Internet Computer sees 1,230% surge in cross-chain activity

DFINITY Foundation, the Switzerland-based organization behind the Internet Computer blockchain, has released its 2024 Ecosystem Report, highlighting the significant growth in blockchain interoperability technology.

The report notes a 1,230% increase in activity on ICP’s Chain Fusion protocol, a feature that directly connects smart contracts to multiple blockchain networks such as Bitcoin (BTC) and Ethereum (ETH) without third-party intermediaries. crypto.news.

Internet Computer (ICP) is a blockchain platform for decentralized applications and services. Unlike traditional blockchains, ICP aims to facilitate seamless interaction between different networks.

The Chain Fusion protocol allows developers to create cross-chain applications by allowing smart contracts to communicate directly with various blockchains. This is an important capability in Web3, where the aim is to create a connected digital ecosystem with minimal dependence on intermediaries.

Report findings on growth and developer interest

According to the report, Chain Fusion’s activity increased by 1,230% last year, with a 2,040% increase in messages processed through this interoperability system.

These gains reflect a broader trend, with ICP’s overall network activity increasing by 150% over the same period and the number of full-time developers increasing by 30%; This shows continued interest in ICP as a development platform despite an industry-wide slowdown in Web3 hiring.

Bitcoin integration as a core feature

A unique aspect of ICP’s growth is its ability to interact directly with Bitcoin; This allows developers to incorporate Bitcoin’s security and network into decentralized applications without the need for a “bridge” that could be vulnerable to security risks.

Thanks to ICP’s Chain Fusion technology, Bitcoin-based applications can now take advantage of ICP’s smart contract features. This has led to projects like the Rainbow Protocol and Tap Protocol, which enable complex financial applications to run on Bitcoin.