The Bitcoin supply on the ICP blockchain has seen a marked increase over the past three months, with more than 400 BTC now held on-chain. This surge has resulted in the native Bitcoin supply on ICP doubling, reflecting growing interest and adoption of the platform.
The total value locked (TVL) on ICP has surpassed the $1 billion mark, a milestone that underscores the growing traction of the ecosystem. However, despite these positive figures, some industry observers have noted that platforms like DefiLlama have yet to recognise ICP’s metrics, including the on-chain Bitcoin supply. This reluctance to track ICP’s data has raised eyebrows, particularly as the blockchain now hosts Bitcoin natively.
A significant portion of ICP’s total value is currently locked in the Network Nervous System (NNS), with 44% of the platform’s ICP tokens secured within this governance system. As the ecosystem grows, the integration of Bitcoin directly onto the platform demonstrates the potential for broader use cases and more robust blockchain solutions.
While ICP continues to gain momentum and expand its offerings, the lack of full recognition from certain metrics tracking services may hinder its visibility among certain investors. Nonetheless, the rise in Bitcoin supply and the increase in total value locked suggest that ICP is on a promising trajectory as it further integrates into the decentralised finance (DeFi) space.
The recent developments highlight the potential for ICP to serve as a major player in the future of blockchain-based finance and asset management. As the platform continues to evolve, it is expected to play a key role in shaping the landscape of decentralised finance, especially in the context of Bitcoin’s increasing involvement on-chain.
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