2024 was an important year for cryptocurrencies and blockchain networks. The launch of exchange-traded funds (ETFs) for Bitcoin was critical. Another important thing is the launch of major protocol upgrades and new infrastructure networks for altcoins like Avalanche. Here are the projects that will realize major protocol upgrades or launch a core network in 2024…
Avalanche 9000/Etna protocol upgrade realized
The Avalanche network’s Avalanche9000 upgrade, also known as Etna and touted as the largest upgrade in the protocol’s history, was launched on the Avalanche main network on December 16 following a test phase on the Fuji test network. The update simplified the process of initializing subnets, now called “layer 1s”. It also fixed the staking requirements for subnet validators at 2,000 AVAX and introduced a fee structure based on the number of nodes a validator works on. According to the Avalanche Foundation, the update reduced the cost of subnet distribution by 99.9% and reduced C-Chain network fees by 96%.
SUI, Sonic also came up
The Sui protocol implemented the Mysticeti consensus engine in August. According to a spokesperson for Mysten Labs, the developer behind Sui, the update reduced consensus latency to 390 milliseconds and minimized cross-validator communication to improve efficiency. Sui’s ability to process a high number of transactions per second (TPS) and its monolithic architecture helped Sui and other monolithic chains gain ground against the incumbent smart contract platform Ethereum in 2024.
Meanwhile, in May 2024, the Phantom Foundation announced that the Sonic Foundation would oversee the deployment of Sonic Chain. Sonic Chain is an Ethereum Virtual Machine-compatible layer-1 blockchain with sub-second settlement times, a throughput of 10,000 TPS, and the introduction of the Sonic Gateway, a bridge between Sonic and Ethereum. Token holders can migrate to the new network via a one-for-one upgrade from FTM to S token, the native asset of the Sonic network.
Hyperliquid launches token, realizes Ethereum Dencun
Hyperliquid, a layer-1 blockchain optimized for decentralized finance, launched one of the largest token airdrops in crypto history on November 29. The project distributed 310 million HYPE tokens worth $1.2 billion to community members at launch. HYPE launched with a starting price of $3.90 and is currently trading around $26.8. On December 30, the Hyper Foundation announced the launch of native staking on the Hyperliquid protocol, allowing users to secure the network by locking their tokens in exchange for returns.
Meanwhile, Ethereum’s Dencun upgrade was released on March 13, reducing fees on Ethereum layer-2 networks by up to 99%. However, the dramatic drop in L2 network fees caused a collapse in Ethereum layer-2 fees in August and September as users switched to lower-cost layer-1s.
Cardano, NEAR, Movement and these 2 coins are also on the list
Cardano’s Chang hard fork was implemented on September 1st, bringing onchain, decentralized governance to the network. The update allowed all holders of ADA, Cardano’s native currency, to participate in the voting process and determine the future direction of the layer-1 chain. On the other hand, Near Protocol, a layer-1 blockchain focused on decentralizing artificial intelligence, changed the architecture of its network by implementing the Nightshade 2.0 update in August. Following the launch of Nightshade 2.0, the protocol’s native presence NEAR increased by 50% in one month.
An infographic on the Cardano update
On December 9, Movement Network Foundation launched Movement mainnet and the MOVE token, an Ethereum scaling solution that uses the Move Virtual Machine to perform transactions on the Ethereum network. In addition, the 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.
Stacks, a layer-2 scaling solution for Bitcoin, completed the Nakamoto upgrade via a hard fork on October 9. The update brought 100% Bitcoin certainty and increased network throughput. Following the update, block production was no longer determined by miner choices. Instead, blocks are now generated at fixed intervals.
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