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《Discussing the Forgotten Titan: The Latest Developments of ICP》
Many OG crypto investors probably still have vivid memories of ICP. The catastrophic losses back then were heartbreaking, causing the project to gradually slip into oblivion. However, after 5 years of silent and relentless building by the team, ICP seems to be experiencing a rebirth today. Let’s dive into its current development status.
Internet Computer Protocol (ICP), developed by the DFINITY Foundation, is a decentralized cloud computing platform designed to build a "World Computer." It supports running dApps, AI, and enterprise-grade applications entirely on-chain. Powered by Chain Key Cryptography and a reverse Gas model (Cycles), users can interact with the network without directly holding ICP, significantly enhancing usability.
1. Core Technical Highlights of ICP
Chain Key Cryptography: Utilizing threshold signature technology, the entire network requires only a single public key for verification. This enables efficient cross-subnet communication and secure interoperability, supporting native Bitcoin and Ethereum integrations (Chain Fusion) without the need for trusted bridges.
Canister Smart Contracts: Moving beyond traditional smart contracts, Canisters can run full Web services and support massive storage and computation. Combined with the reverse Gas model (Cycles), developers prepay the fees, delivering a user experience close to Web2.
Subnet Architecture & High Performance: ICP achieves a TPS of 2,900+ (with peaks over 25k) and a finality time of 1–2 seconds. It scales horizontally and supports on-chain AI execution, large-scale data processing, and privacy features (vetKeys).
These innovations make ICP a true decentralized "World Computer," combining Web-like speed, security, and infinite scaling potential.
2. Outstanding Network Activity
As of May 2026, the mainnet's total transaction count has surpassed 287 billion, processing approximately 6.5 billion transactions in the past 30 days—outpacing Solana and BNB Chain. The real-time TPS hovers around 2,900, with peaks exceeding 25,000 (theoretical limit of 200k+). There are about 58,000 registered Canisters holding over 12TB of state storage, hosting more than 1,000 dApps, and developer activity continues to grow. The staking ratio sits around 42%–50%, with a massive portion locked in long-term (8-year) stakes.
Despite the high transaction volume, its Total Value Locked (TVL) remains relatively low (early data suggests around $120M to a few hundred million USD). There is still significant room for improvement in DeFi and user conversion. The network is currently focusing on AI integration, enterprise clouds, and Bitcoin/Ethereum interoperability. Notably, its storage capacity doubled in 2025.
3. Overview of ICP Cloud Storage
ICP’s cloud storage is powered by Canister smart contracts, achieving a fully on-chain, full-stack decentralized storage and computing environment without relying on traditional cloud backends (like AWS).
Capacity: A single Canister can store anywhere from a few hundred GBs to over 500GB of data (depending on Stable Memory/Blob). The storage capacity per subnet has been upgraded to 2TB, and the total network replicated storage exceeds 90TB across 47+ subnets, continuing to expand.
Cost: Approximately $5/GB/year, which is significantly lower than long-term large-file storage on traditional clouds, utilizing a pay-as-you-go model via Cycles.
Features: Full data replication, high security (Chain Key encryption), Web-speed access, and native support for AI/large files. It is highly suitable for fully on-chain applications, NFTs, credentials, and enterprise data, though sharding is recommended for ultra-large files.
Summary: ICP provides high-performance, decentralized cloud storage integrated with computing power—ideal for scenarios prioritizing sovereignty and security. However, its cost for ultra-large-scale cold storage might be higher than dedicated solutions like Filecoin or Arweave.
4. Data Comparison (vs. Competitors)
Performance: ICP’s TPS (11,500+ maximum capacity) and finality speed far exceed Ethereum’s (15–45 TPS) and match Solana's, but ICP emphasizes full on-chain computing rather than relying on Layer 2 solutions.
Adoption: The developer count ranges from 187 to 850+ (well below Ethereum's thousands). Its TVL is vastly lower than Solana's (tens of billions) and Ethereum's (hundreds of billions). ICP's market cap is only about 3% of Solana's and 0.5% of Ethereum's.
Positioning: Compared to storage-dedicated protocols like Filecoin/Arweave, ICP focuses more on general-purpose computing and Web3 cloud services. Compared to Solana, ICP holds advantages in decentralization and enterprise compliance, though its developer tooling and ecosystem maturity lag behind. The decentralized computing market is expanding rapidly; ICP leads in technology but remains low in market share.
5. Product Supply and Demand Dynamics
Driven primarily by demand, its deflationary potential is improving. ICP’s core utility is being converted into Cycles to pay for computation and storage; network usage directly consumes ICP via a burn mechanism. The new tokenomics model (Mission 70) aims to reduce inflation by 70% by the end of 2026, while allocating 20% of cloud engine revenue to buy back and burn ICP, and 80% to reward node providers.
On the supply side, continuous minting exists to reward nodes and governance, but network usage creates counter-pressure through burning. A high staking rate also locks up a large portion of the supply. On the demand side, growth relies on dApp expansion, AI applications, and enterprise adoption. Currently, while transactions are highly active, the conversion into economic activity (TVL, paid computation) is insufficient, leaving the supply-demand balance weak and putting pressure on the price.
6. Current Enterprise Partners and Clients
ICP’s major partnerships currently focus on governments, international organizations, and enterprise-grade applications:
Pakistan Digital Authority: Partnered in February 2026 to build sovereign cloud infrastructure and AI software systems.
UNDP (United Nations Development Programme): Collaborating on the Universal Trusted Credentials project, utilizing ICP to issue tamper-proof digital credentials to support financial inclusion for MSMEs.
Elliptic: A blockchain security and compliance partner, enhancing institutional-grade security for the ICP ecosystem.
Additionally, ICP is expanding its footprint in Asia and DeFi through networks like the ICP Asia Alliance and the Hashgraph Association. Enterprise adoption is still primarily in the pilot phase, with a focus on sovereign clouds, digital identity, and cross-chain applications. These collaborations highlight ICP’s ongoing transition into real-world infrastructure.
7. Investment Risks and Outlook
In the short term, ICP faces inflationary pressure and the challenge of low TVL. Price predictions for 2026 mostly fluctuate within the $2–$8 range (conservative estimates at $2–$3, with optimistic scenarios going higher), indicating high volatility. In the long term, if network volume continues to grow (targeting higher TPS and more enterprise rollouts) and the burn mechanism takes full effect, ICP’s utility will drive its value. It is well-suited for long-term investors who are bullish on decentralized cloud computing and AI infrastructure.
Conclusion
ICP boasts mature technology, leading performance, and robust transaction volumes, but it desperately needs to improve its conversion into economic activity and ecosystem maturity to balance supply and demand. It is highly recommended to keep a close eye on the DFINITY roadmap, TVL growth, and quarterly network reports. Always assess the overall crypto market cycle and execution risks before investing.
Disclaimer: Crypto investments carry high risks. This post does not constitute investment advice.
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