Author: Vince Quill, CoinTelegraph; Translation: Bai Shui, Jinse Finance.
2024 is an important year for cryptocurrencies and blockchain networks. This year, the U.S. launched exchange-traded funds (ETFs) for Bitcoin and Ethereum, altcoins underwent significant protocol upgrades, and new infrastructure networks were released.
Here are 10 cryptocurrency projects that have implemented significant protocol upgrades or launched mainnets in 2024, listed in no particular order.
Avalanche9000/Etna protocol upgrade.
The Avalanche network's Avalanche9000 upgrade, also known as Etna, is hailed as the largest upgrade in the protocol's history, launched on December 16 on the Avalanche mainnet after testing on the Fuji testnet.
This update simplifies the process of launching subnets (now referred to as "Layer 1") and changes the staking requirements for subnet validators from a fixed 2,000 AVAX to a fee structure based on the number of nodes the validator is running.
According to the Avalanche Foundation, this upgrade has reduced the subnet deployment cost by 99.9% and lowered the C-Chain network fees by 96%.
This update also transfers the responsibility of managing validators from Avalanche P-Chain to Layer 1, giving them greater autonomy and control over their network.
Sui implemented the Mysticeti consensus engine.
The Sui protocol is a high-throughput blockchain that implemented the Mysticeti consensus engine in August.
According to a spokesperson from Mysten Labs, the developer of Sui, this update reduced consensus latency to 390 milliseconds and minimized cross-validator communication to enhance efficiency.
Sui's ability to process a large number of transactions (TPS) per second and its monolithic architecture help it and other monolithic chains secure a place on the existing smart contract platform Ethereum in 2024.
Throughput and latency of Mysticeti. Source: Sui.
The Sonic Foundation has launched the Sonic mainnet.
In May 2024, the Fantom Foundation (the organization behind the Fantom network) announced that the Sonic Foundation would oversee the deployment of its Sonic Chain.
Sonic Chain is a Layer-1 blockchain compatible with the Ethereum Virtual Machine, featuring sub-second finality, a throughput of 10,000 TPS, and the introduction of Sonic Gateway (a bridge between Sonic and Ethereum).
On December 18, the Sonic mainnet went live. Fantom token holders can switch to the new network by upgrading from FTM to S tokens (the native asset of the Sonic network) on a one-to-one basis.
Hyperliquid launched tokens, enabling staking.
Hyperliquid is a Layer-1 blockchain optimized for decentralized finance, which initiated one of the largest token airdrops in cryptocurrency history on November 29.
The project distributed 310 million HYPE tokens to community members, valued at $1.2 billion at issuance. The initial price of HYPE was $3.90, and it currently trades at around $26.8.
On December 30, Hyper Foundation announced the launch of native staking on the Hyperliquid protocol, allowing users to secure the network by locking tokens in exchange for rewards.
HYPE token price trends. Source: CoinMarketCap.
Ethereum Dencun upgrade launched.
Ethereum's Dencun upgrade went live on March 13, reducing fees on the Ethereum Layer 2 network by up to 99%.
However, as users migrate to lower-cost Layer 2 solutions, the significant reduction in L2 network fees has also led to a sharp decline in Ethereum Layer 1 fees in August and September.
According to Token Terminal data, Ethereum Layer 1 network fees rebounded in November to levels seen before the Dencun implementation at the beginning of 2024.
This upgrade has elicited mixed reactions from the Ethereum community, with some praising the affordability of transactions through Layer 2, while others criticize that many L2 solutions are eroding the revenue of Ethereum Layer 1.
Ethereum Layer 1 network fees from January to December 2024. Source: Token Terminal.
Cardano's Chang hard fork introduced on-chain governance.
Cardano's Chang hard fork was implemented on September 1, bringing on-chain, decentralized governance to the network.
This update enables all holders of Cardano's ADA token to participate in the voting process and determine the future direction of Layer 1 chain.
Near Protocol achieved stateless validation through Nightshade 2.0.
Near Protocol is a Layer-1 blockchain focused on decentralized AI, which changed its network architecture in August by implementing Nightshade 2.0.
The protocol upgrade introduced stateless validation for Near, allowing validator nodes to validate transactions without storing a copy of the blockchain on their devices.
This approach reduces the hardware requirements for running validator nodes and lowers the entry barrier for new participants.
After the launch of Nightshade 2.0, the protocol's native asset NEAR surged by 50% within a month.
Near's sharding design. Source: NEARWEEK.
Movement mainnet launched.
On December 9, the Movement Network Foundation launched the Movement mainnet (an Ethereum scaling solution that settles transactions on the Ethereum network using the Move virtual machine) and the MOVE token.
According to a foundation spokesperson, the Move mainnet has sub-second finality and utilizes the Move programming language.
The programming language is widely praised by blockchain developers for its ease of use and expressiveness.
Chainlink launched the Cross-Chain Interoperability Protocol.
The Oracle network Chainlink launched the Cross-Chain Interoperability Protocol (CCIP) in April 2024.
CCIP facilitates the cross-chain transfer of tokens and smart contract communication between different blockchain ecosystems.
Since the interoperability solution was first introduced, CCIP has been integrated by multiple blockchain networks, including the Layer 2 scaling solution ZKsync and the gaming blockchain network Ronin.
A simple explanation of Chainlink CCIP. Source: Chainlink.
Stacks completed the Nakamoto upgrade.
Stacks is a Layer 2 scaling solution for Bitcoin, which completed the Nakamoto upgrade on October 9 through a hard fork.
This upgrade introduced 100% Bitcoin finality and increased network throughput.
After the update, block production is no longer determined by miner elections. Instead, blocks are now produced at fixed intervals.
In the weeks leading up to the protocol upgrade, the number of smart contracts on Stacks reached a historical high of 1,400 monthly contracts.
