2024 was an important year for cryptocurrencies and blockchain networks. In the United States, we saw the launch of exchange-traded funds (ETFs) for Bitcoin (BTC) and Ethereum (ETH), major protocol upgrades for altcoins, and the launch of new infrastructure networks.
Here are 10 cryptocurrency projects that have implemented major protocol upgrades or launched their mainnet in 2024, without any particular ranking.
Avalanche9000/Etna Protocol Upgrade
Considered the largest upgrade in the protocol’s history, the Avalanche network’s Avalanche9000 upgrade, also known as Etna, was released on the Avalanche mainnet on December 16 after a testing phase on the Fuji testnet.
The update simplifies the subnet startup process, now called “Layer 1,” and changes the staking requirement for subnet validators from a fixed 2,000 AVAX (AVAX) to a fee structure based on the number of nodes the validator runs.
According to the Avalanche Foundation, the upgrade reduces subnet deployment costs by 99.9% and C-Chain network costs by 96%.
This update also moves validator management responsibility from Avalanche P-Chain to Layer 1, providing greater autonomy and control over the network.
Sui implements the Mysticeti consensus engine.
The Sui protocol, a high-throughput blockchain, implemented the Mysticeti consensus engine last August.
According to a spokesperson from Mysten Labs, the developer of Sui, the update reduces consensus latency to 390 milliseconds and improves efficiency by minimizing communication between validators.
Sui’s high transaction per second (TPS) processing power and monolithic architecture have helped Sui and other monolithic chains gain a presence on Ethereum, the smart contract platform as of 2024.
Mysticeti throughput and latency. source: Sui
Sonic Foundation Sonic Mainnet Launch
In May 2024, the Fantom Foundation, the organization behind the Fantom Network, announced that the Sonic Foundation would oversee the deployment of Sonic Chain.
Sonic Chain is an Ethereum Virtual Machine compatible layer 1 blockchain featuring a final completion time of less than 1 second, a throughput of 10,000 TPS, and the introduction of Sonic Gateway, a bridge between Sonic and Ethereum.
On December 18th, Sonic mainnet was launched. Fantom (FTM) token holders can switch to the new network through a one-to-one upgrade from FTM to S tokens, the native asset of the Sonic network.
Hyperliquid launches token, enables staking
Hyperliquid, a layer 1 blockchain optimized for decentralized finance, launched one of the largest token airdrops in cryptocurrency history on November 29th.
At launch, the project distributed 310 million HYPE tokens worth $1.2 billion to community members. HYPE launched with an initial price of $3.90 and is currently trading at around $26.8.
On December 30th, Hyper Foundation announced the launch of native staking for the Hyperliquid protocol. This allows users to secure the network by locking up tokens in exchange for returns.
HYPE token price action. source: CoinMarketCap
Ethereum Dencun upgrade begins
Ethereum’s Dencun upgrade went live on March 13 and reduced fees on the Ethereum layer 2 network by up to 99%.
However, a sharp decline in L2 network fees led to a collapse in Ethereum layer 1 fees in August and September as users migrated to cheaper layer 2.
According to data from Token Terminal, network fees on Ethereum layer-1 have rebounded to levels recorded in early 2024 before Dencun was implemented in November.
The upgrade drew mixed reactions from the Ethereum community, with some praising the economics of transactions over Layer 2 and others criticizing the cannibalization of Ethereum Layer 1 revenue by the network’s many L2 solutions.
Ethereum layer-1 network fees from January to December 2024. source: token terminal
Cardano’s Chang hard fork introduces on-chain governance
Cardano’s Chang hard fork was implemented on September 1, introducing on-chain, decentralized governance to the network.
This update allows all holders of Cardano’s native currency, ADA (ADA), to participate in the voting process and determine the future direction of the layer 1 chain.
Near Protocol implements stateless verification through Nightshade 2.0.
Near Protocol, a layer 1 blockchain focused on decentralized artificial intelligence, implemented the Nightshade 2.0 update last August, changing its network architecture.
The protocol upgrade introduces stateless verification to Near. This allows validator nodes to verify transactions without having to store a copy of the blockchain on their device.
This approach lowered the hardware requirements for running validator nodes and lowered the barrier to entry for new participants.
Following the launch of Nightshade 2.0, the protocol’s native asset, NEAR (NEAR), soared 50% in one month.
Near’s sharding design. source: Geunju
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Movement Mainnet Launch
On December 9, the Movement Network Foundation launched the Movement mainnet and the MOVE token, an Ethereum scaling solution that uses the Move Virtual Machine to settle transactions on the Ethereum network.
According to a foundation spokesperson, the Movement mainnet features a final completion time of less than one second and utilizes the Move programming language.
The programming language has received widespread praise from blockchain developers for its ease of use and expressiveness.
Chainlink launches cross-chain interoperability protocol
The oracle network Chainlink launched the Cross-Chain Interoperability Protocol (CCIP) in April 2024.
CCIP facilitates cross-chain transfer of tokens and smart contract communication between various blockchain ecosystems.
Since the launch of the interoperability solution, CCIP has been integrated into several blockchain networks, including layer 2 scaling solution ZKsync and gaming blockchain network Ronin.
A quick illustration of Chainlink’s CCIP. source: chain link
Stax, Nakamoto upgrade completed
Stacks, a layer 2 scaling solution for Bitcoin (BTC), completed the Nakamoto upgrade through a hard fork on October 9.
The upgrade introduces 100% Bitcoin finality and improved network throughput.
After the update, miner elections stopped determining block production. Instead, blocks are now generated at fixed intervals.
The number of smart contracts on Stack reached an all-time high of 1,400 contracts per month in the weeks leading up to the protocol upgrade.
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