The DFINITY Foundation is a nonprofit company that develops The Internet Computer, a public blockchain community designed to host smart contracts. ICP (∞) is the native cryptocurrency of the platform.
At its release in May 2021, ICP became one of the most precious cryptocurrencies in market capitalization, but it reduced in price by approximately 95 percent over a month.
The primary fundraising occasion for the DFINITY foundation concerned an automated crowd sale of ICP tokens (then known as DFN) in February 2017, which was called the “Seed” round. This sold ICP to public participants outside the United States at a flat price of 30 ICP for 1 Swiss franc (CHF) by marking obtained ETH and BTC to market. Given exchange prices, ICP was sold at about USD 0.03 (3 cents) each.
The Seed fundraising structures were designed to shut down mechanically 24 hours after tokens worth 1 million Swiss francs had been obtained. By the time the systems had shut down, the DFINITY basis had acquired about 4 million Swiss francs. Two much larger fundraising rounds were afterward run during 2018, called the “Strategic” and “Presale” rounds, designed for venture capital companies and hedge budgets.
The Internet Computer network underwent its Genesis occasion at 9 am Pacific Time, 10 May 2021, at which moment the community started to unlock tranches of ICP tokens, making them freely transferrable. Tokens have been listed right away on token spot markets worldwide, consisting of Coinbase and Binance.
Earlier than network Genesis, from as early as September 2020, some crypto exchanges made ICP futures available. The fees of these futures indicated that The Internet Computer network could have one of the globe’s most significant market capitalizations. Simply four days before Genesis, the FTX exchange indexed ICP-PERP. Over the final eight hours before Genesis, the rate of ICP-PERP on FTX rallied from $175 to over $490, with massive trading volumes.
After Genesis befell, Coinmarketcap shows ICP in short trading at around USD 460, or 415 Swiss francs at the time, such that the charge had raised 1,242,000% in the four years and months following the 2017 Seed fundraiser. The price growth far exceeds the gains made via other prominent cryptocurrencies over the same duration.
The first supply of ICP at Genesis was 469,213,710 tokens, of which 125,067,597 have not been locked. When the rate of ICP was $460, the community had a fully diluted market capitalization of about USD 215 billion and a tradable capitalization of 57 billion USD (derived by multiplying the deliver by the rate).
After Genesis, the fee controversially went into a steep decline, falling 77% to $105.97 in the following 28 days (1 month) to 7 June 2021, in line with Coinmarketcap. Some commentators instead claim that the decline was 95%.
