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15 Prominent Layer-1 Blockchain Projects to Watch in 2024
Layer-1 blockchains are the foundational layer of the global cryptocurrency ecosystem. These networks play a central role in processing transactions, ensuring security and consensus at the most fundamental level. From technological shifts in major networks to the emergence of environmentally friendly blockchains, the crypto space is seeking to address inherent limitations. This is why Layer-2 and Layer-3 protocols are becoming increasingly popular.
Layer-1 Blockchain: Definition and Role
Layer-1 blockchain, also known as the (base layer), are networks where transactions are finalized and recorded permanently. Unlike Layer-2 solutions built on existing blockchains to increase speed and scalability, Layer-1 protocols operate independently with their own consensus mechanisms and security models. These networks form the backbone for decentralized, secure, and transparent transaction processing, constituting the spine of the digital asset world.
Key Features of Layer-1 Networks
What makes Layer-1 blockchains indispensable:
Decentralization and Security: Layer-1 blockchains provide immutability and transparency, ensuring no single entity controls the network, with transactions being permanent and accurate.
Independent Operation: These networks execute transactions and smart contracts without relying on external systems, using consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS).
Native Utility Tokens: Most Layer-1 networks have native tokens used for paying fees, staking, governance, and creating value within the network economy.
Widespread Adoption: As the foundational layer, Layer-1 blockchains are integrated into various systems, providing a flexible platform for developers to build diverse applications.
Strong Network Effects: Popular Layer-1 networks tend to better resist congestion than Layer-2 solutions because increased user participation enhances network value and utility.
Notable Leading Layer-1 Blockchains
1. Solana (SOL)
Solana Overview
Solana stands out for its high throughput and minimal transaction costs. Its Proof of History (PoH) combined with Proof of Stake delivers exceptional transaction processing performance. The SOL token is used for paying fees, deploying smart contracts, and staking to secure the network.
In 2023, Solana’s ecosystem made significant progress. The Solana Improvement Documents (SIMD) formalized protocol upgrade processes with 79 proposals. Firedancer, a major validator upgrade, aims to significantly increase transaction speeds. The network currently has over 2,000 nodes, reaffirming its commitment to decentralization.
The Solana ecosystem is thriving with innovative DeFi projects (Marinade Finance, Jito), a vibrant NFT marketplace, and unique applications like STEPN and Audius. Jupiter has become a key player in DeFi with Jup Tokens and advanced routing tools. Partnerships with Google Cloud and AWS enhance network transparency. Solana Mobile Saga and Helium Mobile collaborations expand the ecosystem, with the BONK airdrop creating hype in December 2023.
( 2. Avalanche )AVAX###
Avalanche Overview
Avalanche (AVAX) is a high-performance, scalable Layer-1 blockchain designed for decentralized applications. Notably, it can finalize transactions in under two seconds. Its unique consensus mechanism combines elements of classical and Nakamoto consensus, balancing security, scalability, and decentralization.
The AVAX token is used for paying fees, staking to secure the network, participating in consensus, and serving as the basic unit of account on sidechains.
In 2023, Avalanche saw remarkable growth, with the C-Chain setting a record of 3.07 million transactions. Over 50% of these involved inscriptions, significantly increasing transaction fees. In just five days, users paid $13.8 million to create and transfer inscription-related tokens. The C-Chain hit a new high of 2.3 million transactions per day in November, compared to an average of 450,000.
The upgrade introduced ASC-20 tokens, enabling Avalanche Mainnet to process over 40 transactions per second. Partnerships with J.P. Morgan’s Onyx blockchain demonstrate multi-sector utility and network recognition.
( 3. Kaspa )KAS(
Kaspa Overview
Kaspa )KAS( is a decentralized blockchain network utilizing the GHOSTDAG consensus mechanism, enabling fast transaction processing and high scalability. Its strengths include high block speed and instant finality, making it faster than traditional blockchain architectures.
The KAS token is used for paying transaction fees, serving as a medium of exchange, and rewarding miners for securing the system.
2023 was a breakout year for Kaspa. The network transitioned to the Dag Knight mechanism—a development of GHOSTDAG—significantly boosting blockchain efficiency. Moving from GoLang to Rust allows full utilization of modern hardware. A high-performance mobile wallet is under development to support mobile-friendly crypto solutions.
KAS surged over 1,800% in 2023, reflecting growing interest. Plans to establish Kaspa as a fast, scalable, secure PoW Layer-1 focus on building a platform for smart contracts and dApps.
) 4. Bitcoin ###BTC(
Bitcoin Overview
Bitcoin pioneered the crypto space and remains the most important Layer-1 foundation. Launched in 2009 by Satoshi Nakamoto, Bitcoin is the first decentralized digital currency. Its blockchain technology offers high security and immutability, making it the most widely recognized cryptocurrency and a store of value.
BTC is mainly used for payments, digital investments, and increasingly as a reserve asset—“digital gold”—with a limited supply of )21 million BTC( and a decentralized nature.
Bitcoin Halving events occur approximately every four years, reducing block rewards and driving scarcity. In 2023, key developments included Bitcoin Ordinals protocol enabling on-chain NFT minting )ORDI, SATS, RATS, DOVI(. Despite challenges, Bitcoin sidechains and Layer-2 solutions like Stacks emerged to address Bitcoin’s limitations.
The ecosystem explores derivative protocols like Atomicals and ARC20, utilizing satoshi—the smallest Bitcoin unit. Lightning Labs’ Taproot Assets protocol leverages UTXO scripts to record various assets across the Bitcoin network.
) 5. Internet Computer ###ICP(
Internet Computer Overview
Internet Computer )ICP(, developed by DFINITY Foundation, is a blockchain platform designed to extend the capabilities of traditional blockchains by enabling storage of smart contracts and entire software systems on-chain. Its unique consensus mechanism allows high throughput and scalability, aiming to recreate the internet via a decentralized cloud environment without servers.
The ICP token is used for transaction processing, smart contract execution, rewarding participants, and governance through the Network Nervous System )NNS(.
In 2023, notable advancements included Websockets integration for real-time app interaction, expanded stable memory for complex applications, and canisters capable of secure HTTPS calls to Web 2.0, broadening smart contract use cases. Direct integration with Bitcoin simplifies cross-chain transactions.
The ecosystem supports permissionless token issuance for DAO governance via the Service Nervous System )SNS###. DFINITY continues to foster growth through grants for new services. Community projects, NFTs, and social media platforms reflect ongoing innovation.
( 6. Sei )SEI$5
Sei Overview
Sei (SEI) is a Layer-1 blockchain dedicated to DeFi applications, providing a high-speed, efficient environment for financial transactions. Its strengths include an optimized order book function and native matching tools, reducing latency and improving DEX and DeFi protocol performance.
The SEI token is used for paying transaction fees, governance participation, staking, and network operation.
In 2023, Sei strengthened its development with strategic advances. The Sei Ecosystem Fund grew to $120 million, supported by a $50 million investment from Foresight Ventures to back diverse Web3 applications in NFT, gaming, and DeFi. Growth strategies focus on penetrating Asian markets, leveraging technological expertise and high crypto adoption.
Technologically, Sei excels in chain-level optimization to enhance trading and DEX performance, making it attractive for developers. The Ecosystem Fund supports early-stage founders to foster innovation.
( 7. Sui )SUI(
Sui Overview
Sui is a new high-throughput, scalable blockchain supporting many dApps with fast performance. Its innovative consensus mechanism and Move programming language offer enhanced security and flexibility. Its ability to process large volumes of transactions at low cost is a key USP.
The SUI token is used for transaction fees, governance, and other utilities.
In 2023, Sui’s ecosystem grew significantly with strategic token reallocation—157 million SUI tokens allocated to various initiatives—to strengthen community and DeFi applications. After mainnet launch, Sui demonstrated scalability with a record 65.8 million transactions per day and a peak TVL of $188 million, ranking in the top 10 by TVL.
zkLogin revolutionizes dApp access with enhanced privacy via social Web 2.0 accounts. The TurboStar program on DEX Turbo promotes ecosystem project growth through fundraising support and awareness, with zero fees for Sui projects.
) 8. Aptos (APT)
Aptos Overview
Aptos is a Layer-1 blockchain designed for scalability, reliability, and high usage for dApps. Its Move smart contract language ensures safety and flexibility. High-performance parallel execution boosts transaction speed and throughput—its key USP.
The APT token is used for fees, governance, and staking.
In 2023, Aptos’ ecosystem expanded rapidly, supported by experienced teams and over $400 million in funding from Tiger Global and PayPal Ventures. Its technological capabilities, including Move and parallel execution, pushed TVL over $85 million. Regular transactions reach hundreds of thousands, with a surge in new accounts.
Strategic partnerships enrich its ecosystem: integration with Sushi for DeFi, Coinbase Pay for Petra wallet, collaborations with Microsoft, NEOWIZ, MARBLEX for gaming and entertainment. Aptos introduced new Digital Asset Standards for real-world applications and NFT indexing.
9. Polkadot (DOT)
Polkadot Overview
Polkadot is a multichain blockchain platform enabling different blockchains to transfer messages and value trustlessly, sharing unique features while maintaining security. Its interoperability, scalable multichain architecture, and parachains are key strengths.
The DOT token is used for governance, staking, and connecting parachains.
In 2023, Polkadot experienced significant innovation and growth. GitHub contributions hit a record of 19,090 in March. Parathreads offer a cost-effective model for blockchain deployment. Next-Generation Scheduling improves scalability and flexibility. Polkadot 2.0 announced promises upgrades in scalability, governance, and interoperability.
Staking activity increased by 49% thanks to new Nomination Pools, expanding user participation. Integration with Circle’s USDC and Rocco Testnet optimized transactions. The ecosystem added five new parachains. Zodia Custody services attracted institutional investors.
( 10. Cosmos )ATOM(
Cosmos Overview
Cosmos is a decentralized network of independent blockchains addressing scalability and interoperability issues. Its Inter-Blockchain Communication )IBC### protocol enables different blockchains to interact and share data while maintaining sovereignty—its key USP.
The ATOM token is used for staking, securing the network, governance, and voting.
In 2023, notable developments included the introduction of Interchain Security, enhancing security for smaller chains. Cosmos Hub activity surged with an average of 500,000 transactions per day and ATOM volume of 20 million. The Theta Upgrade introduced Interchain Accounts for better cross-chain interaction. Rho Upgrade added Liquidity Staking and NFT modules. The Cosmos Hub 2.0 whitepaper outlined a new vision for the hub.
The Interchain Fund allocated $26.4 million for Interchain Stack development in 2024. Investor optimism, including potential moves of dYdX and USDC integration with Noble, indicates promising capital flow.
( 11. Ethereum )ETH(
Ethereum Overview
Ethereum boasts the largest developer community and a vibrant dApp ecosystem with over 3,000 active applications, dominating Layer-1. Launched in 2015 by Vitalik Buterin, Ethereum has evolved into the largest ecosystem for dApps, NFTs, and DeFi.
It offers an open, decentralized blockchain system empowering developers to build applications without central authorities, leveraging Ether )ETH###—its native cryptocurrency.
Its strength lies in pioneering technology and a vast developer community that fuels a rich ecosystem of tools, frameworks, and protocols, driving continuous innovation.
In 2023, Ethereum advanced toward Ethereum 2.0 with key milestones improving scalability, security, and sustainability. Layer-2 solutions like rollups play a crucial role in reducing fees and increasing throughput. The 2024 vision aims to fully realize Ethereum 2.0 benefits. Transitioning to Proof of Stake (PoS) reduces environmental impact and enhances appeal to eco-conscious investors. Ongoing Layer-2 development and cross-chain integrations point to a connected, scalable, and user-friendly future for Ethereum.
( 12. BNB Chain )BNB###
BNB Chain Overview
BNB Chain—formerly Binance Smart Chain (BSC)—is a blockchain developed by the leading crypto exchange Binance, launched in September 2020. Operating alongside Binance Chain, it provides a high-performance network for smart contract applications.
Its dual-chain architecture enables seamless asset transfer across chains for diverse applications, including DeFi, NFTs, and gaming. While its ecosystem is younger than Ethereum’s, it has grown rapidly with over 1,300 dApps.
The BNB token is a key utility, widely accepted within Binance’s ecosystem. The PoSA consensus mechanism enables fast transactions at lower costs than Ethereum. BNB Chain supports seamless integration with existing Ethereum dApps, attracting developers familiar with Ethereum.
In 2023, the project rebranded to BNB Chain, reflecting a broader vision beyond exchange integration, emphasizing DeFi and NFTs. A separate PoS chain for staking and governance enhances security and decentralization. Cross-chain bridges improve interoperability with other blockchains.
In 2024, focus is on scalability through Layer-2 integrations and sharding technology. Expect more strategic partnerships, innovative DeFi protocols, and new NFT projects.
( 13. Cronos )CRO(
Cronos Overview
Launched in November 2021, Cronos is a relatively new Layer-1 blockchain built on Cosmos SDK. Supported by Crypto.com—one of the top crypto exchanges—Cronos aims to provide a fast, secure, and interoperable platform for DeFi, NFT, and GameFi applications.
It uses Proof-of-Stake )PoS### for efficient, low-cost transactions. Though still emerging, Cronos has a rapidly growing ecosystem with over 200 dApps active as of February 2024.
CRO token functions as platform fuel, widely used within Crypto.com’s ecosystem. Built on Cosmos SDK, Cronos integrates seamlessly with Cosmos chains and other blockchains via IBC, fostering a connected blockchain landscape.
Cronos has made significant impacts in DeFi with protocols like VVS Finance, Tectonic, and Ferro Protocol. It has advanced in NFTs and gaming with collections like Loaded Lions, D.G.Pals, and The Cronos Verse. Cronos ID enhances digital identity and asset transfer capabilities across Web3.
Major developments in 2023 include expanding DeFi and NFT ecosystems, introducing Cronos Rollups, boosting developer support, and ecosystem growth. In 2024, Cronos aims to solidify its position as a leading Layer-1 through infrastructure upgrades focused on scalability, interoperability, and user experience.
( 14. Kava )KAVA(
Kava Overview
Kava uniquely combines Cosmos SDK’s scalability and interoperability with an EVM-compatible chain, allowing Ethereum dApps to leverage Kava’s features. Its “co-chain” architecture positions Kava as a hub for innovative DeFi applications with fast transactions, low fees, and diverse asset access.
Compared to established giants, Kava’s ecosystem is smaller but rapidly growing, with over 110 dApps and a TVL exceeding $250 million.
KAVA token serves as governance and staking token, supporting various DeFi activities. It uses Cosmos’ Tendermint BFT consensus for high security. Kava also offers the USDX stablecoin pegged to USD, enabling decentralized lending and borrowing without reliance on centralized oracles.
Recently, Kava 14 introduced direct USDT issuance on Cosmos, supported by strategic partnerships and liquidity integrations. In 2023, Kava 12 and 13 focused on enhancing DAO flexibility and expanding ecosystem, with integrations of major stablecoins and bridges, emphasizing security and governance, reinforcing Kava’s position as a top blockchain platform.
The move to Kava Tokenomics 2.0 with a fixed supply aims to promote widespread adoption and scarcity. The community-owned Strategic Vault with over $300 million assets demonstrates strong commitment to decentralization.
) 15. ZetaChain (ZETA)
ZetaChain Overview
ZetaChain aims to revolutionize interoperability as the first Layer-1 “omnichain” blockchain. It can connect and interact with any blockchain, regardless of architecture or smart contract capabilities. It enables asset transfers, data exchanges, and cross-chain smart contracts, fostering a unified Web3 experience.
Conclusion
These Layer-1 blockchains are shaping the future of crypto, each offering unique approaches to scalability, security, and interoperability. From legacy projects like Bitcoin and Ethereum to emerging ones like Kaspa and ZetaChain, the Layer-1 landscape is increasingly diverse and dynamic. Enthusiasts and investors should follow their development to better understand industry directions and potential opportunities.