ICON Ecosystem Overview (ICX)

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2021-10-29 20:53:03

In recent times, ecosystems have continuously achieved strong growth, especially in the context that transaction fees on the Ethereum network are too high. Therefore, Layer 1 solutions have recently emerged strongly, as an alternative to the Ethereum platform.

Today, I will join you to set foot in an ecosystem that is relatively young but has a strong and developed community, which is the ICON ecosystem.

In order to help you keep up with what is happening in the ICON ecosystem, I will go through the segments in this ecosystem in turn, to have the most overview of the system, thereby looking for investment opportunities. .

Does DeFi on ICON really have potential? And what stage is DeFi on ICON at? We will find out in the next article!

ICON . Ecosystem

Brief about ICON blockchain

What is ICON Blockchain?

ICON Blockchain is a Public Blockchain platform, allowing multiple Blockchains to interact with each other through Smart Contract without the need for a 3rd party intermediary. ICON aspires to create a new decentralized world through a worldwide decentralized network.

Find out more about ICON and ICX coin now: What is ICON (ICX)??

Highlights of ICON blockchain

The outstanding features of ICON’s Blockchain include:

The community of this ecosystem is relatively strong, and mainly community in Korea.

Loop Fault Tolerance: ICON has developed its own consensus algorithm called Loop Fault Tolerance (LFT). LFT is a consensus algorithm based on BFT algorithm (Byzantine Fault Tolerance), with the ability to promote consensus faster by creating a pool of Node have high confidence.

Loopchain: Allows to link other Blockchains with each other and is compatible with smart contracts (smart contracts).

ICON SCORE: SCORE (Smart Contract On Reliable Environment) is Loopchain’s advanced smart contract feature that ensures high-performance contracts run directly in the node’s operating environment without the need for a separate Virtual Machine (VM). separate.

Nexus & ICON Republic: Nexus runs on Loopchain with transaction scalability and Smart Contract integration. Meanwhile, C-Rep is the gateway for other Blockchains to connect to Nexus.

Outstanding parameters

Outstanding parameters of ICON (October 27, 2021):

  • Consensus algorithm: Loop Fault Tolerance (LFT);
  • Platform programming languages: Python and Java;
  • Total platform transactions: 151,746,301;
  • Block height: 41,428,139;
  • Verified smart contract number: 912;
  • fungible token standard: IRC2;
  • fungible tokens: 153 tokens;
  • Number of regularly active wallets: 617 thousand wallets;
  • Average transaction fee: 0.02 – 0.1 USD;
  • Marketcap: 1,373,423,608.

You can see more parameters of the platform here.

Puzzle pieces on ICON

Currently, the ICON ecosystem is still relatively rudimentary and has few applications. However, each array has also had major applications. In total on ICON, there is a TVL of 315 million USD, of which the two main protocols, Balanced and Omm Finance, account for 177 and 138 million USD respectively, and these two projects are jointly built by ICX Station – a development labs products on ICON.

I will go through each category with you right below.

Overview of the ICON . ecosystem

DEX

Currently, on the ICON ecosystem there is a DEX is Balanced. This is the largest AMM DEX in the entire ecosystem, with a leading number of TVLs in the system, built by ICX Station – a team with many DeFi products on ICON.

Currently, this project has launched a token and has a market capitalization of $ 26 million. In addition, there are currently no other AMM DEXs on ICON.

Identify

Currently, on ICON, there is only one AMM DEX, which is Balanced, with an unknown amount of TVL (less than 174 million, because the project’s TVL $174 million includes lending and AMM DEX).

If the ICON ecosystem grows, there will certainly be more AMM DEX puzzle pieces in the ecosystem. And if this ecosystem attracts users to the platform, Balanced will surely be the first project to receive attention, growth and cash flow.

Lending Protocol

The ICON ecosystem has puzzle pieces Lending after:

  • Omm Finance: Money Market allows borrowing and lending on the app, and farming OMM tokens for interacting with the protocol. Currently the protocol has a TVL of $138 million, with $24 million borrowed from the protocol.
  • Balanced Lending Protocol: Lending protocol allows using ICX as collateral to borrow other assets in the ICON ecosystem. In total, Balanced has a combined two-protocol TVL of $174 million.

In general, with these two lending protocols, users have access to basic lending features such as ICX collateral to borrow out of the platform’s stablecoin. Currently, it is not possible to find data on Balanced’s TVL Lending, so I do not know which application’s TVL is larger, but it seems that Omm Finance is the leading application in this segment.

Most especially, both Omm Finance and Balanced projects (and a bridge project that allows to buy tokens in USD) are developed by a team, called ICX Station.

I predict that this is a labs under the ICON Foundation, supported by the ICON Foundation to develop applications on the ICON ecosystem. And it is highly likely that the applications developed by these labs themselves will be at the forefront of the ecosystem, because they receive more support from the platform than other protocol developers working on ICON.

NFT

The ICON ecosystem has puzzle pieces NFT after:

  • Craft Network: NFT Marketplace on the ICON ecosystem, built by ICX Station.
  • Project Nebula: Game MMO and NFT Marketplace on ICON.
  • SuperNode Racing: NFT racing game on ICON.
  • Winible: The NFT project makes real-life wine bottles for sale and trade.
  • GangstaBet: A game project that uses NFT tokens to interact with the game.
  • PinkPunks: A Punks NFT project on the ICON ecosystem.
  • NFT Bazaar: An NFT Marketplace operates on multiple chains, including the ICON ecosystem.

So on the ICON ecosystem, there are 3 marketplaces for NFTs, including:

  • 1 NFT Market native on ICON.
  • 1 NFT Market dedicated to the game of a project.
  • 1 NFT Market works on many different chains.

You can also guess that, the strongest NFT Market on ICON is currently Craft Network, because it is developed by a strong team that is ICX Station.

The volume of this NFT exchange on ICON is not high (about 100 thousand dollars for the 10 accounts that perform the most transactions on the platform), but it is also leading the platform and is the largest NFT Market for other NFT projects. deployed here like PinkPunks, GangstaBet,…

Bridge

The ICON ecosystem currently has Bridge following to system:

  • Orbit Bridge: This is an intermediary chain, connecting the liquidity of the systems through the bridge they deploy. Currently, the ICON ecosystem is being connected to systems including Ethereum, BSC, and soon Klaytn and a few other ecosystems.
  • Nexus port: A bridge that allows the connection of blockchains running using the Blockchain Transmission Protocol (BTP) algorithm.
  • Bridgepay.money: This is an app that allows users to buy crypto assets on ICON with real-life dollars. Going forward, they are also planning to develop bridges to other ecosystems, not just a bridge from real assets to ICON.

As you can see, the bridge infrastructure on the system is relatively complete. My own experience with these bridges is good and there are no difficulties in using them, especially with Orbit Bridge. Therefore, cash flow was able to go in and out of this ecosystem relatively easily, creating conditions for the development of the ICON ecosystem.

Yield Farming/ Aggregator

The Yield farming/Aggregator puzzle currently available on the ICON ecosystem is Optimus.

Optimus is an Optimizer application for farming and staking on the ICON ecosystem. Currently, the project has two strategies, that is farming the sICX/ICX pair on Balanced DEX, or using ICX as collateral to mint bnUSD to farm BALN. In the near future, the project will launch more protocols to cooperate with Omm Finance.

Currently, the project is only at the testnet stage and is opening a form to collect feedback from users. You can try to use the application and give suggestions to the protocol development team, for the opportunity to receive retroactive project tokens, and also contribute to the development of the project as well as the ICON ecosystem.

Information about the airdrop you can see here.

Projection on the ICON . ecosystem

Currently, you can see that the ICON ecosystem is in the early stages of completion.

Next time, this platform needs more volume developer develop on the platform to have more applications and projects on this platform, thereby attracting users to the platform, because currently the infrastructure applications and basic puzzle pieces are complete.

However, with the programming languages ​​on this platform being Python and Java – programming languages ​​are not familiar to developers. Web3 – then perhaps the growth in the number of developers is still difficult, and more moves are needed to attract developers.

Therefore, in my opinion, in the coming time, this platform needs to organize many hackathons, grant activities for projects, … to attract developers and projects to the platform. Only then can they begin to attract more TVLs and users to the platform.

Epilogue

Hopefully, through the above article, you have had a better overview of the ICON ecosystem, understand the situation of the arrays on ICON, and know which areas to invest time in looking for opportunities.

Do you think the next time is the explosion of the ICON ecosystem, the number of TVL platforms will increase sharply in the coming months? Which ecosystem overview do you want to learn about next? Please comment below the article to let me know!

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