Rethinking the Internet

The Internet Computer Protocol (ICP) is positioned as more than just another blockchain. While many networks focus on scaling payments, improving throughput, or creating efficient settlement layers, ICP takes a broader approach. Its core vision is to re-architect the internet by allowing applications to run entirely on a decentralized infrastructure instead of relying on centralized cloud providers. 

This model supports an internet that is more open, censorship resistant and user oriented. In theory, applications can scale globally while remaining public utilities rather than privately owned platforms. ICP therefore represents an ambitious attempt to build the foundational architecture for a new hype of digital economy. 

ICP’s ecosystem is not limited to white papers or proofs of concept. Several applications already operate fully on chain, demonstrating both the technical capacity of the network and its practical relevance. 

OpenChat offers a decentralized alternative to messaging platforms such as WhatsApp. Users can send messages, share files and transfer assets like ICP and Bitcoin without reliance on centralized servers. 

DSCVR is a social platform with features similar to Reddit. It has surpassed 175,000 users [as at [August] 2025] and is structured to allow community governance rather than platform-controlled moderation. 

Distrikt functions as a professional network, comparable to Linkedin, but with user-owned profiles and data sovereignty. 

ICPSwap and Sonic provide the foundation for decentralized finance activity on ICP. They enable token swaps, staking and liquidity provision. 

Dmail has become one of the ecosystem’s standout applications. It integrates blockchain-based email and decentralized identity services, with adoption now exceeding 9 million users. 

Entrepot remains the leading NFT marketplace on ICP, processing more than 1 million ICP in trading volume. In gaming, projects such as Cubetopia highlight ICP’s computational capacity by running fully on-chain economies that go beyond financial transactions. 

Over the past year, ICP’s application landscape has experienced both progress and challenges. DeFi liquidity has weakened, with Total Value Locked (TVL) falling to $26.5M in August 2025 from earlier highs near $95M in Jan 2025, signaling fragile investor confidence despite ICPSwap continuing to support more than 90 pools and 200 tokens.

On the social side, applications such as OpenChat, DSCVR, and Distrikt together have attracted more than 300,000 active users, positioning ICP as one of the few ecosystems where social platforms rather than financial speculation drive adoption. Enterprise and communication services have also expanded, with Dmail surpassing 9M users to become one of the largest applications in Web3, while HashKey DID has issued over 3.2M credentials to more than 1.2M unique users.

In the NFT and gaming segment, Entrepot has processed over 1M ICP in cumulative trading volume, and blockchain-native games continue to advance fully on-chain economies. Developer engagement remains relatively steady, supported by tools such as ICP. Ninja and Caffeine, with more than 2,000 developers active across roughly 375 projects, underscoring a builder community that continues to contribute even amid volatility in DeFi metrics. 

As of August 2025, ICP holds a market capitalization of around $3.1B with a circulating supply of roughly 536M tokens. The average trading price is close to $5.80 per token. While ICP is smaller than major platforms such as Ethereum or Solana, its valuation remains higher than many Layer 2 tokens with larger value locked. 

Part of this valuation premium is linked to its unique positioning. Unlike networks that rely heavily on Ethereum compatibility, ICP functions as a full-stack decentralized platform. Developers can build front end, back end, and data storage directly on chain, removing the need for centralized infrastructure. 

Technical strengths include chain key cryptography, which allows sub-second finality and direct integrations with other blockchains. Wrapped assets such as ckBTC and ckETH operate natively on ICP, expanding its cross-chain utility. These features provide a differentiated proposition within the broader Web3 landscape. 

Despite visible progress, ICP continues to face several challenges that weigh on adoption and investor confidence. The sharp decline in DeFi TVL to $26.5M raises concerns about capital stickiness, as limited liquidity could restrict the ability of its financial layer to support sustainable growth. While certain applications such as Dmail have achieved impressive scale, most projects remain distant from mainstream penetration, leaving the conversion of experimental or crypto-native users into broader adoption unresolved. At the same time, competitive pressure remains intense, with Ethereum scaling solutions, Solana’s momentum, and new modular architectures all competing for developers, liquidity, and user attention in an increasingly crowded market.