ICP passes 300 billion transactions as Blast shuts down
Internet Computer (ICP)
Editor:
Eugene Serbin
startupfortune.com reports that Internet Computer has surpassed 305 billion cumulative transactions since its mainnet launch in May 2021. This milestone highlights the network's resilience through a bear market and token collapse, with median update-call latency remaining between 1 and 2 seconds. In contrast, the Ethereum layer-2 network Blast announced a shutdown on October 2, requiring users to withdraw funds by October 26.
Blast's total value locked dropped roughly 98% to just over $32 million, as the team cited operating costs exceeding earnings. Internet Computer continues to process blocks with official data showing one-hour throughput above 1,600 transactions per second. Its Crescendo fork lifted block production to ten per second, with sustained throughput near 4,000 transactions per second.
The network uses canisters that can serve full web pages and hold Bitcoin natively via chain-key cryptography. Governance is managed through the Network Nervous System, a DAO where ICP holders lock tokens into neurons to vote on upgrades. Despite these fundamentals, ICP trades around $3.38, significantly below launch-era highs. The disconnect between usage and valuation suggests the market prioritizes narrative momentum over infrastructure durability.
How the market reacted
Whalio's own Binance spot order flow for ICP, measured when this story was written up on 4 October 2026. Not the outlet's figures.
Whalio spot data shows ICP trading at $3.36 with a 1-hour buy ratio of 36.4%, indicating immediate selling pressure. However, the 4-hour buy ratio rises to 60.9%, suggesting that buying interest is building over a slightly longer timeframe compared to the 24-hour average of 49.3%. The 1-hour volume delta is negative at -$40,603, reflecting short-term outflows, while the 4-hour delta turns positive at +$457,832. This shift implies that while immediate trades favor sellers, sustained buying is accumulating over the half-day window. The 24-hour volume delta remains negative at -$77,779, but the cumulative volume delta for the day closed at +$515,117. This indicates that net buying pressure has outweighed selling pressure over the full day despite the initial dip.
The latest daily buy ratio of 49.2% sits at the 50th percentile of the last 322 days, against a median of 49.2% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for ICP, averaged over the days leading up to the story.
Over the preceding week, ICP saw a 7-day average buy ratio of 50.2%, with the latest day sitting 0.9 points below that average. Volume was recorded at 0.36x the weekly average, indicating a quieter trading day than usual. The coin experienced a price change of +5.1% over eight days, with a total volume delta of +$609,236. Comparing the current 24-hour volume to the weekly average reveals this is a relatively low-volume day. The slight dip in the buy ratio against the weekly norm suggests a temporary pause in the prevailing upward trend.