Layer-1 Crypto with the Most Potential: Must-See Projects in 2024

In the world of blockchain, Layer-1 crypto is the core foundation on which transactions are completed and security is guaranteed. Unlike Layer-2 solutions built on existing platforms, Layer-1 blockchains are independent networks with their own consensus mechanisms, playing a key role in the rapidly growing digital asset space.

Why Is Layer-1 Crypto Important?

Layer-1 blockchains provide the infrastructure to build the entire cryptocurrency ecosystem. These networks offer decentralization, security, and transparency — elements that cannot be compromised. They operate independently, executing transactions and smart contracts without relying on external systems. Most Layer-1 crypto projects have their own native tokens, which are vital for maintaining the network economy.

Popular Layer-1 blockchains benefit from strong network effects — as more users participate, the value of the network increases. While Layer-2 solutions can alleviate immediate congestion, they still depend on Layer-1 to settle final transactions.

Most Notable Layer-1 Blockchains to Watch

1. Solana (SOL) - Ultra-Fast Transaction Execution

Solana Data:

• Current Price: $124.97
• Market Cap: $70.32B
• 1-Year Change: -36.85%
• TVL: $1.65B

Solana stands out in the Layer-1 crypto space thanks to its extremely high transaction processing speed and very low transaction costs. Its innovative Proof of History (PoH) consensus mechanism combined with Proof of Stake (PoS) allows processing thousands of transactions per second, making it a popular choice for decentralized applications.

The SOL token is used to pay transaction fees and execute smart contracts, and is staked by validators to secure the network. In 2023, Solana’s ecosystem made significant progress with over 2,000 active nodes and the development of Firedancer — a major upgrade to boost speed. Partnerships with Google Cloud and AWS have also enhanced network transparency. The launch of Solana Mobile Saga and the BONK airdrop created waves in the community.

2. Ethereum (ETH) - The King of DApps and DeFi

Ethereum Data:

• Current Price: $2.98K
• Market Cap: $360.09B
• 1-Year Change: -14.68%
• TVL: $35B

Ethereum is the leading Layer-1 crypto platform with the largest developer community and a vibrant ecosystem of dApps. Launched in 2015 by Vitalik Buterin, Ethereum has evolved beyond its initial role to become the largest marketplace for NFTs, DeFi, and decentralized applications.

Ethereum’s pioneering advantage and extensive developer community have created a rich ecosystem with thousands of tools, frameworks, and protocols. In 2023, Ethereum continued its transition to Ethereum 2.0 with key milestones improving scalability. Layer-2 solutions like rollups play a crucial role in reducing fees and increasing transaction throughput.

3. Bitcoin (BTC) - The Pioneer Cryptocurrency

Bitcoin Data:

• Market Cap: $841B (data updated)
• TVL: $302.04M
• 1-Year Change: According to latest data

Bitcoin remains the foundational Layer-1 crypto in blockchain. As the first decentralized digital currency introduced in 2009, Bitcoin offers high security and immutability, serving as the most widely recognized store of value globally.

BTC is mainly used for payments, digital investments, and increasingly as a reserve asset — the “digital gold.” The Bitcoin Halving event occurs roughly every four years, reducing block rewards and driving scarcity. In 2023, the Bitcoin Ordinals protocol enabled NFT minting directly on the Bitcoin blockchain, opening new possibilities. Layer-2 solutions like Stacks have also emerged to address Bitcoin’s limitations in supporting smart contracts.

4. BNB Chain (BNB) - High Performance from Binance

BNB Chain Data:

• Current Price: $843.00
• Market Cap: $116.11B
• 1-Year Change: +19.93%
• TVL: $3.6B

BNB Chain, formerly Binance Smart Chain, is a Layer-1 crypto developed by the leading exchange Binance. Launched in September 2020, it runs parallel to Binance Chain, providing a high-performance network for smart contract applications.

Its dual-chain architecture allows seamless asset transfers between chains for DeFi, NFTs, and gaming. Compared to Ethereum, BNB Chain has a younger ecosystem but is growing rapidly with over 1,300 dApps. The PoSA consensus mechanism enables fast transactions and lower fees. In 2023, the project was renamed BNB Chain to emphasize a broader vision beyond Binance exchange, focusing on DeFi and NFTs.

5. Avalanche (AVAX) - Ultra-Fast Finality

Avalanche Data:

• Current Price: $12.48
• Market Cap: $5.36B
• 1-Year Change: -68.97%
• TVL: $781M

Avalanche is a high-performance, scalable Layer-1 platform designed for dApps and custom blockchain networks. Its strength lies in fast transaction processing, achieving finality in under two seconds — one of its biggest advantages.

Its unique consensus mechanism combines elements of classical and Nakamoto consensus, offering a powerful mix of security, scalability, and decentralization. The AVAX token is used for transaction fees, staking, and participation in consensus. In 2023, Avalanche’s C-Chain set a record with approximately 3.07 million transactions, reflecting increasing adoption. Inscription transactions (inscriptions) account for over 50% of total transactions, leading to significantly higher fees.

6. Polkadot (DOT) - Multi-Chain Interoperability Blockchain

Polkadot Data:

• Current Price: $1.73
• Market Cap: $2.85B
• 1-Year Change: -76.92%
• TVL: $162M

Polkadot is a multi-chain blockchain platform enabling different blockchains to transfer messages and value trustlessly, sharing unique features while maintaining security. Its strength is in interoperability, scalable multi-chain architecture, and secure relay chains (parachains).

The DOT token is used for governance, staking to secure the network, and bonding to connect parachains. In 2023, the Polkadot ecosystem saw 19,090 developer contributions on GitHub in March, enhancing application development and network security. Polkadot 2.0 has been announced, promising upgrades in scalability, governance, and interoperability. Staking activity increased by 49% thanks to new Nomination Pools.

7. Aptos (APT) - Move Language and Parallel Execution

Aptos Data:

• Current Price: $1.69
• Market Cap: $1.27B
• 1-Year Change: -82.26%
• TVL: $171M

Aptos is a Layer-1 crypto developed with a focus on high scalability, reliability, and usability. Its strengths include the Move programming language for secure smart contract development and efficient parallel execution tools that enhance speed and throughput.

The APT token is used for transaction fees, network governance, and staking. In 2023, Aptos received backing from prominent investors with over $400 million in funding. Network activity surged with transactions often reaching hundreds of thousands. Aptos integrates services like Sushi, partners with Coinbase Pay, and expands into gaming and entertainment.

8. Sui (SUI) - New Multi-Chain Architecture

Sui Data:

• Current Price: $1.41
• Market Cap: $5.27B
• 1-Year Change: -68.61%
• TVL: $488M

Sui is a new Layer-1 crypto platform designed for high throughput and scalability, focusing on supporting many dApps with fast performance. Its strengths include innovative consensus mechanisms and the Move language, providing security and flexibility.

The SUI token is used for transaction fees, network governance, and other utility purposes. In 2023, Sui’s ecosystem grew significantly, setting a record with 65.8 million transactions in a single day. zkLogin revolutionizes dApp access with enhanced privacy. The TurboStar program on the decentralized exchange Turbo promotes ecosystem project growth.

9. Internet Computer (ICP) - The Global Computer

Internet Computer Data:

• Current Price: $3.03
• Market Cap: $1.65B
• 1-Year Change: -72.86%
• TVL: $33M

Internet Computer is a blockchain platform developed by DFINITY Foundation, designed to extend traditional blockchain capabilities by enabling smart contract storage and entire software systems on-chain.

Its strengths include a unique consensus mechanism allowing high transaction throughput and scalability. Its goal is to reinvent the internet by creating a decentralized cloud computing environment. In 2023, ICP ecosystem made significant progress with Websockets integration for real-time interactions and expanded storage. Canisters can make secure HTTPS calls to Web 2.0, broadening smart contract possibilities.

10. Sei (SEI) - DeFi-Focused Layer-1

Sei Data:

• Current Price: $0.11
• Market Cap: $723.11M
• 1-Year Change: -75.44%
• TVL: $10.44M

Sei is a Layer-1 crypto optimized mainly for DeFi, providing a high-speed environment for financial transactions. Its strengths include an optimized order book and native matching tools, reducing latency and improving decentralized exchange efficiency.

The SEI token is used for transaction fees, network governance, and staking. In 2023, the Sei Ecosystem Fund grew to $120 million following a $50 million investment from Foresight Ventures. Growth strategies focus on penetrating the Asian market, leveraging high crypto adoption rates in the region.

11. Kaspa (KAS) - Revolutionary GHOSTDAG Technology

Kaspa Data:

• Current Price: $0.05
• Market Cap: $1.23B
• 1-Year Change: -61.79%

Kaspa is a decentralized blockchain network utilizing a new consensus mechanism called GHOSTDAG, enabling fast transaction processing. Its strengths include high block speed and instant finality, making the network faster and more scalable than traditional blockchain architectures.

The KAS token is used for transaction fees, mining activities, and system security. In 2023, Kaspa emerged as a notable new cryptocurrency, with a leap forward after switching to the Dag Knight consensus. Kaspa transitioned from GoLang to Rust to fully leverage modern hardware. KAS experienced significant value appreciation in 2023.

12. Cosmos (ATOM) - Connecting Blockchain Networks

Cosmos Data:

• Market Cap: $3.6B
• TVL (CosmosHub): $1.6M

Cosmos is a decentralized network of independent blockchains designed to address scalability and interoperability issues. Its strength lies in the Inter-Blockchain Communication protocol (IBC), enabling different blockchains to interact and share data.

The ATOM token is used for staking, securing the network, and governance. In 2023, Cosmos ecosystem grew significantly with the introduction of Interchain Security. Cosmos Hub’s online activity surged, averaging 500,000 transactions daily. Upgrades like Theta introduced Interchain Accounts, Rho added Liquid Staking, and new NFT modules expanded functionality.

13. Cronos (CRO) - Blockchain Supported by Crypto.com

Cronos Data:

• Current Price: $0.09
• Market Cap: $3.60B
• 1-Year Change: -40.99%
• TVL: $329M

Cronos is a relatively new Layer-1 crypto launched in November 2021, built on Cosmos SDK and supported by Crypto.com. Its goal is to provide a fast, secure, and interoperable platform for DeFi, NFTs, and GameFi.

Cronos leverages the Proof-of-Stake (PoS) consensus for efficient, low-cost transactions. Although still young, Cronos has a rapidly developing ecosystem with over 200 dApps. The CRO token serves as the platform’s fuel. Built on Cosmos SDK, Cronos integrates with Cosmos chains and Ethereum via IBC. In 2023, Cronos expanded its DeFi, NFT ecosystem and introduced Cronos Rollups.

14. Kava (KAVA) - Combining Cosmos and EVM

Kava Data:

• Current Price: $0.08
• Market Cap: $82.90M
• 1-Year Change: -84.04%
• TVL: $234M

Kava is a unique Layer-1 crypto combining Cosmos SDK scalability with EVM-compatible chains, allowing Ethereum dApps to leverage Kava’s features. Its “co-chain” architecture positions Kava as a hub for innovative DeFi dApps.

Compared to Ethereum, Kava has a smaller ecosystem but is growing fast with over 110 dApps and a TVL of around $250 million. The KAVA token is used for governance and staking. Recent upgrades like Kava 14 enable direct USDt issuance on Cosmos. In 2023, Kava launched Kava 12 and Kava 13, focusing on enhancing DAO flexibility within Cosmos.

15. ZetaChain (ZETA) - The First Omnichain Blockchain

ZetaChain Data:

• Current Price: $0.07
• Market Cap: $80.96M
• 1-Year Change: -88.75%
• TVL: $610K

ZetaChain aims to revolutionize interoperability by becoming the first Layer-1 “omnichain” crypto. It can connect and interact with any blockchain, regardless of architecture or smart contract capabilities.

This enables asset transfers, data exchanges, and smart contract execution across different chains, fostering a unified Web3 experience — a significant step forward in Layer-1 crypto development.

Conclusion

The Layer-1 crypto market is becoming increasingly diverse, with each project offering unique solutions to blockchain challenges. From Solana’s ultra-fast transactions to Polkadot’s multi-chain interoperability, Layer-1 cryptos are shaping the future of decentralized finance. Investors should monitor these projects’ developments to seize potential opportunities in 2024 and beyond.