In 2024, Layer 1 blockchains have taken the spotlight. They have delivered extraordinary growth and innovation across the cryptocurrency landscape. According to a recent analysis report by CoinGecko, from the start of the year, some tokens have surged by over 7,000%.it underscores the transformative potential of these blockchain platforms.
Mantra ($OM) is the standout performer among all Layer 1 blockchains. It has achieved an astounding increase of 7,035.2% from Year-to-Date (YTD). Mantra’s partnership with Zand has fueled its spectacular rise. Zand is a UAE-based digital bank partnered with Mantra to facilitate the tokenization of real-world assets (RWAs).
The collaboration was operated under Dubai’s Virtual Asset Regulatory Authority (VARA). The alliance has increased the demand for RWA products and attracted traditional financial institutions into the blockchain sphere.
CoinGecko Report Highlights Top L1 Blockchains
The CoinGecko report also has spotlighted the other impressive returned L1 blockchains. AIOZ Network has experienced a 427.6% YTD growth. This result is driven by the advancements in its decentralized content delivery network. Moreover, Sui ($SUI) has achieved a 388.2% YTD rise. This growth is fueled by innovative decentralized applications (dApps) leveraging its ecosystem.
Additional high-performing tokens include Bellscoin ($BELLS) with a 252.2% increase, and Zano ($ZANO) at 159%. Toncoin ($TON) rose by 136.2%, the credit goes to its seamless integration with Telegram. These projects highlight the diversity and adaptability of L1 blockchains. The applications of these projects range from content delivery to gamified decentralized applications (dApps).
Bitcoin ($BTC) and Ethereum ($ETH) also demonstrated resilience among the top 10 Layer 1 blockchains by market capitalization. Bitcoin recorded a 112.9% YTD increase while Ethereum posted a 34.9% rise. Their surge maintains their dominance among all other blockchains.
Solana ($SOL) surged 134.3% YTD and the increase was largely driven by the memecoin mania in 2023. Toncoin ($TON) also posted an impressive 136.2% increase. The coin benefited from its integration with Telegram to host decentralized apps (dApps) and tap-to-earn games.
Sui ($SUI) led with a staggering 338.2% YTD rise. Its surge was fueled by increasing on-chain activity, growing investor interest, and the integration of Circle’s $USDC into its ecosystem.
2024 L1 Market: Big Losses, Few Gains
The CoinGecko Report also highlights the big losers of 2024 among L1 blockchains. Entangle ($NGL) suffered with biggest decline, down 95.3% YTD. Kujira ($Kuji) and Trias Lab ($TRIAS) also faced significant losses, with drops of -86.7% and -83.4%, respectively. These declines highlight the volatility and risks in the L1 market.
In 2024, several new L1 cryptocurrencies also launch. Many of which faced steep challenges and little surges. New L1 projects like Aleo ($ALEO), Saga ($SAGA), and Omni Network ($OMNI) faced challenges. They experienced steep declines ranging from 57.3% to 69.9%. However, Kaia ($KAIA), launched in October, saw a slight growth of 5.2%.
The year 2024 highlights the competitive and unpredictable nature of the L1 market. While established players continue to thrive, newer entrants must innovate and adapt to gain market traction and sustain growth.
