$ICP has officially claimed the sixth spot in the yearly Layer 1 (L1) blockchain revenue rankings, overtaking $INJ. This milestone marks a decisive moment for the Internet Computer (ICP), which has racked up an impressive $12.9 million in protocol revenue over the past year. What’s even more notable is that this revenue is rooted in genuine usage rather than speculative hype.
ICP’s rise isn’t based on fleeting trends or marketing fluff. It’s all about real, on-chain usage—no rollups or third-party bridges. Every app, transaction, or smart contract interaction burns ICP, driving a deflationary pressure on the supply. This model means that as more people engage with the network, the value of the token is strengthened. It’s a simple yet powerful formula: revenue equals usage, and in this case, that translates into growing demand for ICP.
The blockchain world has been quick to take notice of ICP’s climb, which is now firmly ahead of many Layer 2 (L2) chains, app chains, and alt L1s—most of which rely heavily on marketing spend to drive their adoption. ICP’s model, on the other hand, speaks volumes through its fundamentals. As new decentralised applications (dApps) like Caffeine AI, $BOB, OpenChat, and HotOrNot continue to join the network, the cycle accelerates, and the flywheel effect is in full motion. These dApps aren’t just adding value to the ecosystem—they’re propelling ICP’s position on the leaderboard.
But why does this shift matter so much? The answer lies in the innovative revenue model that ICP has adopted. Unlike many other blockchains that rely on inflationary models, $ICP’s revenue is burn-based. In this structure, every time a user interacts with the network, whether through an app or a transaction, ICP tokens are burnt. This mechanism creates a deflationary effect on the token’s supply, ensuring that its value increases as usage grows. The network’s success is tied directly to its engagement, rather than speculative trading or pumping prices through token inflation.
For those wondering how $ICP has managed to push ahead of competitors, it’s important to note that the blockchain’s growth has been driven by fundamentals, not narratives. While other projects may lean on bold claims or marketing campaigns, ICP’s rise has been grounded in measurable success. As a result, it now sits comfortably in the 6th position, just ahead of $INJ, which has been holding steady in the rankings for some time.
The competition is fierce, but ICP’s momentum is undeniable. The next target is $TON, which currently holds 5th place, but with the way things are progressing, $ICP is clearly gunning for it. The question isn’t whether it will happen—it’s when.
For those who are keeping an eye on the leaderboard, it’s clear that $ICP’s place among the top Layer 1 chains is no longer up for debate. It’s climbed through the ranks with a strategy that blends technological innovation with strong demand for real-world applications. ICP has found its place among the most respected blockchains in the industry, including giants like Ethereum ($ETH), TRON ($TRX), Solana ($SOL), and Binance Coin ($BNB), and its rise shows no signs of slowing down.
When compared to other Layer 1 blockchains that rely heavily on marketing spend to stay relevant, ICP stands out by focusing on user engagement and real application. The combination of a sustainable model and innovative blockchain technology is proving to be a recipe for success. The dApps that are coming online, coupled with the burn-based revenue structure, ensure that ICP is positioned for long-term growth.
The top ten Layer 1 blockchains by annual revenue now look like this:
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Ethereum ($ETH)
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TRON ($TRX)
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Solana ($SOL)
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Binance Coin ($BNB)
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TON ($TON)
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Internet Computer ($ICP)
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Injective Protocol ($INJ)
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Avalanche ($AVAX)
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Cardano ($ADA)
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NEAR Protocol ($NEAR)
Looking at these rankings, it’s evident that ICP has made a significant jump, surpassing not only $INJ but also other prominent Layer 1 projects. What’s even more impressive is that ICP has achieved this feat without the same level of marketing budget that other projects have at their disposal. Instead, it has relied on the utility of its network and the value of its native smart contracts, which run end-to-end on the Internet Computer.
As the ecosystem grows, new players entering the space, such as those building on ICP, are bound to drive even more usage. This continuous development is a clear signal that ICP’s position is not just a flash in the pan, but a lasting presence in the blockchain space.
Looking ahead, all eyes are now on $TON, with its fifth-place ranking providing a clear target for ICP. As the Internet Computer continues to gain traction, the competition is bound to heat up, and other projects will have to follow suit if they want to keep up with ICP’s momentum.
What does this mean for the broader Web3 ecosystem? Simply put, ICP’s rise represents the growing shift towards blockchain projects that prioritise user engagement and real-world utility over speculative hype. As more applications are built on ICP, and as the network continues to scale, it could become one of the most influential blockchains of the next era.
In the coming months, we’ll see whether ICP can continue its climb up the revenue leaderboard, possibly challenging $TON for the fifth spot. If this momentum holds, it won’t be long before $ICP becomes a household name in the blockchain world, recognised not only for its impressive revenue but for its approach to decentralisation and scalability.
For now, the future looks bright for ICP, with a sustainable, deflationary model that places user demand at its core. It’s clear that the Internet Computer is here to stay, and as more dApps come online, the network’s growth is bound to accelerate even further. Whether you’re a developer, investor, or enthusiast, it’s time to pay attention to $ICP and the impressive strides it’s making in the blockchain space.
Is this the moment when ICP shifts the balance of power in the Layer 1 space? Only time will tell, but one thing is certain: the blockchain world is watching closely, and ICP is proving that real usage trumps inflated narratives every time.
