Dfinity's Internet Computer community committed over $120 million to dapps last year

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Quick Take

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.

Dfinity Foundation, the Swiss not-for-profit organization behind the Internet Computer blockchain, announced that community members "committed" over 6.5 million ICP tokens to help protocols become decentralized autonomous organizations, or DAOs, in 2023.

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.

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RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.