How will each Layer 1 public chain perform in 2024?

Written by:Prem Reginald

Translation: VernacularBlockchain

Encouraged by Donald Trump’s victory in the presidential election, the 2024cryptocurrencyThe market is showing a vertical growth trend. As decentralized applications (dApps) and smartcontractThe demand for L1 solutions has increased significantly. BlockchainThere is a fierce competition for the top position. However, they face the challenge from Layer 2.L2) solutions, these L2 解决方案致力于以极低成本提升交易速度，从而与以太坊等成熟区块链展开竞争。

1. Which Layer 1 Tokens perform best?

在表现最佳的 Token 中，Mantra（OM）取得了前所未有的增长，价值飙升了 7,035.2%。这一激增部分得益于 Mantra 与总部位于阿联酋的数字银行 Zand 的合作。Zand 通过遵守迪拜虚拟资产监管局（VARA）的规定，使现实世界资产（RWA）实现了 Token 化。此外，RWA 产品的需求持续增长，传统金融机构也纷纷将货币基金和债券引入区块链。

2. Other Tokens with Excellent Performance

AIOZ Network (AIOZ) 是另一位表现突出的选手，今年至今（YTD）增长了 427.6%。该平台的去中心化内容分发网络在持续的生态系统优化推动下，得到了越来越多的采用。排在前三的还有 Sui (SUI)，YTD 增长了 388.2%，受益于其生态系统内的快速发展，包括利用其高扩展性和开发者友好特性的创新 dApp 推出。

Other notable performers include:

• Bellscoin (BELLS): up 252.2%

• Zano (ZANO): Up 159%

• Toncoin (TON): increased by 136.2%. Through integration with Telegram, it successfully hosted dApps and launched a "click-to-earn" game.

3. The growth of Layer 1Token, one of the top ten in terms of market value, is relatively moderate

Although small and medium-cap Layer 1 tokens have performed amazingly, larger market cap tokens such as Bitcoin, Ethereum, and Solana are still solid investment options.

Bitcoin (BTC) achieved an annual growth of 112.9%.

Ethereum (ETH) grew by 34.9%, but underperformed similar tokens. With the rise of new Layer 2 and other blockchains, Ethereum's dominance has declined year by year, despite the launch of a spot Ethereum ETF in the United States. However, Ethereum still outperformed the S&P 500, which rose by 24.8% in 2024.

Solana (SOL): Rising from the Ashes

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

Meanwhile, Toncoin (TON) recorded a staggering 136.2% growth, mainly due to its ability to host dApps on the popular social messaging app Telegram. The “click and earn” game model became extremely popular on Telegram, further driving its growth.

Sui: The most eye-catching performance

Sui has performed the best this year, up 338.2%. This increase is mainly due to increased investor interest, growth in on-chain activity, and increased utility through significant dApp expansion. In addition, Circle's USDC has been integrated into the network, and a trend of funds moving from Ethereum to Sui has been observed.

4. The biggest drop

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

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

It was followed by Kujira (KUJI) and Trias Lab (TRIAS), which fell by -86.7% and -83.4% respectively.

NGL was issued in March 2024 at a higher valuation, and the price has continued to fall since then. Kujira's performance was affected by the team's high-risk leveraged liquidity positions, which backfired during market fluctuations.

5. How will the Layer 1 Token issued in 2024 perform?

2024Xiaobai NavigationThe launch of various Layer 1 cryptocurrencyPerformance was mixed, reflecting the challenge of standing out in a competitive market.

Aleo (ALEO) was launched in September and is down -58.1% since launch.

Saga (SAGA), launched in April, faces similar woes and is down -69.9% year to date.

Omni Network (OMNI), which was also launched in April, fell -68.8%.

Zeta Chain (ZETA) was launched in February and is down -57.3% year to date.

Router Protocol (ROUTE) and other new projects performance

Router Protocol (ROUTE) 于 7 月推出，价格下跌 24.8%，而 Ice Open Network (ICE) 自 1 月开始活跃以来，跌幅相对较小，为 34.5%。与此同时，最晚于 10 月底入市的 Kaia (KAIA) 实现了 5.2% 的小幅正增长。这些表现反映了新 Layer 1 项目的波动性，以及持续创新和用户采用对获得市场认可的重要性。

6. Top 10 Layer 1 Projects by Price Performance

Note: YTD is the abbreviation of Year-to-Date, which means "this year to date". It is usually used to describe the performance of an indicator (such as earnings, rise or fall, or performance) in the period from the beginning of the year (usually January 1) to the current date.

7. Conclusion

In 2024, the Layer 1 blockchain space showed a diverse performance. Mantra led the way with a year-to-date (YTD) gain of 70,35%, thanks to its strategic partnerships and cutting-edge blockchain application cases. Old players such as Bitcoin, Solana and Toncoin performed steadily, proving that they still have strong vitality in the ever-changing market. At the same time, newly issued tokens face huge challenges and often struggle due to high valuations.

As competition between Layer 1 and Layer 2 solutions intensifies, a focus on scalability, usability, and compliance will determine the next wave of winners, especially in this rapidly changing crypto market.

Note: This study analyzes the price gains of the top 100 cryptocurrencies by market cap in the Layer 1 category of Coingecko. The YTD gains in the data cover the performance from January 1 to November 18, 2024. These data reflect a cross-section of the market and reflect the differences in performance of each coin in the broader market environment.

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