The Fastest Growing Layer 1 Blockchain Investments for Smart Contracts

In the ever-evolving world of cryptocurrencies, all eyes are now turning towards Layer 1 blockchains in 2023. These foundational digital platforms are taking center stage, and they play a crucial role in shaping the future of cryptocurrency projects, including Layer 2 solutions and beyond. In this article, we’ll dive into projects, helping you identify the most promising investments among the fastest growing Layer 1 blockchain.

As 2023 unfolds, a fresh wave of these Layer 1 blockchains is surfacing, each boasting unique features and advantages. These platforms are not just essential for powering other crypto ventures but are also paving the way for future innovations in the space. So, let’s explore these dynamic blockchain opportunities and pinpoint the fastest growing Layer 1 blockchain investments to keep an eye on.

Layer 1 vs. Layer 2: The Distinction

The blockchain trilemma presents a bit of a puzzle when it comes to achieving three critical goals: decentralization, security, and scalability, all at once. Think of it like a three-legged stool; if you push too hard on one leg, the others might wobble. Bitcoin and Ethereum, as some of the most prominent players, have put their primary focus on decentralization and security, but they’ve struggled a bit with scaling up to handle a massive number of transactions quickly. This challenge has prompted investors to look into alternative platforms. Now, when we talk about Layer 1, we’re referring to the original blockchain setup, and it’s worth noting that one of the fastest growing Layer 1 blockchain has gained significant attention in this context.

However, there’s a clever solution called Layer 2 that’s gaining traction. Picture Layer 2 as a sort of upgrade that sits on top of Layer 1. It’s like giving your original stool some extra support. Layer 2 brings cost-effective and speedy solutions to the table. It’s like using an express lane to handle transactions without overcrowding the Layer 1 highway. With this approach, blockchain technology is evolving, aiming to maintain the essential pillars of decentralization and security while also making transactions faster and more affordable. This development is particularly promising for the future of blockchain technology, providing a way forward that doesn’t require compromising one aspect for the sake of another.

Also Read: 10 Best Layer 1 Solutions You Need to Know Now!

The Fastest Growing Layer 1 Blockchain

Below is a compilation of the rapidly emerging Layer 1 blockchain platforms that are experiencing significant growth:

1. HeLa

HeLa stands out as the fastest growing layer 1 blockchain, tackling scalability, interoperability, privacy, and user experience challenges. It’s a guiding light for emerging blockchain projects, offering fast transactions, robust security, and seamless communication between blockchains. With a focus on user privacy and simplicity, using stablecoin-based gas fees, HeLa aims to drive real-world blockchain adoption.

2. NEAR Protocol (NEAR)

NEAR Protocol, often referred to as NEAR, is a blockchain designed with developers in mind, aiming to provide them with accessible open-source tools and infrastructure. Its core mission is to empower creators and innovators by offering a user-friendly environment for building decentralized applications. NEAR has gained recognition as the fastest growing layer 1 blockchain platform, facilitating the creation of a wide range of decentralized solutions, from digital art marketplaces to decentralized finance applications.

3. Fantom (FTM)

Fantom (FTM) has gained recognition for its impressive scalability and lightning-fast transaction processing. Many believe it has the potential to play a crucial role in shaping the foundation of smart cities in the future. Often referred to as the fastest growing layer 1, Fantom’s capabilities in handling a large volume of transactions with speed make it a promising candidate for powering the technologies that will drive the cities of tomorrow, making them more efficient and connected.

4. Algorand (ALGO)

Algorand (ALGO) is a blockchain platform that’s all about safety and speed. It uses a special method called “proof-of-stake” to make sure transactions are secure and energy-efficient. Think of it like a super-efficient highway for digital money. Algorand is also known as the fastest growing layer 1 blockchain, meaning it’s gaining popularity and users really quickly.

5. Harmony (ONE)

Harmony (ONE) is a user-friendly platform that’s not only cost-effective but also boasts high-performance capabilities, making it a perfect choice for developing decentralized applications (dApps). Its efficiency and speed make it stand out as the fastest growing layer 1 blockchain solution, making it easier and more affordable than ever for developers to create their innovative dApps.

6. Elrond eGold (EGLD)

Elrond eGold (EGLD) is a cryptocurrency known for its emphasis on both speed and security, setting it apart as one of the fastest growing layer 1 blockchain platforms. In fact, it’s thought to be a whopping 1,000 times more scalable than Ethereum, making it capable of handling a vast number of transactions quickly and securely. This scalability is a game-changer in the world of blockchain technology, as it opens up exciting possibilities for decentralized applications and smart contracts to thrive with lightning-fast execution and top-notch security.

7. Hedera (HBAR)

Hedera (HBAR) is a public distributed ledger designed with businesses in mind, and it’s gaining popularity rapidly as the fastest growing layer 1 blockchain technology. What sets it apart is its remarkable energy efficiency, making it a sustainable choice for various enterprise applications. It provides a secure and transparent platform for businesses to manage and track data, transactions, and contracts, all while minimizing its environmental footprint.

8. Shardeum

Shardeum is a cutting-edge blockchain platform designed to work seamlessly with existing Ethereum applications while tackling the challenges of scalability. It aims to provide a faster and more efficient environment for decentralized applications (dApps) by finding solutions to the scalability trilemma – a problem that has been holding back blockchain technology. Dubbed as the fastest growing layer 1 blockchain, Shardeum allows developers to create dApps with improved performance, making blockchain technology more accessible and user-friendly for everyone.

9. Aptos (APT)

Aptos (APT) is an emerging blockchain platform, vying for its place among industry heavyweights like Solana. It has an interesting backstory, originating from the Diem blockchain project, which was left behind. Aptos is often touted as the fastest growing layer 1 blockchain in the crypto world.

10. Kadena

Kadena, led by former JP Morgan executives, tackles the problems of speed, scalability, and security that often plague today’s blockchain systems. This innovative platform is gaining momentum as the fastest growing layer 1 blockchain solution, providing a more efficient and secure foundation for digital transactions and applications.

11. Aurora

Aurora is the go-to choice for crypto enthusiasts, thanks to its robust Ethereum Virtual Machine (EVM) and a powerful cross-chain bridge. Whether you’re a seasoned trader or a newbie, Aurora’s got you covered with its easy-to-use platform. Plus, it’s not just any blockchain; it’s the fastest growing layer 1 blockchain, making it the ideal place to explore the exciting world of cryptocurrencies and decentralized applications.

12. Flow

Flow is a groundbreaking platform specifically crafted for games, apps, and digital assets, poised to introduce a fresh wave of creativity and advancement. It’s like a launching pad for a whole new level of innovation. Think of it as the perfect space for developers and creators to shape the future of interactive experiences. With its user-friendly approach and versatile capabilities, Flow stands as the fastest growing layer 1 blockchain, paving the way for exciting possibilities in the digital realm.

13. Metis

Metis is a cutting-edge Layer 1 protocol, built using the Cosmos-SDK framework, and it’s earning a reputation as the fastest growing layer 1 blockchain out there. One of its standout features is its ability to handle a lot of transactions quickly, making it highly scalable. This means it can process a large number of transactions and data in a short amount of time, which is crucial for supporting decentralized applications and services on the blockchain.

14. Sui

Sui Network is gaining the admiration of DeFi developers as it quickly rises in the ranks of layer 1 blockchain projects. What sets it apart is its ability to finalize transactions instantly and process them at lightning speed, making it the preferred choice for many. It’s made even more enticing with its streamlined Move programming language, which makes smart contract development efficient. Recent achievements like a successful mainnet launch and a strategic partnership with Red Bull’s Formula One racing team show that it’s not just gaining prominence within the layer 1 blockchain list; it’s becoming the fastest-growing layer 1 blockchain.

Also Read: List of Top Layer 1 Blockchains You Can’t Ignore!

The Economic Impact of Layer 1 Blockchains

Layer 1 blockchains, often considered the backbone of the crypto world, are more than just impressive technology; they’re game-changers in the global economy. These blockchains, like Ethereum and Binance Smart Chain, provide the foundation for a wide array of decentralized applications, making them hotbeds for innovation. They’re fostering entirely new business models, enabling startups to raise funds through Initial Coin Offerings (ICOs) and decentralized finance (DeFi) projects to offer lending, trading, and yield farming services. Additionally, their smart contract capabilities have the potential to streamline supply chain management and reshape global trade, reducing costs and enhancing transparency. As a result, they’re not only revolutionizing industries but also driving economic growth on a global scale, earning their reputation as the fastest growing layer 1 blockchain.

These layer 1 blockchains are also challenging traditional financial systems. With their borderless nature and ability to facilitate cross-border transactions efficiently, they’re becoming alternatives to traditional banking and payment systems. This threatens the status quo of centralized financial institutions and encourages them to adapt to stay competitive. Moreover, as governments and corporations explore the benefits of blockchain technology, these layer 1 blockchains could play a pivotal role in shaping the future of digital currencies and central bank digital currencies (CBDCs), potentially creating a more accessible and efficient financial ecosystem. In essence, layer 1 blockchains are not just technological marvels; they’re driving economic transformation, sparking innovation, and redefining the way we conduct business and handle finances in an increasingly digital and interconnected world.

Conclusion

Layer 1 blockchains are the bedrock of the crypto world, offering stability and security. As the crypto landscape evolves, these blockchains are proving to be invaluable assets for both seasoned investors and newcomers. By understanding the unique features and benefits of each, you can make informed decisions and capitalize on the fastest growing Layer 1 blockchain investments, even in bear markets.

Remember, while the potential for high returns is tempting, it’s crucial to conduct thorough research and consult with financial experts before making any investment decisions.