The year 2024 was marked by significant developments in the world of cryptocurrencies and blockchain networks. From the launch of exchange-traded funds (ETFs) for Bitcoin and Ethereum to major protocol upgrades for altcoins, the year saw a plethora of advancements that further solidified the growth and adoption of these innovative technologies.
In this article, we will take a closer look at 10 notable crypto projects that implemented significant protocol upgrades or shipped mainnets in 2024. While not exhaustive, these examples showcase the progress and innovation taking place within the industry.
1. Avalanche: Etna Protocol Upgrade
The Avalanche network’s Etna protocol upgrade was one of the most significant updates of 2024. Touted as the largest update in the protocol’s history, it simplified the process of launching subnets (now called ‘layer 1s’) and changed the staking requirements for subnet validators from a fixed 2,000 AVAX to a fee structure based on the number of nodes a validator is running.
According to the Avalanche Foundation, this upgrade reduced the cost of subnet deployment by an impressive 99.9% and lowered C-Chain network fees by 96%. The update also shifted the responsibility of managing validators from the Avalanche P-Chain to the layer 1s, giving them greater autonomy and control over their networks.
2. Sui: Implementation of Mysticeti Consensus Engine
In August 2024, the Sui protocol implemented the Mysticeti consensus engine, which led to a significant reduction in consensus latency to 390 milliseconds and minimized cross-validator communication, thereby enhancing efficiency.
Sui’s ability to process a high number of transactions per second (TPS) and its monolithic architecture helped it gain ground on incumbent smart contract platform Ethereum in 2024. The Mysticeti throughput and latency improvements were notable milestones for the Sui ecosystem.
3. Fantom: Sonic Mainnet Launch
The Fantom Foundation, responsible for the Fantom network, announced that the Sonic Foundation would oversee the deployment of its Sonic Chain in May 2024. Sonic Chain is an Ethereum Virtual Machine-compatible layer-1 blockchain featuring sub-second finality times, a throughput of 10,000 TPS, and the introduction of the Sonic Gateway, a bridge between Sonic and Ethereum.
On December 18, 2024, the Sonic mainnet went live, allowing Fantom (FTM) token holders to switch to the new network via a one-to-one upgrade from FTM to the S token, which is native to the Sonic ecosystem.
4. Chainlink: Cross-Chain Interoperability Protocol
In April 2024, Oracle network Chainlink released the Cross-Chain Interoperability Protocol (CCIP), facilitating cross-chain transfers of tokens and smart contract communication between different blockchain ecosystems.
Since its debut, CCIP has been integrated by several blockchain networks, including layer-2 scaling solution ZKsync and gaming blockchain network Ronin. This interoperability solution has significantly expanded the potential for seamless interactions across various blockchain systems.
5. Stacks: Nakamoto Upgrade
Stacks, a layer-2 scaling solution for Bitcoin, completed the Nakamoto upgrade through a hard fork on October 9, 2024. The update introduced 100% Bitcoin finality and increased network throughput, leading to improved performance and scalability.
Following the update, block production ceased to be determined in miner elections, instead being produced at fixed intervals. This change has enabled more efficient and predictable network operations, contributing to the growth of the Stacks ecosystem.
6. Movement: Mainnet Launch
The Movement Network Foundation launched the Movement mainnet on December 9, 2024, an Ethereum scaling solution that utilizes the Move Virtual Machine to settle transactions to the Ethereum network. The mainnet features sub-second finality times and leverages the Move programming language, which has been praised by blockchain developers for its ease of use and expressiveness.
7. Near: Nightshade Upgrade
Near’s sharding design was improved with the rollout of the Nightshade upgrade, which introduced stateless validation to the protocol. This allowed validator nodes to verify transactions without storing a copy of the blockchain on their devices, lowering hardware requirements and reducing barriers to entry for new participants.
Following the rollout of Nightshade 2.0, Near’s native asset, NEAR, surged by 50% in a month, demonstrating the positive impact of this upgrade on the protocol’s performance and adoption.
8. Movement: Mainnet Launch
The Movement Network Foundation launched the Movement mainnet on December 9, 2024, an Ethereum scaling solution that utilizes the Move Virtual Machine to settle transactions to the Ethereum network. The mainnet features sub-second finality times and leverages the Move programming language, which has been praised by blockchain developers for its ease of use and expressiveness.
9. Chainlink: Cross-Chain Interoperability Protocol
In April 2024, Oracle network Chainlink released the Cross-Chain Interoperability Protocol (CCIP), facilitating cross-chain transfers of tokens and smart contract communication between different blockchain ecosystems.
Since its debut, CCIP has been integrated by several blockchain networks, including layer-2 scaling solution ZKsync and gaming blockchain network Ronin. This interoperability solution has significantly expanded the potential for seamless interactions across various blockchain systems.
10. Stacks: Nakamoto Upgrade
Stacks, a layer-2 scaling solution for Bitcoin, completed the Nakamoto upgrade through a hard fork on October 9, 2024. The update introduced 100% Bitcoin finality and increased network throughput, leading to improved performance and scalability.
Following the update, block production ceased to be determined in miner elections, instead being produced at fixed intervals. This change has enabled more efficient and predictable network operations, contributing to the growth of the Stacks ecosystem.
Conclusion
2024 was a year marked by significant advancements in the world of cryptocurrencies and blockchain networks. From the launch of exchange-traded funds (ETFs) for Bitcoin and Ethereum to major protocol upgrades for altcoins, these developments further solidified the growth and adoption of these innovative technologies.
The 10 projects highlighted above demonstrate the progress and innovation taking place within the industry, showcasing improved scalability, interoperability, and performance. As we look ahead to 2025, it will be interesting to see which projects continue to push the boundaries of what is possible in this rapidly evolving space.
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