7 Best Layer 1 Crypto Projects Revolutionizing Blockchain in 2024

In the ever-evolving world of cryptocurrencies, all eyes are on the spotlight as it shines brightly on Layer 1 blockchain projects. As we continue our journey into 2024, a new wave of Layer 1 projects is emerging, each bringing its own unique set of features and benefits to the table. These foundational blockchains play a crucial role, serving as the bedrock for various other crypto endeavors, and laying the groundwork not only for Layer 2 solutions but also for the exciting possibilities that lie beyond.

In this landscape, the quest for the best Layer 1 crypto is heating up. With fresh contenders joining the fray, the competition is fierce as projects strive to showcase what sets them apart. As these foundational blockchains evolve, they not only fuel innovation within their own ecosystems but also contribute to the broader narrative of how blockchain technology can reshape industries and economies on a global scale.

What is Layer 1 Crypto?

Layer 1 projects are like the foundation of the cryptocurrency world, similar to how Ethereum paved the way for others. They act as the backbone, ensuring security for all the crypto activities happening on their networks. Many investors have found success by putting their money into these strong Layer 1 blockchains, especially when the crypto market gets a bit wobbly. They’re often considered the best layer 1 crypto investments because of their reliability and security.

Also Read: Layer 1: Definition and How does it work?

Think of Layer 1 projects as the trustworthy guardians of the crypto realm. They set the stage for various digital ventures and keep everything safe and sound. When you hear about the best layer 1 crypto options, it’s like discovering the most stable and resilient pillars in the crypto world that can weather the storms of market ups and downs. So, if you’re looking for a solid foundation for your crypto investments, these Layer 1 projects are where you might want to start.

7 Best Layer 1 Crypto Projects in 2024

Layer 1 crypto projects refer to blockchain platforms that operate at the base layer of the blockchain architecture. These projects aim to create new and innovative infrastructures for decentralized applications (DApps) and smart contracts.

Layer 1 blockchains often prioritize factors like scalability, security, decentralization, and interoperability to offer a strong foundation for the broader blockchain ecosystem. Here are a few notable examples of best Layer 1 crypto projects:

1. HeLa (HLUSD)

HeLa is a revolutionary layer 1 blockchain with a clear goal of making Web3 a reality. It stands out by addressing scalability, interoperability, privacy, and user-friendliness, which positions it as a leader among emerging layer 1 projects. Developed by renowned experts, HeLa is committed to practical real-world adoption, making it a strong contender for the title of the best layer 1 crypto. 

Key Features:

• Impressive Speed: HeLa offers fast transaction speeds for smoother interactions.
• Interoperability: It allows different blockchains to work seamlessly together for efficient data and value exchange.
• Privacy Focus: HeLa places strong emphasis on user privacy and data protection.
• Stable Transaction Fees: It uses stablecoin-based gas fees, ensuring consistent costs regardless of market fluctuations.

2. Algorand (ALGO)

Algorand (ALGO) is a top-tier layer 1 cryptocurrency known for its simplicity and effectiveness. These features collectively make Algorand one of the best layer 1 cryptocurrencies available today.

Key Features:

• Proof-of-Stake: Instead of energy-hungry mining, Algorand uses a more eco-friendly and efficient proof-of-stake system.
• Security: Algorand prioritizes safety, making it a trusted choice for developers and businesses.
• Efficiency: Its design ensures fast transactions and scalability, avoiding network congestion.
• Versatility: Algorand supports various applications, from finance to digital asset management.
• Eco-Friendly: It’s environmentally conscious, consuming significantly less energy than some other cryptocurrencies.

3. Harmony (ONE)

Harmony (ONE) is a budget-friendly and high-performance platform, perfect for creating dApps. Harmony is considered one of the best layer 1 crypto for dApp development.

Key Features:

• Cost-Effective: Harmony allows you to build dApps without breaking the bank.
• High Performance: It delivers top-notch performance for your applications.
• User-Friendly: Harmony is easy to use, making it suitable for both beginners and experienced developers.

4. Shardeum

Shardeum is a Layer 1 blockchain designed for high-speed transactions. Shardeum is a top candidate for the best Layer 1 crypto, ideal for fast, decentralized applications.

Key Features:

• EVM Compatibility: It’s easy for Ethereum developers to use.
• Infinite Scalability: Can handle increasing transactions without slowing down.
• True Decentralization: No single entity has excessive control.

5. Aptos (APT)

Aptos (APT) is a cutting-edge blockchain that cleverly combines proof-of-stake and proof-of-work. With its balanced approach, Aptos is a strong contender for the best Layer 1 crypto, offering a secure and eco-friendly platform for users and developers.

Key Features:

• Energy Efficiency: By merging these approaches, Aptos saves energy while ensuring network security.
• Innovation: Aptos stands out as a forward-looking blockchain with a unique blend of technologies.

6. Kadena

Kadena is a unique blockchain that blends Layer 1 and Layer 2 protocols, focusing on three key aspects. Kadena is a strong candidate for the best Layer 1 crypto, offering a balanced approach to speed, scalability, and security.

Key Features:

• Speed: Transactions happen quickly.
• Scalability: It can handle more users without slowing down.
• Security: Your transactions and data are kept safe.

7. Sui

Sui Network is gaining popularity among DeFi developers in the Layer 1 blockchain space for its exceptional features.Notably, Sui Network’s recent successes, like a successful mainnet launch and a strategic partnership with Red Bull’s Formula One racing team, underline its growing prominence within the Layer 1 blockchain landscape. It’s a strong contender for the title of the best Layer 1 crypto, both in the blockchain community and beyond.

Key Features:

• Instant Transaction Finality: Transactions are confirmed immediately.
• Rapid Processing Speeds: It processes transactions quickly.
• Efficient Smart Contracts: The streamlined Move programming language simplifies smart contract development.

Distinguishing Between Layer 1 and Layer 2

Layer 1 is like the foundation of the blockchain world, where all the action begins. It’s where the best layer 1 crypto, like Bitcoin and Ethereum, operate. Here, it’s all about the basics: sending and receiving digital money securely. It’s like the original building block, allowing you to do standard stuff like buy things, trade, or invest in cryptocurrencies.

Also Read: Top 14 Ethereum Competitors and Alternatives in 2024

Now, Layer 2 is like a fancy add-on to Layer 1. Think of it as the turbo boost for blockchain. It’s designed to make things quicker and cheaper. Layer 2 protocols, like Lightning Network for Bitcoin or Plasma for Ethereum, aim to speed up transactions and offer cost-effective solutions. So, while Layer 1 is the solid ground, Layer 2 is the fast lane for those who want their crypto experience to be lightning-fast and wallet-friendly.

Conclusion

The world of cryptocurrency is big and always changing, and at the front of this change are Layer 1 projects. These projects form the solid base of the crypto world and have a lot of promise for both investors and the wider blockchain community. In this complex crypto landscape, it’s really important to keep learning and choose wisely. Among all the choices, the best layer 1 crypto projects are where you might want to begin.

These Layer 1 projects are like the strong pillars of the whole crypto world. They’re important not only for people who want to invest but also for everyone interested in blockchain technology. So, as we explore this intricate crypto realm, remember that understanding these foundational Layer 1 projects could be a great start to making informed decisions.