ICX ICON Rank #705

ICON is a layer-one blockchain platform founded in August 2017 that focuses on cross-chain interoperability infrastructure. The project operates its own L1 network and offers a Cross-Chain Framework designed to simplify how applications communicate across different blockchains, addressing common challenges related to security, scaling, and speed in cross-chain environments. At the core of the framework is xCall, a general message-passing protocol that allows decentralized applications to send data and instructions between connected chains. The system is complemented by integrations with third-party bridging protocols, expanding the list of compatible networks. The platform also incorporates on-chain governance features, allowing ICX holders to participate in protocol decisions. ICX is the native utility token of the ICON network. It functions as the gas token for transactions on the L1 blockchain and is used to pay cross-chain fees for xCall operations and associated applications. A portion of the fees collected in ICX is burned, introducing a deflationary mechanism into the token's supply dynamics.