Dfinity founder shoots down all ‘rugpull’ allegations around Internet Computer (ICP) tokens

Headquartered in Zürich, Dfinity Foundation is a not-for-profit group that’s growing know-how for the Internet Computer (ICP) blockchain and its aggressively rising ecosystem. 

After 5 years of growth, the venture lastly launched its governance token for public buying and selling in May 2021. 

Following a day of buying and selling carnage, ICP landed among the many prime 10 cryptos, however the hype was short-lived because the token misplaced over 80% of its worth within the following month.

Artificial drop-in worth

“There’s a tidal wave stage of misinformation on the market, which displays how massive an impression the Internet Computer is making on the blockchain {industry},” Dominic Williams, Founder, President and Chief Scientist of the DFINITY Foundation and Internet Computer venture informed CryptoSlate.

According to him “this misinformation is created by professionals who have been/are shorting ICP, by shills from rivals, by ambulance-chasing legal professionals, and by members of the press who simply need clickbait.” 

“The highest actual worth was recorded for just a few hours on the primary day, and was simply over $450 (see Coinmarketcap.com). After this peak, the worth principally fell fairly persistently for the next month, after which within the three following months till now, has remained comparatively secure. Within the final week it touched $88,” Williams commented on ICP’s “synthetic drop-in worth,” which, as he clarified, lasted just a few seconds when the markets opened. 

“Why did this occur? We won’t ever know precisely,” he mentioned, including that “what is clear is that the Internet Computer underwent Genesis on the final day of an enormous bull run in crypto,” when the worth of Bitcoin (BTC) nearly hit $60,000.

Unfortunately, as Williams identified, the very subsequent day the market sentiment turned, Bitcoin fell to around $30,000 over the next 9 days and “the sudden change in sentiment had an outsize impact on ICP, as a result of it’s a new token.”

According to him, “a extra mysterious issue is that within the days earlier than Genesis, the ICP worth on the FTX futures trade all of a sudden rose by a number of hundred {dollars}, and this helped set the bullish preliminary costs on markets after Genesis.”

“Certainly, some shadowy gamers could have then made fortunes shorting ICP, which upsets me enormously,” he concluded, claiming that neither the DFINITY Foundation nor he carried out any form of rug pull. 

He underlined that “the DFINITY Foundation didn’t promote any ICP for the primary 5 weeks after Genesis, after which solely to cowl tax liabilities created by vesting RTUs paid to workers (Restricted Token Units).”

“Founders and executives have been locked up fully for the primary week. For my half, I’ve offered considerably lower than 5% of my holdings since Genesis – after working day and night time on the venture for years,” he added.

Ferocious development

ICP’s agenda to straight combine with the Bitcoin blockchain, together with the community’s promising stats, together with 500 builders that are actually constructing on the community and over 250,000 each day energetic customers of dapps, open web providers, DeFi, pan-industry platforms, and web sites constructed on the Internet Computer, boosted the renewed investor urge for food.

The community not too long ago surpassed 200 million blocks generated and, in line with the venture’s dashboard, “block peak has elevated by a median of 33% week over week because the May 10 Genesis launch.”

“When the Internet Computer underwent Genesis 4 months in the past, its new type of superior sensible contracts (known as “canisters”) was supported from the get-go. Our raison d’etre is to help builders constructing thrilling new issues on the blockchain, and consequently, we’re seeing ferocious development. All sorts of latest dapps are actually showing that it will be unimaginable to create on one other blockchain.”

Thus far, 65 grantees have obtained developer grants from the Dfinity Foundation’s close to quarter of a billion-dollar grant program.

ICP’s market cap has not too long ago surpassed 9,5 billion and the token is at the moment buying and selling around $57.

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About the Author: Daniel