List of Layer 1 Crypto Projects You Should Keep an Eye in 2024

In recent years, the realm of cryptocurrencies has transcended its initial concept of digital money. The advent of smart contract platforms has ushered in a new era characterized by decentralized applications and ventures. These platforms, often identified as Layer-1 blockchains, form the fundamental infrastructure upon which a diverse array of decentralized projects are constructed. 

As Ethereum’s scalability issues and elevated transaction fees prompted users to seek alternatives, a myriad of Layer-1 blockchains have gained prominence, each distinguished by its unique attributes and offerings. In the ever-evolving landscape of cryptocurrency, this article explores the preeminent Layer-1 crypto projects in 2024, illuminating their pivotal roles in shaping the future of decentralized innovation. For an insightful overview, read on for the comprehensive list of Layer 1 crypto projects that are spearheading this transformative wave.

Layer-1 Blockchain Definition

A Layer-1 blockchain, often referred to as a smart contract platform, serves as the foundational layer within a cryptocurrency ecosystem. Notable examples encompass Ethereum and similar Layer-1 blockchains that offer the infrastructure for a plethora of innovative applications such as NFTs (Non-Fungible Tokens), DeFi (Decentralized Finance), and web3 initiatives. Essentially, Layer-1 blockchains operate as secure settlement layers, underpinning the integrity and reliability of the entire network.

In the expansive landscape of blockchain technology, a diverse list of Layer-1 crypto projects can be found. These projects embody the core structures upon which various decentralized applications are constructed, revolutionizing sectors like finance and digital ownership. By establishing a secure and robust foundation, these Layer-1 blockchains facilitate the development of Layer-2 solutions and pave the way for a thriving ecosystem of interconnected applications and services.

Also Read: Top 10 List of Layer 1 in Blockchain

The Blockchain Trilemma

The blockchain trilemma presents a central quandary for smart contract platforms, revolving around the three crucial factors of scalability, security, and decentralization. The intricate challenge lies in finding the delicate balance among these elements. For instance, Ethereum is distinguished for its strong security and decentralized nature, yet grapples with scalability limitations, leading to concerns about network congestion and high transaction fees. Conversely, while Binance Coin excels in scalability, it makes trade-offs by compromising some aspects of decentralization.

In recent years, a growing list of layer 1 crypto projects has emerged, each striving to navigate the complexities of the trilemma in its own unique way. These projects, such as HeLa, Solana, Polkadot, and Avalanche, employ innovative consensus mechanisms and architectural designs to address the trade-offs between scalability, security, and decentralization. However, the pursuit of an ideal balance remains an ongoing exploration, with different platforms emphasizing different aspects based on their intended use cases and priorities.

List of Layer-1 Crypto Projects of 2024

As of 2024, the cryptocurrency and blockchain space continues to evolve with a growing list of Layer 1 crypto projects gaining attention and traction. Layer-1 refers to the underlying blockchain protocol that forms the foundation for various decentralized applications (DApps) and services. These Layer-1 projects aim to address issues such as scalability, security, and interoperability, while also introducing novel consensus mechanisms and features.

1. HeLa

HeLa shines as a revolutionary layer 1 blockchain protocol with a dedicated mission to bring the potential of Web3 into practical reality. By effectively addressing challenges related to scalability, interoperability, privacy, and user experience, HeLa emerges as a guiding light for new layer 1 blockchain initiatives that aim for extensive acceptance.

The protocol introduces innovative attributes that not only support impressive transaction speeds, guaranteeing user-friendly interactions, decentralization, and security, but also fosters smooth interoperability among diverse blockchains. This paves the way for a unified ecosystem where data and value can be efficiently exchanged. With a strong emphasis on privacy measures and user-friendly interfaces, HeLa incorporates stablecoin-based gas fees, ensuring consistent transaction costs regardless of market fluctuations. Furthermore, it is the brainchild of esteemed scientists and engineers committed to driving practical real-world adoption.

Differentiator:

• Cutting-edge layer 1 blockchain solution.
• Tackles issues like interoperability and user accessibility.
• Offers consistent transaction fees with stablecoin.
• Backed by leading thinkers in the field.

2. Ethereum

Ethereum, hailed as the pioneer among smart contract platforms, continues to exert its influential presence through the Ethereum Virtual Machine (EVM) and a robust, flourishing ecosystem. Regarded as the second most recognized blockchain after Bitcoin, Ethereum maintains its dominance as the most decentralized Layer-1 blockchain, playing a pivotal role in the expansive list of Layer 1 crypto projects.

Differentiator:

• Groundbreaking platform for smart contracts.
• Powered by the renowned Ethereum Virtual Machine.
• Maintains a top-tier reputation in the blockchain space.

3. Binance Smart Chain (BSC)

Gaining considerable recognition for its minimal transaction fees, Binance Smart Chain (BSC) has captivated the crypto community’s interest. Notably EVM-compatible, this blockchain platform facilitates the seamless deployment of projects for developers. Its appeal extends further as it finds a place among the list of layer 1 crypto projects, due to its efficient fee structure and developer-friendly environment.

Differentiator:

• Attracts with its affordable fee structure.
• Seamlessly welcomes Ethereum-based projects.
• Offers a hospitable setting for developers.

4. Solana

Recognized for its remarkable transaction speeds, Solana has positioned itself as a foundational pillar for decentralized applications catering to extensive user populations. The platform’s distinguishing traits encompass not only its exceptional performance but also its swift embrace within the crypto community, contributing to its prominent status among the list of layer 1 crypto projects.\

Differentiator:

• Boasts impressive transaction rates.
• Quickly found its footing in the crypto space.
• Carves a niche with large-scale decentralized apps.

5. Avalanche

Avalanche stands out with its unparalleled consensus mechanism, delivering the swiftest time to finality among blockchain networks. This innovative approach not only distinguishes Avalanche but also positions it as a top choice for developers, further accentuated by its compatibility with the Ethereum Virtual Machine (EVM). As a result, Avalanche has garnered significant attention and is prominently featured in the list of layer 1 crypto projects, showcasing its prominence in the rapidly evolving blockchain landscape.

Differentiator:

• Stands out with its innovative consensus model.
• Known for lightning-fast transaction confirmations.
• Friendly to Ethereum-based applications.

6. Cardano

Cardano, guided by a mission to uplift marginalized communities, places a strong emphasis on both inclusivity and security within the realm of blockchain technology. Notably established by one of Ethereum’s co-founders, the platform prioritizes evidence-based approaches to ensure its functionality and effectiveness. As a notable contender in the list of layer 1 crypto projects, Cardano stands out for its commitment to sustainable development and fostering empowerment among underserved populations.

Differentiator:

• Anchored in social impact and community welfare.
• Birthed from Ethereum lineage.
• Grounded in research and evidence-driven strategies.

7. Polkadot

Polkadot, conceptualized by another Ethereum co-founder, introduces a revolutionary multi-chain framework that enables frictionless data interchange among diverse blockchain ventures. This innovative architecture not only facilitates efficient communication between distinct blockchains but also nurtures interoperability within the broader ecosystem. As it stands, Polkadot stands as a significant advancement in the realm of blockchain technology, fostering collaboration and synergy among a diverse list of layer 1 crypto projects, thereby propelling the industry toward new frontiers of connectivity and functionality.

Differentiator:

• Offers a mesh of interconnected blockchains.
• Prioritizes seamless data flow across different platforms.
• Poised to redefine blockchain interconnectivity.

8. Algorand

Positioned at the forefront of the financial revolution, Algorand places its emphasis on advancing decentralized finance (DeFi), spearheading transformative changes across diverse sectors. Noteworthy in a list of layer 1 crypto projects, Algorand’s significant growth is underscored by its pioneering role in reshaping the landscape of financial systems through its dedication to DeFi and its far-reaching impact spanning various industries.

Differentiator:

• Leading the charge in decentralized finance innovations.
• Strives to redefine traditional finance systems.
• Has a footprint in various industry verticals.

9. NEAR Protocol

At the core of the evolving web stack, NEAR Protocol presents an adept and economical resolution, establishing its stance as a formidable contender against established players like Ethereum and Polkadot. With its focus on scalability and efficiency, NEAR Protocol positions itself as a promising competitor in the list of layer 1 crypto projects, aiming to shape the foundation of the next generation internet.

Differentiator:

• Prioritizes efficient and scalable solutions.
• Eyes the crown held by Ethereum and Polkadot.
• Envisions a futuristic internet architecture.

10. Sui

In the list of layer 1 crypto projects, Sui Network stands out as a highly favored choice among DeFi developers due to its exceptional features. The platform sets itself apart by offering instant transaction finality and remarkable processing speeds, making it the preferred option for many. What adds to its appeal is the utilization of the streamlined Move programming language, which ensures efficient development of smart contracts. Recent significant achievements, including a successful mainnet launch and a strategic partnership with Red Bull’s Formula One racing team, further underscore its growing prominence within the blockchain space.

Differentiator:

• A top pick for DeFi centric developers.
• Promises real-time transaction conclusions.
• Sports partnerships with global big hitters like Red Bull Racing.

Also Read: Ethereum’s Competitors: Are They Set to Dethrone the Crypto Giant?

Conclusion

The surge of Layer-1 crypto projects underscores the surging demand for blockchain capacity and the rapid expansion of the decentralized application (dApp) ecosystem. As Ethereum pursues scalability enhancements through Layer-2 solutions, the competition among various Layer-1 platforms intensifies. 

This trend has given rise to a diverse list of Layer-1 crypto projects, each leveraging its distinct advantages to cater to specific requirements and user bases. As the cryptocurrency landscape undergoes dynamic transformations, these Layer-1 initiatives are poised to play a pivotal role in shaping the trajectory of decentralized systems and applications. For both investors and enthusiasts, closely monitoring these platforms is crucial, given their potential to redefine the realms of blockchain and digital currencies.