15 Layer 1 Blockchains Not to Miss in 2024: An Investor's Must-Read Guide

A Layer-1 blockchain is the cornerstone of the entire crypto ecosystem. Unlike second-layer solutions that depend on existing blockchains, these independently operating blockchain networks rely on their own consensus mechanisms and security models to ensure transaction decentralization, security, and transparency. Currently, the Layer-1 market is experiencing an evolution—from Ethereum’s proof of stake upgrade to the emergence of new environmentally friendly chains—continually redefining the development direction of blockchain technology.

What is a Layer-1 Blockchain?

A Layer-1 blockchain, also known as the base layer, is the core network for final transaction confirmation and recording. They operate independently, with their own consensus mechanisms and security models—whether proof of work (PoW) or proof of stake (PoS). This independence allows Layer-1 blockchains to handle transaction finality and provide a secure foundation for Layer-2 and Layer-3 solutions.

The advantages of Layer-1 blockchains include providing true decentralization, security guarantees, and tamper-proof transactions—features that are vital for the development of digital assets.

Core Competitiveness of Layer-1 Blockchains

Excellent Layer-1 blockchains often possess the following characteristics:

1. Decentralized Security and Transparent Governance — Fully decentralized architecture ensures no single entity controls the network; all transactions are publicly verifiable, establishing trust and accountability mechanisms.

2. Independent Operation Capability — Capable of executing transactions and smart contracts independently, validated through different consensus mechanisms (such as PoW or PoS).

3. Native Token Economy — Most Layer-1 blockchains have essential native tokens used for paying transaction fees, staking, and governance.

4. Ecosystem Inclusivity — As the infrastructure layer, Layer-1 blockchains provide a flexible platform for developers, supporting diverse applications from DeFi to NFTs, gaming, and more.

5. Network Effects Against Congestion — Compared to Layer-2 solutions, mainstream Layer-1 blockchains have stronger network effects. While Layer-2 can alleviate temporary congestion, final settlement still depends on the security and efficiency of the Layer-1.

2024 Key Layer-1 Blockchain Matrix

High-Performance Public Chains

Solana (SOL) — Representative of high throughput and low cost

• Current Price: $123.86 | Market Cap: $69.69B | 1-Year Change: -37.35%

Solana leverages its unique Proof of History (PoH) consensus combined with PoS to achieve industry-leading transaction speeds. Key developments in 2023 include the launch of Solana Improvement Documents (SIMD), standardizing protocol improvements; the Firedancer validator upgrade promises significant throughput enhancements. Ecosystem-wise, Jupiter’s DEX aggregator, after introducing the JUP token, has become a core DeFi hub, while Solana Mobile Saga and BONK airdrops have expanded consumer-level applications. Over 2000 validator nodes ensure true network decentralization.

Avalanche (AVAX) — Efficient multi-chain architecture

• Current Price: $12.46 | Market Cap: $5.35B | 1-Year Change: -69.03%

Avalanche innovatively combines classical consensus with Nakamoto consensus, achieving finality in under 2 seconds. In 2023, the C-Chain set a new record with 307 million transactions, with inscription transactions once accounting for over 50%, and weekly transaction fees reaching $13.8 million. Its collaboration with J.P. Morgan’s Onyx blockchain highlights its potential for institutional applications.

Kaspa (KAS) — DAG architecture disruptor

• Current Price: $0.05 | Market Cap: $1.21B | 1-Year Change: -62.12%

Kaspa uses the GHOSTDAG consensus mechanism to achieve second-level confirmation and extremely high throughput. Transitioning from GoLang to Rust optimized hardware utilization. In 2023, KAS price surged over 1800%, reflecting market recognition of its innovative architecture. The ecosystem is evolving toward a fast, scalable, secure PoW Layer-1.

Emerging Smart Contract Platforms

Internet Computer (ICP) — Blockchain practice of cloud computing paradigm

• Current Price: $3.03 | Market Cap: $1.65B | 1-Year Change: -72.86%

ICP aims to reconstruct the internet through decentralized computing. In 2023, WebSockets integration enabled real-time application interaction, and HTTPS cross-origin calls extended interoperability with Web 2.0. Direct Bitcoin integration eliminated the need for cross-chain bridges. SNS (Service Nervous System) unlocked permissionless DAO governance token issuance.

Sui (SUI) — Parallel processing driven by Move language

• Current Price: $1.69* | Market Cap: $1.27B | 1-Year Change: -82.30%

After launching its mainnet, Sui quickly broke the 65.8 million daily transaction record, with TVL peaking at $188 million. zkLogin revolutionized dApp user experience by enabling privacy access via Web2 social accounts. Turbo DEX’s TurboStar program provides multi-dimensional support for ecosystem projects.

Aptos (APT) — High-performance engine with parallel execution

• Current Price: $1.69 | Market Cap: $1.27B | 1-Year Change: -82.30%

Aptos’s core strengths lie in the security of the Move language and Block-STM parallel execution technology. With $400 million in funding and backers including Tiger Global and PayPal Ventures, it reached a TVL of over $85 million in 2023, with strategic partnerships with Microsoft, NEOWIZ, and others. The new Digital Asset Standard lays the foundation for real-world applications.

DeFi Dedicated Chain New Heights

Sei (SEI) — Order book optimized DeFi accelerator

• Current Price: $0.11 | Market Cap: $722.46M | 1-Year Change: -75.47%

Sei optimized at the chain level for DEXs and trading protocols, with an integrated order book matching engine. In 2023, ecosystem funds increased to $120 million, with Foresight Ventures’ $50 million investment accelerating penetration into the Asia-Pacific market. Regional collaborations like Graviton strengthen localized deployment.

Interoperability Ecosystem

Polkadot (DOT) — Benchmark for multi-chain security sharing

• Current Price: $5.36* | Market Cap: $8.5B | 1-Year Change: -0.29%

Polkadot’s parachain architecture saw cost optimizations with Parathread and efficiency improvements in Next-Generation Scheduling in 2023. The Polkadot 2.0 white paper outlines a more aggressive scalability blueprint. Nomination Pools increased staking participation by 49%, with USDC integration and the Rocco testnet enhancing cross-chain experience.

Cosmos (ATOM) — Pioneer of IBC protocol

• Current Price: $2.02 | Market Cap: $981.39M | 1-Year Change: -70.82%

Cosmos enables value exchange among heterogeneous chains via IBC. In 2023, Interchain Security improved security for small blockchains, with the Hub averaging 500,000 transactions daily and 20 million total volume reflecting active ecosystem. Liquid staking and NFT modules expanded functionality. The Interchain Fund’s $26.4 million grant to Stack further accelerates growth.

Kava (KAVA) — Hybrid of EVM and Cosmos

• Current Price: $0.47* | Market Cap: $741M | 1-Year Change: -29%

Kava’s “co-chain” design supports EVM applications and Cosmos ecosystem. Kava 14 introduced direct USDt issuance, amplifying DeFi liquidity through strategic integrations. The fixed supply in “Kava Tokenomics 2.0” and community-driven Strategic Vaults demonstrate commitment to real assets.

ZetaChain (ZETA) — True cross-chain interoperability pioneer

• Current Price: $0.07 | Market Cap: $80.36M | 1-Year Change: -88.85%

ZetaChain first achieved true “omnichain” functionality—interacting with any blockchain regardless of architecture or smart contract capability. Asset cross-chain transfer, cross-chain data exchange, and cross-chain contract execution are now possible, reconstructing a unified Web3 experience.

Institutional and Ecosystem Pillars

Bitcoin (BTC) — Immutable status of digital gold

• Current Price: $88.57K | Market Cap: $1768.49B | 1-Year Change: -10.91%

Bitcoin, as the pioneering decentralized digital currency, remains dominant in the digital asset world. The 2023 Ordinals protocol ushered in the era of native NFT minting (ORDI, SATS, etc.), while Layer-2 solutions like Stacks and protocols like Taproot Assets expanded Bitcoin’s smart contract capabilities. Its decentralized architecture and scarcity of 21 million coins reinforce its status as “digital gold.”

Ethereum (ETH) — King of smart contract ecosystems

• Current Price: $2.96K | Market Cap: $357.78B | 1-Year Change: -15.19%

Ethereum consolidates its position as the hub for DeFi, NFTs, and Web3 with over 3000 dApps and the largest developer community. In 2023, continued optimization of Layer-2 rollups reduced costs and increased throughput. The full transition to Ethereum 2.0’s PoS reduces energy consumption and upgrades user experience, setting the stage for the new year.

BNB Chain (BNB) — The fastest latecomer catching up

• Current Price: $839.60 | Market Cap: $115.64B | 1-Year Change: +19.49%

As Binance’s core ecosystem, BNB Chain has attracted over 1300 dApps with PoSA consensus and EVM compatibility. The launch of its independent PoS chain separates staking from governance, and cross-chain bridge improvements enhance interoperability. In 2024, Layer-2 integrations and sharding deployment promise further performance breakthroughs.

Cronos (CRO) — Emerging power empowered by Crypto.com

• Current Price: $0.09 | Market Cap: $3.60B | 1-Year Change: -40.89%

Launched in November 2021, Cronos has grown rapidly with over 200 dApps in its ecosystem. Its Cosmos SDK-based IBC compatibility and Ethereum EVM support create dual-ecosystem advantages. Protocols like VVS Finance, Tectonic, and NFT projects like Loaded Lions drive ecosystem prosperity. The 2023 Cronos ID and the 2024 Rollups indicate new heights for DeFi and user experience.

Outlook for 2024: From Single Chains to Ecosystem Interconnection

The Layer-1 market is shifting from a competition of “which chain is fastest” to a collaborative model of “how to be more useful within the ecosystem.” Cross-chain applications like Ordinals and Inscriptions, innovations in identity solutions such as zkLogin and Cronos ID, and the improvement of interoperability protocols like IBC and ZetaChain all point toward a future of multi-chain coexistence and ecosystem synergy.

When investing in a Layer-1 blockchain, it’s advisable to also pay attention to its ecosystem activity in DeFi, NFTs, gaming, and other segments, as well as developer support and technological innovation—these often provide better long-term indicators than performance metrics alone.

Disclaimer: The above content is for informational purposes only and does not constitute investment advice. Cryptocurrency investments carry high risks; please understand the risks thoroughly and make cautious decisions.