Dfinity's Internet Computer community committed over $120 million to dapps last year
Dfinity Foundation said in 2023 community members “committed” over 6.5 million ICP tokens to help protocols become decentralized autonomous organizations, or DAOs. ICP’s rising price on Tuesday pushed the value of committed tokens above $120 million.
After the blockchain's ICP token rose on Tuesday by about 12% to more than $19, the total value of committed tokens increased to more than $120 million, according to The Block Price Page .
In a statement, Dfinity Foundation said community members committed "more than 6.5 million ICP tokens ... via the innovative Service Nervous System (SNS) framework to help decentralize the ecosystem’s top protocols." To further explain, the organization said, "Unique to the ICP, the SNS model allows protocols to become fully decentralized by turning into DAOs."
ICP price action. Image: The Block Price Page.
Open Chat and Dragginz among dapps to benefit
Initiating decentralization of protocols occurs after community members commit ICP tokens to proposed projects via "decentralization swaps," Dfinity Foundation said in its statement. Dapps that have benefitted from the framework include the messenger app Open Chat and the video game called Dragginz, both of which is built using the Internet Computer blockchain.
Dfinity Foundation's Internet Computer officially launched in 2021 . At the time, it was one of the most highly anticipated blockchain projects, having raised more than $160 million in venture capital.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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