You're probably not bullish enough on internet-computer:native
There are only so many genuinely differentiated ways to allocate capital in crypto.
$BTC is money, eth is settlement, sol is speed, zec is privacy and the rest is casino.
ICP is the only one going after decentralized full stack compute.
It's a category of one and it’s actually built the product.
internet-computer:native went from $700 to $3.
By most standards, that's a failure. But the standard is the problem.
Almost every L1 gets judged on transaction volume and TVL. That makes sense when the product is a DeFi ledger, because moving value is the whole job. So that's where they all compete.
ICP isn't trying to win that game. It runs full apps, frontends and data onchain.
And through the drawdown, it kept shipping:
• Native Bitcoin & Ethereum integration (ckBTC, ckETH)
• Websites and apps served fully onchain
• Reverse gas, so users don't need a wallet to use an app
• Caffeine: build and deploy apps from a prompt
Chains that compete on TVL are fighting over the same pool of liquidity. ICP is searching for product-market fit across a much wider field.
More attempts means more ways to get it right. When one of them lands, TVL won't be the metric anyone cares about.