Dfinity, the "ethereum killer," sues Facebook over its logo

Facebook's entry into the meta world, which includes the possibility of NFT and other Web3 features, poses a challenge to Dfinity's brand, but the brand may deserve less than it did when ICP began in May 2021.

Since 2018, Dfinity has raised $195 million in funding to develop a decentralized blockchain that will replace traditional cloud computing, which relies on centralized servers controlled by Amazon, Google and other companies.

Internet computers, such as Ether, offer smart contracts and the ability to build decentralized applications that run on top of the blockchain. There are DeFi lending applications and exchanges, NFT marketplaces and blockchain games available. Unlike Ether, it has adopted a proof-of-stake consensus process that gives it a competitive advantage in terms of transaction speed and pricing. In addition, the network is ostensibly designed to automatically scale as more applications are used.

However, it has failed to gain traction. After debuting with a market cap of $57 billion, ICP tokens fell to under $3 billion. ICP currently sells for $12.80, down 98% from its all-time high when it started.

On the other hand, Dfinity has a deep pool of resources, including major backers Andreessen Horowitz and Polychain Capital, and last May it pledged $200 million to attract developers to the network. It also has advanced integration with ethereum and bitcoin.