Due to several major limiting technical factors, including high transaction fees, network congestion, and poor scalability, Ethereum is increasingly being sidestepped from its early days as the first smart contract platform. Several alternative Layer 1 blockchain networks have been launched featuring improved infrastructure and efficiency, allowing them to become increasingly popular and pose a serious challenge in the smart contract space.
Although Ethereum’s introduction of smart contracts was a game-changer in the blockchain world, newer Layer 1 blockchains have even more advanced features, giving these newer platforms a competitive advantage.
With the crypto bullrun of 2024 in full view, many are predicting exponential growth in blockchain projects. This article goes through the top Layer-1 blockchains that are expected to dominate the DeFi, smart contract, and wider Web3 universe.
What are Layer-1 Blockchains?
Layer-1 blockchains are autonomous blockchains independent of any other blockchain. While their name suggests they are a “layer” atop another existing blockchain, in practice, Layer-1 blockchains run independently. On the other hand, Layer-2 solutions such as Polygon, Arbitrum, and Optimism are built on top of Ethereum and, while expanding its capabilities, depend on its core infrastructure.
5 Layer-1 Blockchains to Watch in 2024
Following are the top 5 Layer-1 blockchains sure to gain traction and secure leading positions in the smart contract and DeFi markets during the 2024 bullrun:
1. Graphlinq
- Overview: Graphlinq Blockchain focuses on affordability and ease of use. It is designed for high-speed, low-fee transactions, ideal for both developers and users.
- Key Features:
- Comprehensive solution with a built-in DEX and AMM for token swaps.
- No-code development environment allowing users to create dApps without coding.
- Blockchain Explorer for tracking transactions.
- Growth Outlook:
- TVL: $17 million.
- Market Cap: $32 million.
- GLQ Price: $0.096
2. Solana
- Overview: Known for high-speed transactions and low fees, Solana is considered a leading rival to Ethereum.
- Key Features: Handles thousands of TPS with nearly zero fees, popular in the DeFi ecosystem.
- Growth Outlook:
- TVL: $4.92 billion
- Market Cap: $81 billion (could surpass $200 billion by end of 2024).
- SOL Price: $178
3. Sui
- Overview: A young but promising Layer-1 blockchain gaining momentum with efficient infrastructure.
- Key Features: Fast, scalable, and ideal for attracting more developers and users.
- Growth Outlook:
- TVL: $752 million
- Market Cap: $2.57 billion (projected to reach $10 billion by 2024).
- SUI Price: $1.10
4. Aptos
- Overview: Developed by former members of the Facebook Libra project, Aptos is a scalable and secure blockchain.
- Key Features: Ultra-innovative, poised to grow rapidly in the coming months.
- Growth Outlook:
- TVL: $383 million (could surpass $1 billion in 2024).
- Market Cap: $3.9 billion
- APT Price: $9
5. Injective
- Overview: A Cosmos SDK-built Layer-1 blockchain, Injective is designed for the financial industry with high scalability and interoperability.
- Key Features: The Ionic upgrade enhances its cross-chain capability, enabling seamless bridging between blockchains like Ethereum and Solana.
- Growth Outlook:
- TVL: $67 million
- Market Cap: $2.56 billion (expected to grow to $10 billion by 2025).
- INJ Price: $27.50
Conclusion
As we approach the 2024 bullrun, the growth potential of Layer-1 blockchains is immense. While Ethereum and Bitcoin are expected to see steady gains, alternative Layer-1 networks like Graphlinq offer faster and more cost-efficient solutions for mass adoption, particularly in the DeFi and smart contract space. Graphlinq, Solana, Sui, Aptos, and Injective each bring unique strengths that position them well for significant growth and innovation in the Web3 ecosystem.