The year 2024 marked a significant milestone for the cryptocurrency and blockchain industries, with numerous advancements in technology, infrastructure, and adoption. From the launch of exchange-traded funds (ETFs) to major protocol upgrades and new infrastructure networks, this article highlights 10 key projects that made significant strides in 2024.
Avalanche9000/Etna Protocol Upgrade
The Avalanche network’s biggest upgrade in history, Etna, was launched on December 16th after a testing phase on the Fuji testnet. The update simplified the process of launching subnets (now called ‘layer 1s’) and changed 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, the upgrade reduced subnet deployment costs by 99.9% and lowered C-Chain network fees by 96%. The update also shifted responsibility for managing validators from the Avalanche P-Chain to layer 1s, giving them greater autonomy and control over their networks.
Sui Implements Mysticeti Consensus Engine
The Sui protocol, a high-throughput blockchain, implemented the Mysticeti consensus engine in August. Spokespeople for Mysten Labs reported that the update slashed consensus latency to 390 milliseconds and minimized cross-validator communication to enhance 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. Mysticeti throughput and latency are expected to further improve the Sui network’s performance.
Sonic Mainnet Launch
The Fantom Foundation announced that the Sonic Foundation would oversee the deployment of its Sonic Chain, an Ethereum Virtual Machine-compatible layer-1 blockchain with 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 18th, the Sonic mainnet went live. Fantom (FTM) token holders can switch to the new network via a one-to-one upgrade from FTM to the S token, which is the native asset of the Sonic network.
Hyperliquid Launches Token, Enables Staking
Hyperliquid, a layer-1 blockchain optimized for decentralized finance, initiated one of the largest token airdrops in crypto history on November 29th. The project distributed 310 million HYPE tokens to community members, valued at $1.2 billion at launch.
HYPE launched at an initial price of $3.90 and is currently trading around $5.50. On December 9th, Hyperliquid enabled staking for its native token, allowing users to participate in the network’s validation process.
Movement Mainnet Launch
The Movement Network Foundation launched the Movement mainnet on December 9th, an Ethereum scaling solution that uses the Move Virtual Machine to settle transactions to the Ethereum network. The MOVE token was also released alongside the mainnet launch.
According to spokespeople from the foundation, the Movement mainnet features sub-second finality times and leverages the Move programming language. The Move language has received widespread praise from blockchain developers for its ease of use and expressiveness.
Chainlink Debuts Cross-Chain Interoperability Protocol
Oracle network Chainlink released the Cross-Chain Interoperability Protocol (CCIP) in April 2024. CCIP facilitates cross-chain transfers of tokens and smart contract communication between different blockchain ecosystems.
Since the debut of the interoperability solution, CCIP has been integrated by several blockchain networks, including layer-2 scaling solution ZKsync and gaming blockchain network Ronin.
Stacks Completes Nakamoto Upgrade
Stacks — a layer-2 scaling solution for Bitcoin — completed the Nakamoto upgrade through a hard fork on October 9th. The upgrade introduced 100% Bitcoin finality and increased network throughput.
Following the update, block production ceased to be determined in miner elections. Instead, blocks are now produced at fixed intervals. The number of smart contracts on Stacks hit a record high of 1,400 monthly contracts in the weeks leading up to the protocol upgrade.
Conclusion
The year 2024 marked significant growth for the cryptocurrency and blockchain industries, with numerous advancements in technology, infrastructure, and adoption. From major protocol upgrades to new infrastructure networks, these projects are expected to continue shaping the future of the industry.
As we look ahead to 2025, it’s essential to stay informed about the latest trends and developments in the space. Stay tuned for more articles on the top crypto trends to watch in 2025 and how they may impact the market.
