How will various Layer1 public chains perform in 2024?

With the bull run in hand, 2024 is an exciting year for the first layer (Layer 1, L1) blockchain. Since January, its Token price has soared by over 7000%. In the rapidly developing encryption field, some unexpected Tokens have become the top performers of the year. Let’s take a look at the biggest L1 winners and losers of 2024 together.

Author: Prem Reginald

Translation: Plain Language Blockchain

Inspired by Donald Trump’s victory in the presidential election, the Cryptocurrency market in 2024 is showing a vertical rise trend. As a platform for Decentralized Applications (dApps) and Smart Contracts, the demand for L1 solutions has risen significantly, and major L1 blockchains are engaged in fierce competition for the top position. However, they face strong challenges from Layer 2 (L2) solutions, which are dedicated to improving transaction speed at extremely low cost, thus competing with mature blockchains such as Ethereum.

1. Which Layer 1 Tokens perform the best?

Among the top-performing Tokens, Mantra (OM) has achieved an unprecedented rise, with a value surge of 7,035.2%. This surge is partly due to Mantra’s collaboration with Digital Bank Zand, based in the UAE. By complying with the regulations of the Dubai Virtual Asset Regulatory Authority (VARA), Zand has tokenized Real World Assets (RWA). Furthermore, there is a continuous rise in demand for RWA products, and Traditional Financial Institutions are also introducing money market funds and bonds to the blockchain.

2. Other outstanding Tokens

AIOZ Network (AIOZ) is another standout performer, rising 427.6% YTD. The platform’s Decentralization content distribution network has gained increasing adoption through continuous ecosystem optimization. Also in the top three is Sui (SUI), which has risen 388.2% YTD thanks to the rapid development within its ecosystem, including the launch of innovative dApps utilizing its high scalability and developer-friendly features.

Other performers worth following include:

Bellscoin (BELLS): rise252.2%

Zano (ZANO): rise159%

Toncoin (TON): rise136.2%, successfully hosting dApps through integration with Telegram and launching a game that allows you to earn by clicking.

3. The top ten Layer 1 tokens by Market Cap have seen relatively moderate increases.

Although Layer 1 Tokens with smaller market capitalization have performed astonishingly, larger market cap tokens such as Bitcoin, Ethereum, and Solana remain solid investment choices.

BTC (BTC) achieved a 112.9% annual rise.

ETH (ETH) rose 34.9%, but its performance was not as good as similar tokens. With the rise of new Layer 2 and other blockchains, the dominance of ETH is declining year by year, despite the launch of Spot ETH ETF in the United States. However, ETH still outperformed the S&P 500 index, which rose 24.8% in 2024.

Solana (SOL): Rising from the Ashes

Solana (SOL) rose 134.3% from the shadow of FTX’s bankruptcy in 2022 to date this year. Most of its increase occurred in 2023, when driven by the memecoin craze, the price surged from $15 to $120. This trend has also extended to other blockchains, such as Tron Network (TRX), which has risen 85.5% this year.

Meanwhile, Toncoin (TON) saw an astonishing 136.2% rise, largely due to its ability to host dApps on the popular social messaging app Telegram. The ‘click and earn’ game mode has become extremely popular on Telegram, further driving its rise.

SUI: The most eye-catching performance

SUI has shown the most eye-catching performance this year, with a rise of 338.2%. This increase is mainly due to the increase in investor interest, the rise of on-chain activities, and the practical improvement brought about by significant dApp expansion. In addition, Circle’s USDC has been integrated into the network, and a trend of funds transferring from the ETH network to SUI has also been observed.

4, the largest decline

On the other hand, some tokens have dropped as much as -96% this year.

Entangle (NGL) has performed the worst, with a YTD decline of -95.3%.

Following closely are Kujira (KUJI) and Trias Lab (TRIAS), which dropped by -86.7% and -83.4% respectively.

NGL was issued at a high valuation in March 2024 and has since experienced a continuous decline in price. On the other hand, the performance of Kujira has been affected by the team’s high-risk leverage liquidity position, and these strategies have backfired during market fluctuations.

How will Layer 1 Token TOKEN issuance perform in 2024?

The performance of various Layer 1 Cryptocurrencies launched in 2024 varies, reflecting the challenges of breaking through in a competitive market.

Aleo (ALEO) was launched in September and has since dropped by -58.1% in issuance.

Saga (SAGA) was launched in April and has faced similar challenges, with a decline of -69.9% so far this year.

Also in April, Omni Network (OMNI) fell by -68.8%.

Zeta Chain (ZETA) has dropped by -57.3% since its issuance in February.

Performance of Router Protocol (ROUTE) and other new projects

Router Protocol (ROUTE) experienced a 24.8% drop in price since its launch in July, while Ice Open Network (ICE), which has been active since January, has had a relatively smaller decline of 34.5%. Meanwhile, Kaia (KAIA), which entered the market no later than the end of October, achieved a slight 5.2% rise. These performances reflect the volatility of new Layer 1 projects and the importance of continuous innovation and user adoption to gain market recognition.

6. The top ten Layer 1 projects ranked by price performance

Note: YTD is the abbreviation of Year-to-Date, which means ‘the period from the beginning of the year to the present’. It is often used to describe the performance of a certain indicator (such as revenue, rate of change, or performance) within the time period from the beginning of the year (usually January 1st) to the current date.

7. Conclusion

In 2024, the Layer 1 Block chain field presents a diverse performance. Mantra is far ahead with a YTD increase of up to 7035%, thanks to its strategic partnerships and cutting-edge Block chain use cases. Meanwhile, established players such as BTC, Solana, and Toncoin demonstrate steady performance, proving their strong vitality in the ever-changing market. At the same time, newly issued Tokens face huge challenges, often struggling due to high valuations at the outset.

As competition between Layer 1 and Layer 2 solutions intensifies, following scalability, practicality, and compliance will determine the emergence of the next wave of winners, which is particularly important in this ever-changing crypto market.

Note: This study analyzed the price performance of the top 100 cryptocurrencies in the Layer 1 category on CoinGecko sorted by Market Cap. The YTD gains data covers the performance from January 1, 2024 to November 18 and reflects a snapshot of the market, showing the performance differences of various currencies in a broader market environment.

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