The market capitalization of the Dfinity decentralized “internet computer” reached $45 billion. The main blockchain was launched just a few days ago.
Internet Computer (ICP), the governance token of the Dfinity blockchain project, ranked 7th in the CoinMarketCap ranking by capitalization. The market valuation peaked at $45 billion on May 11, but later adjusted to $35 billion on May 12 with token valued at $291. By the evening of May 12, ICP dropped to the 9th line of the CoinMarketCap rating, losing 30% of its value per day.
This rapid growth of the new cryptocurrency was facilitated by the listing of ICP on the largest crypto exchanges, such as Coinbase PRO, Binance, FTX, Huobi and OKEx.
The main blockchain of the project was launched last Friday. On May 7, the genesis block was created on the Mercury network of the Dfinity project. It marked the end of five years of intense development of a decentralized platform that will enable the creation of websites, enterprise IT systems, industry-wide protocols, scalable open web services, DeFi and NFT. DFINITY aims to reduce the costs of cloud services by creating a decentralized “internet computer”. Dfinity’s goal is to break the monopoly of the IT giants’ centralized platforms by creating decentralized alternatives.
Dfinity’s early investors include Polychain Capital and Andreessen Horowitz, who invested $61 million in the project in February 2018.
With ICP governance tokens, users will be able to generate “neurons” and take part in network governance by voting on new proposals. Tokens are also needed to power decentralized applications based on the Dfinity blockchain. ICPs will be burned to launch new software cycles.