2024: A Year of Significant Protocol Upgrades and Mainnet Launches in the Crypto Space
The year 2024 was a pivotal moment for cryptocurrencies and blockchain networks, witnessing major developments that transformed the industry’s landscape. The launch of exchange-traded funds (ETFs) for Bitcoin (BTC) and Ether (ETH) in the United States marked one such significant milestone. Furthermore, numerous protocol upgrades and mainnet launches took place throughout the year, highlighting the ongoing evolution of the crypto space.
10 Crypto Projects that Implemented Major Protocol Upgrades or Shipped a Mainnet in 2024
Below is a list of the top 10 cryptocurrency projects that implemented major protocol upgrades or shipped a mainnet in 2024. This list is not ranked in any particular order, as each project has contributed significantly to the industry’s growth.
1. Avalanche Network – Etna Protocol Upgrade
The Avalanche network’s Avalanche9000 upgrade, also known as Etna, was launched on December 16, marking a significant milestone for the protocol. This update simplified the process of launching subnets, which are now referred to as ‘layer 1s,’ and changed the staking requirements for subnet validators from a fixed 2,000 AVAX (AVAX) to a fee structure based on the number of nodes a validator is running.
Benefits of Etna Upgrade:
- Reduced the cost of subnet deployment by 99.9%
- Lowered C-Chain network fees by 96%
- Shifted the responsibility of managing validators from the Avalanche P-Chain to the layer 1s, giving them greater autonomy and control over their networks.
2. Sui Implements the Mysticeti Consensus Engine
In August 2024, the Sui protocol implemented the Mysticeti consensus engine, a significant update that enhanced the network’s performance. The implementation of this engine slashed consensus latency to 390 milliseconds and minimized cross-validator communication, resulting in increased efficiency.
Benefits of Mysticeti Consensus Engine:
- Reduced consensus latency
- Minimized cross-validator communication
- Enhanced the Sui protocol’s ability to process a high number of transactions per second (TPS)
3. Sonic Foundation Launches Sonic Mainnet
The Fantom Foundation announced that the Sonic Foundation would oversee the deployment of its Sonic Chain in May 2024. This layer-1 blockchain features sub-second finality times, a throughput of 10,000 TPS, and the introduction of the Sonic Gateway, a bridge between Sonic and Ethereum.
Benefits of Sonic Mainnet:
- Sub-second finality times
- High throughput of 10,000 TPS
- Introduction of the Sonic Gateway for seamless interactions with Ethereum
4. Movement Mainnet Launch
On December 9, the Movement Network Foundation launched the Movement mainnet, an Ethereum scaling solution that uses the Move Virtual Machine to settle transactions on the Ethereum network. This launch featured sub-second finality times and leveraged the Move programming language.
Benefits of Movement Mainnet:
- Sub-second finality times
- Leverages the Move programming language for ease of use and expressiveness
5. Chainlink Debuts Cross-Chain Interoperability Protocol (CCIP)
Oracle network Chainlink released the CCIP in April 2024, facilitating cross-chain transfers of tokens and smart contract communication between different blockchain ecosystems.
Benefits of CCIP:
- Enables seamless interactions between various blockchain networks
- Facilitates cross-chain token transfers and smart contract communication
6. Stacks Completes Nakamoto Upgrade
Stacks completed the Nakamoto upgrade through a hard fork on October 9, introducing 100% Bitcoin finality and increasing network throughput.
Benefits of Nakamoto Upgrade:
- Introduced 100% Bitcoin finality
- Increased network throughput
- Ceased block production elections in favor of fixed intervals
7. Chainlink CCIP Integration
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.
Benefits of CCIP Integration:
- Enables seamless interactions between various blockchain networks
- Facilitates cross-chain token transfers and smart contract communication
8. Near Introduces Stateless Validation with Nightshade 2.0
The native asset of the protocol, NEAR (NEAR), surged 50% in a month following the rollout of Nightshade 2.0.
Benefits of Nightshade 2.0:
- Introduced stateless validation to reduce hardware requirements for validator nodes
- Reduced barrier to entry for new participants
9. Movement Mainnet Features Sub-Second Finality Times
The Movement mainnet features sub-second finality times, allowing for rapid settlement of transactions on the Ethereum network.
Benefits of Sub-Second Finality:
- Enables rapid settlement of transactions
- Enhances overall network efficiency
10. Chainlink CCIP Facilitates Cross-Chain Interoperability
CCIP facilitates cross-chain transfers of tokens and smart contract communication between different blockchain ecosystems, enabling seamless interactions between various networks.
Benefits of CCIP:
- Enables seamless interactions between various blockchain networks
- Facilitates cross-chain token transfers and smart contract communication
The year 2024 was marked by significant developments in the crypto space, with numerous protocol upgrades and mainnet launches transforming the industry’s landscape. As we look forward to 2025, it will be interesting to see how these projects continue to evolve and shape the future of cryptocurrencies and blockchain networks.
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