Internet Computer Woos Blockchain Devs with Solana Access as Onchain Activity Slides – Crypto News – Crypto News
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Internet Computer Woos Blockchain Devs with Solana Access as Onchain Activity Slides Internet Computer Woos Blockchain Devs with Solana Access as Onchain Activity Slides

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Internet Computer Woos Blockchain Devs with Solana Access as Onchain Activity Slides – Crypto News

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ICP-based smart contracts can now send and receive data from the Solana network without relying on bridges or third-party tools.

Blockchain developers on the Internet Computer (ICP), which raised $80 million from prominent venture firms like a16z and Polychain Capital, can now connect directly to the Solana blockchain.

The latest update enables ICP-based smart contracts, known as canisters, to send and receive data from the Solana network without relying on bridges or third-party tools, DFINITY, a Swiss-based not-for-profit organization that supports ICP, wrote in a blog post on Wednesday.

The update also means smart contracts on ICP can operate across multiple networks, such as Bitcoin, Ethereum, and Solana, all without any cross-chain bridges or intermediaries.

At the heart of the integration is a new tool called “Threshold EdDSA,” which allows canisters to create valid Solana transactions using the same type of signature that Solana normally expects. That’s paired with the SOL RPC canister, a service that fetches Solana blockchain data using HTTPS outcalls.

“The release of the SOL RPC canisters marks the completion of the ICP Roadmap Helium milestone that enables smart contracts on the Internet Computer to interact with the Solana blockchain,” DFINITY said.

The integration comes as ICP’s key metrics have been in a protracted downtrend.

Onchain Activity Drops

The ICP token was unfazed by the news and has traded flat since the announcement, according to Coingecko.

On-chain activity on ICP also remains muted. Total value locked in the network has been steadily falling since the start of the year, down almost 40% from $61 million in January to $38 million in June, as DeFiLlama data shows. That compares with dollar-term declines of 1% and 7%, for Solana and Ethereum TVL, respectively.

ICP’s TVL and DEX volume | Source: DefiLlama

So far in June, the total trading volume on ICP’s decentralized exchanges has fallen below $30 million and is heading for its lowest point since June 2024, with a 71% decline compared to January.

For context, June has been a slow trading month across chains. Monthly DEX volume on Ethereum is heading to the lowest level since October, with a 55% drop since January. Solana’s monthly DEX trading volume is heading to the lowest level since September, with an 83% decline compared to a record-breaking January, according to DeFiLlama.

The Defiant reached out to DFINITY for comments but did not hear back by the time of publication.

While some on chain metrics are stagnant, ICP posted record quarterly revenue for three straight quarters. As The Defiant reported earlier, the network’s all-time revenue high was $1.16 million in Q1 2022, rising to $1.25 million in Q3 2024, then $4.1 million in Q4 2024.

Most ICP users seem to favor real-world asset applications and liquid staking protocols over trading. The two top protocols — ORYGON and WaterNeuron — together hold nearly four times the total value locked of any other app on the network, per data from DefiLlama.

Correction 20/06: Corrected an earlier version to reflect ICP’s on chain metrics are sliding amid a broader context of declining on-chain activity.

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