a notable surge recently. The token has been up by almost 13% in the last seven days. In the last 24 hours alone, the token has gained 4.2% and is trading at $14.24 at press time.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency