ICP-based good contracts can now ship and obtain knowledge from the Solana community with out counting on bridges or third-party instruments.
Blockchain builders on the Web Laptop (ICP), which raised $80 million from distinguished enterprise companies like a16z and Polychain Capital, can now join on to the Solana blockchain.
The newest replace allows ICP-based good contracts, often called canisters, to ship and obtain knowledge from the Solana community with out counting on bridges or third-party instruments, DFINITY, a Swiss-based not-for-profit group that helps ICP, wrote in a weblog submit on Wednesday.
The replace additionally means good contracts on ICP can function throughout a number of networks, equivalent to Bitcoin, Ethereum, and Solana, all with none cross-chain bridges or intermediaries.
On the coronary heart of the combination is a brand new instrument known as “Threshold EdDSA,” which permits canisters to create legitimate Solana transactions utilizing the identical sort of signature that Solana usually expects. That’s paired with the SOL RPC canister, a service that fetches Solana blockchain knowledge utilizing HTTPS outcalls.
“The discharge of the SOL RPC canisters marks the completion of the ICP Roadmap Helium milestone that allows good contracts on the Web Laptop to work together with the Solana blockchain,” DFINITY stated.
The combination comes as ICP’s key metrics have been in a protracted downtrend.
Onchain Exercise Drops
The ICP token was unfazed by the information and has traded flat because the announcement, based on Coingecko.
On-chain exercise on ICP additionally stays muted. Complete worth locked within the community has been steadily falling because the begin of the 12 months, down virtually 40% from $61 million in January to $38 million in June, as DeFiLlama knowledge exhibits. That compares with dollar-term declines of 1% and seven%, for Solana and Ethereum TVL, respectively.
Up to now in June, the overall buying and selling quantity on ICP’s decentralized exchanges has fallen under $30 million and is heading for its lowest level since June 2024, with a 71% decline in comparison with January.
For context, June has been a gradual buying and selling month throughout chains. Month-to-month DEX quantity on Ethereum is heading to the bottom degree since October, with a 55% drop since January. Solana’s month-to-month DEX buying and selling quantity is heading to the bottom degree since September, with an 83% decline in comparison with a record-breaking January, based on DeFiLlama.
The Defiant reached out to DFINITY for feedback however didn’t hear again by the point of publication.
Whereas some on chain metrics are stagnant, ICP posted report quarterly income for 3 straight quarters. As The Defiant reported earlier, the community’s all-time income excessive was $1.16 million in Q1 2022, rising to $1.25 million in Q3 2024, then $4.1 million in This autumn 2024.
Most ICP customers appear to favor real-world asset functions and liquid staking protocols over buying and selling. The 2 prime protocols — ORYGON and WaterNeuron — collectively maintain practically 4 occasions the overall worth locked of every other app on the community, per knowledge from DefiLlama.
Correction 20/06: Corrected an earlier model to mirror ICP’s on chain metrics are sliding amid a broader context of declining on-chain exercise.
