Timothy Morano
November 27, 2024 10:11
Layer 1 blockchains will see explosive growth in 2024, with Mantra (OM) leading the way, boasting a 7,035% increase. Explore top performing companies and market dynamics.
Layer 1 (L1) blockchains have seen significant growth in 2024, with some tokens experiencing unprecedented price increases. Among these, Mantra (OM) emerged as a standout performer, boasting a 7,035% surge in value according to CoinGecko. This remarkable rise is partly thanks to Mantra’s strategic partnership with UAE-based digital bank Zand to promote tokenization of real assets (RWAs) under Dubai’s Virtual Asset Regulatory Authority.
Market overview
In 2024, the cryptocurrency market was boosted by Donald Trump’s presidential election victory, increasing demand for L1 solutions. These platforms provide the necessary infrastructure for decentralized applications (dApps) and smart contracts. However, L1 blockchains face stiff competition from layer 2 solutions that offer improved transaction speeds and reduced costs compared to existing blockchains such as Ethereum.
Highest performing layer 1 coin
In addition to Mantra, AIOZ Network (AIOZ) and Sui (SUI) also saw significant gains, with gains of 427.6% and 388.2% YTD, respectively. AIOZ has benefited from the growing adoption of decentralized content delivery networks, while Sui has gained attention through the launch of innovative dApps that leverage scalability.
Other notable gainers include Bellscoin (BELLS), up 252.2%, Zano (ZANO), up 159%, and Toncoin (TON), up 136.2%. Toncoin (TON) leverages integration with Telegram to host dApps and tap-to-earn games.
Top Layer 1 Coins by Market Capitalization
Despite the outstanding performance of small and mid-cap L1, coins with large market capitalizations such as Bitcoin (BTC) and Ethereum (ETH) also showed positive returns. Bitcoin is up 112.9% YTD, while Ethereum is up 34.9%, outperforming the S&P 500 index, which is up 24.8% in 2024. Solana (SOL) rebounded from the aftermath of the 2022 FTX bankruptcy, rising 134.3%.
biggest decrease
Conversely, some layer 1 coins have experienced significant declines. Entangle (NGL) plummeted 95.3% YTD, followed by KUJI and TRIAS, which fell 86.7% and 83.4%, respectively. This decline highlights the volatility and difficulties faced by new entrants in the highly competitive L1 space.
Performance of layer 1 coins launched in 2024
Several layer 1 coins launched in 2024 have experienced mixed results. ALEO and SAGA showed declines of 58.1% and 69.9%, respectively, and Omni Network (OMNI) and Zeta Chain (ZETA) also showed declines. KAIA, launched at the end of October, showed moderate positive growth of 5.2%.
The performance of these tokens highlights the competitive nature of the blockchain market, where continued innovation and adoption are critical for success.
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