10 crypto projects that will deliver in 2024
2024 was a significant year for cryptocurrencies and blockchain networks. It has seen the launch of exchange-traded funds (ETFs) for Bitcoin (BTC) and Ether (ETH) in the United States, upgrades to the altcoin's core protocol, and the release of new infrastructure.
Here are 10 crypto projects that implemented major protocol upgrades or launched the mainnet by 2024, in no particular order.
Avalanche9000/Etna protocol upgrade
The Avalanche network's Avalanche9000 update, also known as Etna – said to be the biggest update in the protocol's history – was launched on the Avalanche mainnet on December 16, following a test phase on the Fuji testnet.
The update simplified the process of launching subnets – now called “Layer 1s” – and changed the requirements for subnet verifiers from a fixed 2,000 AVAX (AVAX) to a fee structure based on the number of nodes running the verifier.
According to the Avalanche Foundation, the upgrade reduced subnet deployment costs by 99.9 percent and reduced C-Chain network fees by 96 percent.
The update also moved authenticators from Avalanche P-Chain to Layer 1s, giving them more autonomy and control over their networks.
Swi implements the Mysticeti consensus engine
The Sui protocol, a high-throughput blockchain, implemented the Mysticeti consensus engine in August.
According to a spokesperson for Mysten Labs – the developer behind Sui – the update reduced the consensus latency to 390 milliseconds and reduced cross-connections to improve efficiency.
Sui's ability to process a high number of transactions per second (TPS) and monolithic architecture have helped it and other monolithic chains gain ground on the modern smart contract platform Ethereum in 2024.
Mysticeti efficiency and latency. Source: Su
Sonic Foundation Sonic mainnet starts
In May 2024, the Phantom Foundation – the organization behind the Phantom Network – announced that the Sonic Foundation would oversee the deployment of the Sonic Chain.
Sonic Chain is an Ethereum Virtual Machine-compatible layer-1 blockchain with sub-second completion times, a flow of 10,000 TPS and the introduction of Sonic Gateway, the bridge between Sonic and Ethereum.
On December 18, the Sonic mainnet went live. Phantom (FTM) tokens can be converted to the new network through a one-to-one upgrade from FTM to S Token, which is a native property of Sonic Network.
Launches Hyperliquid token, enables staking.
HyperLiquid, a layer-1 blockchain optimized for decentralized finance, launched one of the largest token airdrops in crypto history on November 29.
At launch, the project distributed 310 million HYPE tokens to the community, worth an estimated $1.2 billion. HYPE started at an initial price of $3.90 and is currently trading at $26.8.
On December 30th, HyperFoundation announced the launch of native payment on the Hyperliquid protocol, allowing users to secure their network by locking their tokens to access production.
HYPE token price action. Source: CoinMarketCap
Ethereum Dencun update goes live
Ethereum's Denkun update went live on March 13, reducing fees by up to 99 percent on Ethereum's layer-2 network.
However, a dramatic drop in L2 network fees led to a drop in Ethereum layer-1 fees in August and September as users migrated to lower-cost Layer 2s.
According to data from Token Terminal, network fees on Ethereum layer-1 have rebounded to levels recorded in early November 2024, prior to the implementation of Denkun.
The update drew mixed reviews from the Ethereum community, with some praising the ability to trade through Layer-2s and others criticizing Ethereum's Layer-1 revenue through the network's many L2 solutions.
Ethereum Layer-1 Network Fees from January to December 2024. Source: Token Terminal
The Cardano Chang hard fork introduces onchain management
The Cardano Chang hard fork was implemented on September 1, bringing onchain, decentralized governance to the network.
The update allowed all holders of Cardano's native currency ADA (ADA) to participate in the voting process and determine the future direction of the Layer-1 chain.
It implements near protocol stateless authentication through Nightshade 2.0
Near Protocol, a layer-1 blockchain with decentralized artificial intelligence, changed the network architecture by implementing the Nightshade 2.0 update in August.
An update to the protocol introduced near-stateless authentication, which allows authenticating nodes to verify transactions without storing a copy of the blockchain on their devices.
This approach lowered the hardware requirements for running an authenticator node and lowered the barrier to entry for new participants.
Following the release of Nightshade 2.0, the protocol's native asset, NEAR (NEAR), increased 50% in one month.
Latest sharding design. Source: NEARWEEK
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Launching the main network of activity
On December 9, the Move Network Foundation announced the launch of the Move Mainnet – an Ethereum scaling solution that uses the Move Virtual Machine to settle transactions on the Ethereum network – and the MOVE token.
According to a spokesperson for the foundation, the Move mainnet features sub-second completion times and uses the Move programming language.
The programming language has received widespread praise from blockchain developers for its ease of use and expressiveness.
ChainLink launched a cross-chain interoperability protocol
Oracle Network ChainLink released the Cross-Chain Interoperability Protocol (CCIP) in April 2024.
CCIP facilitates the exchange of tokens and smart contracts between different blockchain ecosystems.
Since the launch of the communication solution, CCIP has been integrated with several blockchain networks, including Layer-2 scaling solution ZKsync and gaming blockchain network Ronin.
A simple example of Chainlink CCIP. Source: Chainlink
Stacks complete the Nakamoto upgrade
Stack – Layer-2 Balance Solution for Bitcoin (BTC) – The Nakamoto update ended with a hard fork on October 9th.
The update added 100% bitcoin finality and network throughput.
Following the update, block yield is no longer determined by miner preferences. Instead, blocks are now produced at fixed intervals.
A record number of smart contracts of 1,400 monthly contracts were reached on Stacks in the weeks leading up to the protocol update.
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