Chain Reaction — Unleashing the Power of Blockchain at ICP.Lab
Last week the DFINITY Foundation hosted a meetup to kick off the third iteration of its trailblazing ICP.Lab, a customized mentorship program designed to assist the most promising teams building on the Internet Computer (IC) blockchain. Stationed at the DFINITY Foundation headquarters in Zurich, participating projects benefited from direct access to DFINITY’s top experts throughout the lab’s duration. In addition to offering personalized coaching and instructions to those present, the DFINITY team conducted workshops covering R&D, growth, finance, operations, marketing, roadmap formation, and other key business considerations.
In the spirit of mentorship and collaboration, the DFINITY Foundation opened its extensive network of advisors and investors to every project chosen to participate in the ICP.Lab. The event’s strategic partners included some of the most active investors in the Swiss blockchain community, such as CV Labs, CV VC, INACTA, and Crypto Oasis.
Building During a Bear Market
The ICP.Lab program continues to make a profound impact in the blockchain arena. The DFINITY Foundation understands the importance of providing encouragement and support to development teams fighting to survive a prolonged bear market. It is in the depths of this brutal crypto winter that the next generation of disruptive dApps will be built.
In his address to the ICP.Lab attendees, Dominic Williams, Chief Scientist and Founder of the DFINITY Foundation elaborated, “During a downturn in the markets, we must continue to build and look to the future, the next industry-changing dApps will be built during this bear market. The DFINITY Foundation is committed to using its resources and expertise to help these projects achieve their goals. Once users experience true decentralization there is no looking back”.
The Importance of DeFi
The decentralized finance (DeFi) sector has endured a tumultuous year. The spectacular collapses of FTX, Celsius, and Voyager have thrust crypto into the mainstream media narrative for all the wrong reasons. Fortunately, most cryptocurrency enthusiasts have come to understand that FTX, Celsius, and Voyager were not truly decentralized finance companies, but rather centralized exchanges (CEX) pretending to be part of the DeFi industry.
Conversely, DeFi projects built on the Internet Computer are 100% decentralized and therefore considered unstoppable — immune from censorship, shutdown, and the custodial risks that plague the centralized financial universe. The Internet Computer is the only public blockchain that does not rely on centralized cloud computing, making it the only blockchain capable of running fully trustless financial ecosystems from end to end.
Last week’s ICP.Lab — which focused almost exclusively on DeFi solutions — demonstrated the Internet Computer’s relentless commitment to propel DeFi into a vibrant future.
Developing the Killer Apps of DeFi
The week’s festivities marked the third installment of DFINITY’s ICP.Lab. This time the blockchain pioneer adopted a novel approach: DFINITY required all teams to construct DeFi dApps. Because development teams encountered similar challenges, they gained the ability to engage in mutual learning and establish a dynamic and shared support network.
ICP.Lab was a showcase of innovation and creativity. Teams worked tirelessly to bring their ideas to life, and the results were, as expected, well beyond impressive. Each DeFi project displayed a wide range of ingenuity and technical proficiency. Every team put its own unique stamp on DeFi.
The variety of dApps was truly awe-inspiring. The following projects took part in the ICP.Lab and stood out for their creativity, commitment, and potential to shape the future of Web3 finance:
- Helix Markets: Decentralized exchange (DEX) reimagined from the ground up that brings true ownership and full transparency to DeFi trading.
- Infinity Swap: Automated market maker (AMM) that allows users to create, stake, and swap ETH and ICP tokens.
- Finterest: Lending protocol that allows users to supply assets to the protocol and earn yield upon them. Finterest holds the distinction of being the first borrowing and lending platform on the Internet Computer, with all its smart contracts living on chain.
- ICP League: Internet Computer community initiative with 40,000+ members and 500+ developers.
- AstroX: Creators of the ME wallet, a multi-chain smart wallet that uses biometric technologies including fingerprints and facial recognition.
- Orderswap: DEX that aims to make the exchange of tokens more agile and decentralized.
- Mix Labs: A leading-edge technology laboratory in the blockchain space composed of top universities and community developers in Asia.
- IC Lighthouse: DeFi development framework and Defi ecosystem centered around ICDex — a decentralized order book trading protocol that supports DRC20, DIP20, ICRC1, and native ICP.
- Rock Labs: Builder of several multi-chain products and tools — many of which run exclusively on ICP — for the next era of decentralized finance.
These DeFi projects demonstrated a unique combination of Web3 prowess and creative problem-solving, making them truly deserving of future support and investment. Each could make a long-term impact in the DeFi space — completely changing the way humankind looks at finance.
Many of the projects in attendance had questions about the DFINITY developer grants program. Accordingly, Lomesh Dutta, who runs the developer grants program, revealed the key to a great grant application. “Whatever you are building, you should think about this: what is the superpower of IC that you can include in your project?”
DeFi Buzzing with Excitement
Participants in the lab were full of energy and excitement long after it had come to an end, eager to share their thoughts and experiences with us. The buzz of adrenaline was still palpable as they spoke about the bleeding-edge concepts they encountered during the lab. It was clear the dev teams had been positively impacted by the event, keen to continue the development work they had begun there.
When asked if he enjoyed being a part of ICP.Lab, AstroX Co-Founder brutoshi told us, ”The DFINITY R&D team exceeded my expectations, they are excellent. I spoke with the engineers about the BTC integration and ETH integration, I was really impressed. We have spoken a lot to DFINITY on Zoom and on forums but meeting face to face and being in the same room is much more effective”.
Another IC.Lab participant, Blockpunk, the Co-Founder of the ICP League noted, “I found the DFINITY team to be practical and helpful. When so many developers with the same goal are gathered in the one room it is a great opportunity for feedback and to learn. I learned a lot about how the community thinks and what problems other developers face, it was super helpful.”
The DFINITY developers were pleased to have the opportunity to mentor and advise the projects in attendance. They saw ICP.Lab as a chance to help nurture the next generation of tech leaders. Throughout the event, they provided guidance and support, sharing their expertise and answering questions whenever needed.
“ICP.Lab DeFi edition really felt like a community this week in Zurich. It was great to have so many teams over from China too, the developer ecosystem in China is very impressive. I was also happy to welcome so many VCs and investors to join us on Monday night to meet the teams. I know a lot of them were very impressed with what they saw at ICP.Lab ” expressed Tim Hermann, Senior Partner Manager at DFINITY Foundation, at the conclusion of the event.
Dominic Williams praised those with the foresight to found projects on the Internet Computer, stating that the talent and ambition of these developers are unparalleled in the blockchain space. “These projects are unlike any other projects in the industry as they are truly decentralized, we encourage every ambitious developer to look at the Internet Computer and build a truly unstoppable app on it,” Dom cheerfully asserted.
About the DFINITY Foundation
The Switzerland-based DFINITY Foundation, a not-for-profit organization dedicated to developing the Internet Computer blockchain, was founded in 2016 by its Chief Scientist Dominic Williams. DFINITY’s Zurich headquarters contains the largest blockchain R&D center in the region and boasts one of the most extensive R&D teams in the industry, with many world-renowned cryptographers, researchers, and engineers. Including its research center in San Francisco, California, DFINITY employs over 200 people globally.
The Internet Computer Blockchain
The Internet Computer, developed by the DFINITY Foundation, is the world’s first truly decentralized public blockchain. Operating at web speed, the Internet Computer (IC) blockchain runs end-to-end on a sovereign network of dedicated machines, hosted by independent node providers, making IC the only public blockchain that does not rely on centralized cloud nodes. The Internet Computer blockchain is governed by the Network Nervous System, a protocol-integrated DAO where token holders have the power to vote on the future of the network.
The promise of a truly decentralized internet — a true “World Computer” upon which the broadest possible range of internet services can exist amongst distributed computers — has come to fruition in the form of the Internet Computer blockchain.
Hundreds of dApps are now hosting Web2-style applications (websites, mobile apps, etc.) entirely on chain at web speed, as ICP increasingly becomes a decentralized alternative to the current public internet. Presently, the Internet Computer processes upwards of a half billion transactions per day — with significantly reduced energy consumption and costs — making ICP the world’s most productive blockchain.
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Widely published in the areas of business, Web3, and crypto/blockchain tech, William serves as the Editor-in-Chief for FastBlocks.com. He has advised over 30 Fortune 500 companies across North America and Asia on content strategy, marketing analytics, and digital/cultural transformation. William is an influential educator, writer, artist, and crypto dad. His artwork and NFTs are sought-after collectibles. Connect with William on Twitter, LinkedIn, and WilliamLaurent.com
Nothing William writes should be construed as financial advice. He is not a financial advisor. DYOR.
