Quiet Giant: Internet Computer Surpasses 300 Billion Transactions Amid Blast Shutdown

Internet Computer has quietly crossed 300 billion cumulative transactions since its mainnet launch in May 2021, according to analytics tracker Chainspect. This milestone is significant because it surpasses most of its competitors combined and comes despite a bear market, token collapse, and wave of competing chains.

On the other hand, Ethereum layer-2 network Blast announced on October 2 that it's shutting down, citing costs exceeding earnings. The project once raised $20 million but now has less than $32 million in total value locked after its shutdown announcement, a drop of around 98%. Users are being told to withdraw funds by October 26.

Internet Computer's performance is notable for its consistency and speed, with median update-call latency at 1-2 seconds. It also boasts canisters that serve full web pages directly to browsers and hold Bitcoin natively through chain-key cryptography. This unique feature has kept developer activity high even as the token price hasn't followed.