As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset landscape, I find the recent developments surrounding Internet Computer (ICP) particularly intriguing. The surge in Chain Fusion usage and the increasing adoption by Bitcoin-native applications like Rainbow Protocol, Tap Protocol, and Bitfinity have piqued my interest.
The use of the Internet Computer’s (ICP) cross-chain messaging system, Chain Fusion, has experienced a significant increase of approximately 1,230% year-on-year, with most activity originating from applications associated with Bitcoin, as stated in a report published on November 4 by The Dfinity Foundation.
Applications based on Bitcoin (BTC), such as Rainbow Protocol, Tap Protocol, and Bitfinity, are utilizing Internet Computer Protocol (ICP) in order to implement smart contracts and intricate software within the Bitcoin network, according to Dfinity.
Chain Fusion allows for the creation of smart contracts on Bitcoin, because ICP can connect directly to the Bitcoin network without needing any intermediary or trust-based connections,” as explained by the developer in a statement to CryptoMoon.
The Internet Computer, as described by Coinbase, is a collection of guidelines enabling numerous global data centers to collaborate and provide a decentralized option to the existing centralized internet cloud services available today.
According to Dfinity, the rate of network activity on all Internet Computer protocols has doubled year after year.
As a crypto investor, I’ve been thrilled to witness the surge of Bitcoin-native decentralized exchanges (DEXs) and layer-2 scaling solutions following the 2021 Taproot upgrade on the Bitcoin network. This growth has significantly expanded the ecosystem, and data from DefiLlama now shows that over $2.6 billion is locked in total value on the Bitcoin network – a testament to its growing potential!
Bitcoin’s decentralized finance (DeFi) sector remains young and faces challenges due to the lack of seamless interaction between various Decentralized Exchanges (DEXs), as explained by Alex Luce, CEO of Bitcoin development company Rebar Labs, in an interview with CryptoMoon in October.
In the world of Bitcoin, Luce mentioned that Decentralized Exchanges (DEXs) often lack interoperability, and the liquidity is dispersed across various platforms. To improve this situation, Luce is working on a product called Rebar Shield, which aims to boost compatibility among the fragmented DEX ecosystem within Bitcoin.
According to Luce, the network requires someone who can “balance the pricing, assist with executions, and support users.
As reported by the Dfinity ICP ecosystem, Chain Fusion’s immediate focus involves linking up with the Solana network (SOL).
From under $250 million at the beginning of 2023, Solana’s total value locked (TVL) has significantly increased to approximately $6 billion, as reported by DefiLlama on November 4.
In August, DecideAI announced that they successfully transferred one of their AI models onto the ICP blockchain, which, according to them, represents the initial instance of a model being deployed on a blockchain platform.
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2024-11-04 22:59