15 Mainstream Layer 1 Blockchain Networks to Watch in 2024

What is a Layer 1 Blockchain Network

Layer 1 blockchain is the core infrastructure of the crypto ecosystem, responsible for transaction execution, validation, and final settlement. Unlike second-layer solutions built on top of it, Layer 1 protocols have independent consensus mechanisms and complete security models, serving as the foundation of the entire decentralized world.

From Bitcoin’s proof of work to Ethereum’s transition to proof of stake, and the emergence of various innovative consensus mechanisms, Layer 1 blockchains are continuously breaking through scalability bottlenecks. As these foundational networks improve, they give rise to many second-layer and third-layer protocols, forming a well-structured blockchain ecosystem.

Core Advantages of Layer 1 Blockchains

As the fundamental framework of the crypto economy, Layer 1 networks provide several indispensable values in the digital asset era:

Decentralization and Transparency — Layer 1 blockchains ensure no single entity controls the network; all transactions are permanent, transparent, and immutable, enhancing system trustworthiness and accountability.

Autonomy — Without relying on external systems, Layer 1 networks can independently execute transactions and run smart contracts, possessing full economic sovereignty.

Native Token Ecosystem — Most Layer 1 blockchains support native tokens used for paying transaction fees, staking, and governance, forming the core of the network economy.

Developer-Friendly — After years of development, mainstream Layer 1 blockchains have established mature tools and frameworks, providing developers with a stable foundation.

Network Effects — The growth in user numbers directly increases the value and utility of Layer 1 networks. Although Layer 2 solutions can improve congestion issues, they still depend on the foundational security and finality provided by Layer 1.

Top Layer 1 Blockchains to Watch in 2024

1. Solana (SOL)

Real-time Data — Current Price: $124.01 | 1-Year Change: -37.22% | Market Cap: $69.78B

Solana is renowned for its ultra-fast transaction speeds and low costs. Its innovative proof of history (PoH) combined with proof of stake makes it one of the most performant Layer 1 blockchains and a preferred platform for decentralized application development.

In SOL’s economic design, besides paying for on-chain transactions and smart contract fees, validators participate in network consensus through staking to ensure security. Solana has surpassed many competitors and ranks among the top five cryptocurrencies by market cap.

In 2023, the Solana ecosystem achieved a qualitative leap. The introduction of the SIMD proposal mechanism standardized protocol optimization, with over 79 proposals. Firedancer, a major upgrade to validator client, aims to significantly boost transaction speeds. Network security is maintained with over 2,000 nodes, increasing validator diversity.

Ecosystem applications exploded — from meme coins and airdrops (like BONK), liquidity staking protocols, NFT marketplaces, to innovative projects like Raydium, Orca, and STEPN, the ecosystem continues to thrive. Jupiter launched the JUP token and developed a leading routing engine. Additionally, partnerships with major cloud providers and the launch of the Saga smartphone extend Solana’s ecosystem into mobile.

2. Avalanche (AVAX)

Real-time Data — Current Price: $12.45 | 1-Year Change: -69.08% | Market Cap: $5.35B

Avalanche is a high-performance platform tailored for decentralized applications and customizable blockchains. Its outstanding feature is near 2-second transaction confirmation times, combined with a unique consensus mechanism that balances security, scalability, and decentralization.

AVAX tokens serve multiple roles within the Avalanche ecosystem — paying transaction fees, participating in staking, incentivizing consensus participants, and as the accounting unit for subnet ecosystems.

In 2023, Avalanche C-Chain set multiple records. Total transactions exceeded 3.07 million, reflecting rapid adoption. Transactions related to the inscriptions protocol accounted for over 50%, with weekly transaction fees soaring to $13.8 million. On November 19, the daily transaction volume hit a new high of 2.3 million (previously around 450,000). Driven by the ASC-20 token craze, the mainnet processed over 40 transactions per second with confirmation times around 1 second. Strategic partnerships with traditional finance further solidify Avalanche’s position.

3. Kaspa (KAS)

Real-time Data — Current Price: $0.05 | 1-Year Change: -62.01% | Market Cap: $1.22B

Kaspa employs the innovative GHOSTDAG consensus mechanism, achieving transaction speeds and scalability unmatched by traditional blockchains. Its high block generation rate and real-time confirmation are core strengths. KAS tokens are mainly used for paying network transaction fees and incentivizing miners to maintain system security.

In 2023, Kaspa achieved multiple technical breakthroughs. The consensus mechanism was upgraded to the more efficient Dag Knight version, greatly improving blockchain efficiency. The development language shifted from GoLang to Rust, leveraging modern hardware capabilities to reach unprecedented transaction and block processing speeds. The launch of mobile wallets meets user demand for cross-platform crypto solutions.

Token market performance was remarkable — in 2023, KAS surged over 1,800%, reflecting strong investor confidence. Improvements in P2P communication enhanced data availability for archival nodes. Kaspa is developing towards a fast, highly scalable, and secure proof-of-work cryptocurrency, aiming to provide a solid foundation for smart contracts and decentralized applications.

4. Bitcoin (BTC)

Real-time Data — Current Price: $94,234* | 1-Year Change: Not provided | Market Cap: $1.2T+

As the pioneer of the crypto revolution, Bitcoin remains the undisputed core of Layer 1. As the first decentralized digital currency, Bitcoin’s innovative blockchain technology, high security, and immutability have earned widespread recognition.

Bitcoin’s use cases are increasingly diverse — as a store of value, a medium of exchange, and a reserve asset for institutions. Its fixed supply of 21 million coins and decentralization have earned it the nickname “digital gold.” The halving events approximately every four years are key milestones, reducing new supply to maintain scarcity.

In 2023, Bitcoin’s ecosystem saw many innovations. The Ordinals protocol enabled NFTs to be minted directly on the Bitcoin blockchain, leading to tokens like ORDI and SATS. Despite challenges, infrastructure upgrades and developer incentives continue to drive ecosystem growth. Second-layer solutions like Stacks enable complex smart contract applications on Bitcoin. Derivatives protocols like Atomicals and ARC20 expand Bitcoin’s functionality, while Taproot Assets support multi-asset capabilities.

5. Open Network (TON)

Real-time Data — Current Price: $1.54 | 1-Year Change: -74.03% | Market Cap: $3.78B

The Open Network, conceived by Telegram’s founders, is a decentralized blockchain focused on high scalability and user-friendly experience. Although early development faced regulatory issues and diverged from Telegram, it is now driven by an independent community and foundation.

TON employs a multi-layer architecture with sharding to handle massive transaction volumes. Toncoin is the native token used for transactions, governance, staking, and various network services. Its ecosystem includes social platforms, DeFi, and NFT marketplaces, creating an active development environment.

In late 2023 and early 2024, TON achieved major feature expansions, including decentralized file storage and high-speed off-chain payment systems. In March 2024, Telegram announced that 50% of ad revenue would be distributed to channel owners via TON blockchain in Toncoin, causing Toncoin’s price to surge 40%. A potential IPO could further bridge TON with traditional finance and Web3.

6. Internet Computer (ICP)

Real-time Data — Current Price: $3.03 | 1-Year Change: -72.83% | Market Cap: $1.65B

Developed by the DFINITY Foundation, ICP aims to extend the capabilities of traditional blockchains, enabling smart contracts and entire software systems to run on-chain. Its innovative consensus mechanism achieves high throughput, and it offers a decentralized serverless cloud environment.

ICP tokens are used for transactions, smart contract operations, rewarding participants, and governance via the neural network.

In 2023, ICP made significant ecosystem progress — Websockets enabled real-time interactive applications, supporting more complex applications with expanded memory. Smart contracts can securely call Web 2.0 services via HTTPS. Direct integration with Bitcoin simplifies cross-chain transactions. Ecosystem supports permissionless token issuance and DAO governance. DFINITY’s funded projects continue to drive innovation, with vibrant community and NFT initiatives.

7. Sei (SEI)

Real-time Data — Current Price: $0.11 | 1-Year Change: -75.44% | Market Cap: $725.06M

Sei is a Layer 1 blockchain optimized for DeFi applications, offering high-speed transactions and efficient financial operations. Its core advantages include an optimized order book and native matching engine, significantly reducing latency and enhancing DEX performance.

SEI tokens are used for paying fees, governance, and network staking. In 2023, Sei achieved strategic expansion — the ecosystem fund grew to $120 million, including $50 million from investors to support NFT, gaming, and DeFi projects. Total funding reached $30 million. Focused on Asia, collaborations with local projects strengthened regional adoption. On-chain optimizations provide leading performance and scalability for DeFi applications.

8. Sui (SUI)

Real-time Data — Current Price: $1.41 | 1-Year Change: -68.73% | Market Cap: $5.25B

Sui is an emerging high-throughput blockchain supporting a wide range of decentralized applications. Its innovative consensus mechanism and Move programming language offer enhanced security and development flexibility, with the ability to process large volumes of transactions at low cost.

SUI tokens are used for paying fees, governance, and network security. In 2023, Sui made breakthroughs — strategic token distribution supported community and DeFi projects, with a total reallocation of 157 million SUI. After mainnet launch, it was listed on major exchanges, with daily transactions reaching 65.8 million, TVL hitting $188 million, ranking among the top ten blockchains.

The launch of zkLogin provides users with Web 2 social account login, greatly improving user experience. Ecosystem growth plans on DEX through funding, promotion, and pre-sale access foster project development, with investor protection and zero-fee mechanisms.

9. Aptos (APT)

Real-time Data — Current Price: not provided | 1-Year Change: -27% | Market Cap: $38B+

Aptos is a new high-performance Layer 1 blockchain focused on scalability and reliability, supporting decentralized applications. Its Move language enables secure, flexible smart contracts, and the parallel execution engine significantly boosts transaction speed and throughput.

APT tokens are used for transaction fees, governance, and security staking. In 2023, Aptos rapidly developed with $400 million from investors like Tiger Global and PayPal Ventures. Move language and parallel execution pushed TVL over $85 million, demonstrating market confidence. Network activity remains high, with tens of thousands of transactions daily and notable new account growth.

Integration with Sushi enhances DeFi services, Coinbase Pay simplifies transactions, and collaborations with Microsoft and gaming projects expand application scenarios. New digital asset standards and infrastructure updates (like NFT indexers and multi-signature solutions) continue to improve the ecosystem.

10. Polkadot (DOT)

Real-time Data — Current Price: $1.72 | 1-Year Change: -77.02% | Market Cap: $2.84B

Polkadot is a multichain ecosystem enabling different blockchains to transfer data and value via trustless cross-chain communication protocols (IBC). Its interoperability, multichain architecture, and parachain security are core strengths.

DOT tokens are used for governance, staking, and parachain bonding. In 2023, Polkadot achieved notable progress — GitHub contributions hit 19,090, boosting applications and security. Parachains launched to provide more cost-effective blockchain models, with next-generation scheduling enhancing scalability and flexibility.

The Polkadot 2.0 upgrade plan was announced, promising major improvements in scalability, governance, and interoperability. Nominators increased staking by 49%, expanding user participation and network security. Testnets optimized transaction and user experience. Five new parachains joined, with further ecosystem expansion through technical upgrades and institutional investor mechanisms like professional custody.

11. Cosmos (ATOM)

Real-time Data — Current Price: $2.03 | 1-Year Change: -70.73% | Market Cap: $984.33M

Cosmos is a decentralized network of independent blockchains aimed at solving scalability and interoperability issues. Its Inter-Blockchain Communication protocol (IBC) allows chains to interact and share data while maintaining sovereignty, which is its unique value proposition.

ATOM tokens are used for staking to secure the network and governance. In 2023, Cosmos made major advances — cross-chain security features improved protection for smaller chains, Cosmos Hub’s daily transactions reached 500,000, and ATOM transfers hit 20 million, with growing popularity.

Upgrades like Theta introduce cross-chain accounts to enhance inter-chain interaction, Rho adds liquidity staking and NFT modules, further expanding capabilities. Cosmos Hub 2.0 whitepaper outlines new visions. A $26.4 million cross-chain fund is allocated for 2024 development. Major events like dYdX migration and USDC integration signal capital inflow and ecosystem growth.

12. Ethereum (ETH)

Real-time Data — Current Price: $2,970 | 1-Year Change: -14.89% | Market Cap: $358.73B

Ethereum boasts the largest developer community and over 3,000 active decentralized applications, leading the Layer 1 space. Since its launch in 2015, it has evolved into the core platform for DeFi, NFTs, and Web3 ecosystems. Its decentralized, open-source nature allows developers to build applications without central authority, with ETH providing strong economic incentives.

Ethereum’s first-mover advantage has fostered a vast developer ecosystem, driving ecosystem prosperity and offering rich development tools and protocols. In 2023, Ethereum continued its transition toward 2.0, with key upgrades advancing scalability, security, and sustainability. Layer 2 solutions like rollups have iterated to reduce costs and increase throughput.

Looking ahead to 2024, the community expects to fully realize Ethereum 2.0 benefits. Proof of stake improvements will further reduce environmental impact and attract green investments. Continued Layer 2 development and potential cross-chain integrations will make the ecosystem more interconnected, scalable, and user-friendly.

13. BNB Chain

Real-time Data — Current Price: $841.00 | 1-Year Change: +19.86% | Market Cap: $115.83B

BNB Chain (formerly Binance Smart Chain) is a high-performance platform developed by the world’s leading exchange. Launched in September 2020, it uses a dual-chain architecture allowing seamless cross-chain asset transfers and supports DeFi, NFT, gaming, and more.

Compared to Ethereum, BNB Chain’s ecosystem is younger but growing rapidly, with over 1,300 active applications by 2023. Its native token BNB is used as platform fuel and widely across the ecosystem. The PoSA consensus mechanism offers faster, cheaper transactions and seamless compatibility with Ethereum applications, attracting many developers.

The 2023 rebranding reflects broader ambitions beyond just exchange integration. The introduction of independent PoS chains enhances staking and governance, strengthening security and decentralization. Cross-chain bridges improve interoperability with other ecosystems. Looking to 2024, scalability remains a focus, with Layer-2 integrations and sharding expected to boost performance. More strategic partnerships, DeFi innovations, and NFT projects are anticipated to enrich the ecosystem and offer users diverse financial opportunities.

14. Kava (KAVA)

Real-time Data — Current Price: $0.08 | 1-Year Change: -84.01% | Market Cap: $82.88M

Kava stands out with its unique Layer 1 architecture, combining Cosmos ecosystem scalability and interoperability, while EVM compatibility allows seamless migration of Ethereum applications. Its “dual-chain” design makes it a hub for innovative DeFi, offering fast transactions, low fees, and diverse assets.

Though smaller than giants, Kava’s ecosystem is growing fast, with over 110 active applications and a TVL exceeding $250 million. KAVA tokens are used for governance and staking, promoting DeFi ecosystem development. Using Cosmos’ Tendermint consensus, it ensures high security and attack resistance. Its native stablecoin USDX facilitates decentralized lending.

In 2023, upgrades like Kava 12 and 13 focused on enhancing Cosmos DAO flexibility, expanding ecosystem capacity, and improving user experience. Major stablecoin integrations and cross-chain bridge expansions, along with emphasis on security and governance, further strengthen its position. A key change is the shift to a fixed supply tokenomics (Tokenomics 2.0), aiming to boost adoption and scarcity. The community’s $300 million strategic insurance fund underscores a deep commitment to decentralization and community value.

15. Zeta Chain (ZETA)

Real-time Data — Current Price: $0.07 | 1-Year Change: -88.79% | Market Cap: $80.72M

ZetaChain aims to be the first truly “full-chain” Layer 1 blockchain, revolutionizing interoperability. It can connect and interact with any blockchain, regardless of architecture or smart contract capabilities, enabling seamless cross-chain asset transfers, data exchange, and smart contract execution.

As a relatively new player, ZetaChain launched in March 2023. Its ecosystem is young but growing rapidly, with over 20 active applications and strategic partnerships with industry leaders. Its all-chain smart contracts enable seamless cross-chain interactions, solving interoperability challenges in multi-chain environments, highly valuable for developers and users.

In 2023, ZetaChain reached major milestones — over 10 million active users across 100+ countries, more than 6.3 million cross-chain transactions completed, and over 200 applications deployed on testnet. Strategic cooperation with Ankr Protocol accelerates Web3 infrastructure access, with $27 million in funding. Partnerships with social, entertainment, and gaming platforms expand cross-chain use cases.