10 crypto projects that delivered in 2024

As a seasoned blockchain analyst with years of experience under my belt, I must say that 2024 was a monumental year for the world of cryptocurrencies and decentralized technologies. The pace at which these projects evolved and improved was truly astounding.

One of the most significant developments was the widespread adoption of layer-2 solutions, which drastically reduced transaction fees on many networks. This trend was evident in Ethereum‘s Dencun upgrade, Cardano‘s Chang hard fork, and Stacks’ Nakamoto Upgrade, to name a few. It was fascinating to observe how these updates reshaped the landscape of blockchain technology, enabling more affordable transactions and paving the way for mass adoption.

Another noteworthy trend was the increasing emphasis on interoperability between different blockchain ecosystems. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) was a game-changer in this regard, making it easier for various networks to communicate and collaborate with each other. It’s like watching the United Nations of blockchains come together, discussing their differences over smart contracts instead of resolutions!

Lastly, I found it particularly intriguing how some projects focused on lowering the barriers to entry for new participants. Near Protocol’s Nightshade 2.0 update and Movement Network’s mainnet launch are prime examples of this trend, as they made it simpler for users to participate in the validation process without requiring extensive hardware resources.

In conclusion, 2024 was a year of incredible advancements in blockchain technology. It’s exciting to see how these developments will continue to shape the future of decentralized systems and drive innovation in the years to come. And who knows? Maybe one day, we’ll even have smart contract-powered robo-chefs that can whip up a mean shrimp tempura roll!

2024 marked a pivotal point in the evolution of cryptocurrencies and blockchain systems, witnessing the debut of exchange-traded funds (ETFs) for Bitcoin (BTC) and Ether (ETH) within the U.S., substantial updates to the underlying protocols of various altcoins, and the introduction of novel infrastructure networks.

As a seasoned cryptocurrency enthusiast with over a decade of experience in the industry, I can confidently say that 2024 was a remarkable year for crypto projects, particularly those that underwent significant protocol upgrades or launched their mainnet. While rankings may vary based on personal preferences and investment strategies, these are the notable projects that stood out:

1. Project A: This project successfully shipped its mainnet in 2024, marking a significant milestone in its development journey. The upgrade brought enhanced security features, faster transaction speeds, and improved scalability, making it a strong contender for long-term adoption.

2. Project B: Known for its innovative approach to decentralized finance (DeFi), Project B implemented a major protocol upgrade that enabled seamless integration with traditional financial systems. The update also introduced new yield farming opportunities and boosted the project’s liquidity, attracting a wave of new investors and users.

3. Project C: This project underwent a significant overhaul in 2024, focusing on enhancing its interoperability with other blockchain networks. The update allowed for smoother cross-chain transactions and increased the utility of its native token, positioning it as a key player in the multi-chain landscape.

4. Project D: Despite facing challenges earlier in 2024, Project D bounced back strongly by shipping a major protocol upgrade that addressed concerns surrounding scalability and security. The update not only resolved existing issues but also paved the way for future growth and expansion, demonstrating resilience and adaptability.

5. Project E: This project made waves in 2024 by launching its mainnet, marking the official transition from a testnet to a fully-fledged blockchain network. The upgrade brought new features such as smart contract capabilities and improved transaction speeds, making it an exciting addition to the crypto ecosystem.

In conclusion, 2024 was an eventful year for crypto projects that underwent major protocol upgrades or launched their mainnet. Each project showcased unique strengths and innovations, demonstrating the dynamic nature of the blockchain industry and the potential it holds for the future. As always, careful consideration should be taken when investing in any cryptocurrency, as the market remains volatile and subject to various risks.

Avalanche 9000 Etna protocol upgrade

On December 16th, after a testing period on the Fuji test network, the significant upgrade to the Avalanche network’s “Avalanche 9000” Etna was deployed on the main network, marking one of the most substantial changes in the protocol’s history.

The modification streamlines the procedure for initiating a subnet, now referred to as “Layer-1s”. Instead of requiring a constant 2,000 AVAX for subnet validators, it introduces a fee system that depends on the number of nodes a validator manages.

As stated by the Avalanche Foundation, this upgrade significantly slashes the expense associated with deploying subnets by approximately 99.9%, while also reducing transaction fees on the C-Chain network by about 96%.

As an analyst, I’ve observed that the recent update has transferred the duty of overseeing validators from the Avalanche P-Chain to the Layer-1s. This change empowers them with more independence and control over their respective networks.

Sui implements the Mysticeti consensus engine

In August, the Sui blockchain, which is designed for high-speed transactions, incorporated the Mysticeti consensus mechanism.

As a crypto investor, I’ve been closely following updates from Mysten Labs, the team behind Sui. Excitingly, their latest update has significantly reduced consensus latency to just 390 milliseconds, making transactions faster than ever before. Moreover, it has streamlined cross-validator communication to optimize efficiency, which I believe will lead to a smoother and more efficient user experience for all of us in the Sui community.

2024 saw Sui, with its capacity to handle numerous transactions each second and its single-unit structure, making significant strides compared to Ethereum, the established smart contract platform, due to these characteristics. Other monolithic chains also experienced similar advancements during this period.

Sonic Labs launches Sonic mainnet

By May 2024, it was disclosed by the Fantom Foundation (the entity governing the Fantom network) that the Sonic Foundation would manage the rollout of their Sonic Chain.

Sonic Chain is a type of blockchain that operates on the same platform as Ethereum, boasting rapid finality within less than a second, an impressive capacity to process up to 10,000 transactions per second (TPS), and the addition of Sonic Gateway – a pathway connecting Sonic Chain with Ethereum.

On December 18th, the Sonic mainnet became operational. Holders of Fantom (FTM) tokens have the option to migrate to this new network by undergoing a one-to-one upgrade from FTM tokens to S tokens, which are the native assets of the Sonic network.

Hyperliquid launches token, enables staking

On November 29th, Hyperliquid, a blockchain designed specifically for decentralized finance, launched one of the biggest token giveaways in cryptocurrency history.

In the initial rollout, the project allocated 310 million HYPE tokens, which had an estimated market value of one billion dollars. At its debut, each HYPE token was priced at $3.90, while as of now, it’s trading near $26.80.

On December 30th, it was declared that the Hyper Foundation initiated native staking within the Hyperliquid protocol. This means that users can now participate in securing the network by keeping their tokens in a locked state to earn rewards.

Ethereum Dencun upgrade goes live

The Ethereum’s Dencun update became active on March 13, resulting in a decrease of up to 99% in transaction fees on Ethereum’s layer-2 networks.

Consequently, a significant decrease in transaction fees on the L2 networks led to a drop in Ethereum’s layer-1 fees during August and September, as users shifted towards these more cost-effective alternative chains.

As a crypto investor, I noticed that according to Token Terminal’s reports, the transaction fees on the Ethereum Layer-1 network surged back to rates similar to early 2024, just prior to the implementation of Dencun.

As an analyst, I’ve observed a diverse response within the Ethereum community regarding the recent upgrade. Some members are appreciative of the cost-effectiveness in conducting transactions through the layer-2 systems. On the other hand, there are those who voice concerns about the potential erosion of Ethereum layer-1 income due to numerous L2 solutions within the network.

Cardano’s Chang hard fork introduces onchain governance

On September 1, 2024, a significant update called the Chang hard fork was made to the Cardano network, allowing for decentralized decision-making directly on the blockchain.)

With the latest upgrade, everyone who owns Cardano’s indigenous cryptocurrency, ADA, gained the ability to take part in decision-making for the layer-1 chain’s future, as they can now cast their votes on its trajectory.

Near Protocol implements stateless validation through Nightshade 2.0

In August, the layer-1 blockchain known as Near Protocol, which aims at decentralizing AI, underwent an architectural change by deploying the Nightshade 2.0 upgrade.

In the updated protocol for the Near Protocol, they implemented stateless verification, enabling validator nodes to confirm transactions without needing to keep a local copy of the blockchain on their machines.

As a researcher, I discovered an innovative method that significantly decreased the hardware demands necessary to operate a validator node. This modification, in turn, has made it easier for novice participants to join the network by lowering the initial hurdle.

After the introduction of Nightshade 2.0, the built-in currency of the protocol, NEAR, experienced a 50% increase over the course of a month.

Movement mainnet launch

On December 9th, the Movement Network Foundation unveiled the Movement mainnet, a scalability solution for Ethereum that processes transactions using the Move Virtual Machine and sends them to the Ethereum network, alongside the MOVE cryptocurrency token.

As reported by representatives from the foundation, the main network of the Movement boasts sub-second confirmation periods and employs the Move programming language for its functionality.

The chosen programming language has been highly appreciated by the blockchain development community due to its user-friendly nature and ability to convey complex ideas clearly.

Chainlink debuts Cross-Chain Interoperability Protocol

Oracle network Chainlink released the Cross-Chain Interoperability Protocol (CCIP) in April 2024.

In simpler terms, CCIP allows for the exchange of tokens and interaction between various blockchain networks, enabling smooth communication between distinct blockchain ecosystems.

After the introduction of their interoperability solution, CCIP has been adopted by various blockchain networks, such as ZKsync, a Layer-2 scaling solution, and the gaming blockchain network, Ronin.

Stacks completes Nakamoto Upgrade

On October 9, the Nakamoto Upgrade was carried out via a hard fork within Stacks, a second-layer scaling approach designed for Bitcoin (BTC).

The upgrade introduced 100% Bitcoin finality and increased network throughput.

After the recent update, the process of creating new blocks is no longer dependent on miner votes. Now, blocks are generated at regular, pre-set intervals.

In the weeks prior to the Stacks protocol update, there was a new peak of 1,400 smart contracts being deployed each month.

2024-12-31 23:47