The year 2024 has been marked by significant upgrades and innovations in the cryptocurrency space. From the launch of exchange-traded funds (ETFs) for Bitcoin (BTC) and Ether (ETH) in the United States to major protocol upgrades for altcoins, it has been a transformative year for cryptocurrencies and blockchain networks.
In this article, we will take a closer look at 10 crypto projects that implemented major protocol upgrades or shipped mainnets in 2024. These projects have made significant strides in improving the performance, efficiency, and user experience of their respective networks.
Avalanche (AVAX) – Etna Protocol Upgrade
The Avalanche network’s Etna upgrade, also known as Avalanche9000, launched on December 16th following a testing phase on the Fuji testnet. This upgrade simplified the process of launching subnets, now called ‘layer 1s,’ and changed the 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 the cost of subnet deployment by 99.9% and lowered C-Chain network fees by 96%. The update also shifted the responsibility of managing validators from the Avalanche P-Chain to the layer 1s, giving them greater autonomy and control over their networks.
Sui – Implementing the Mysticeti Consensus Engine
In August, the Sui protocol implemented the Mysticeti consensus engine. According to spokespeople for Mysten Labs, the developer behind Sui, 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 and other monolithic chains gain ground on incumbent smart contract platform Ethereum in 2024.
Sonic Foundation Launches Sonic Mainnet
In May, the Fantom Foundation announced that the Sonic Foundation would oversee the deployment of its Sonic Chain. Sonic Chain is an Ethereum Virtual Machine-compatible layer-1 blockchain that features 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 and Mainnet
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 introduced as part of this launch.
According to spokespeople from the foundation, the Movement mainnet features sub-second finality times and leverages the Move programming language. The programming language has received widespread praise from blockchain developers for its ease of use and expressiveness.
Chainlink – Debuting Cross-Chain Interoperability Protocol
In April 2024, oracle network Chainlink released the Cross-Chain Interoperability Protocol (CCIP). 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 (BTC), 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 has a record high of 1,400 monthly contracts in the weeks leading up to the protocol upgrade.
Movement Network Foundation – Launches Mainnet
The Movement Network Foundation launched the Movement mainnet on December 9th. This Ethereum scaling solution uses the Move Virtual Machine to settle transactions to the Ethereum network and features sub-second finality times.
According to spokespeople from the foundation, the Movement mainnet leverages the Move programming language, which has received widespread praise from blockchain developers for its ease of use and expressiveness.
Chainlink – Introduces Cross-Chain Interoperability Protocol
In April 2024, oracle network Chainlink released the Cross-Chain Interoperability Protocol (CCIP). 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.
Conclusion
2024 has been a transformative year for cryptocurrencies and blockchain networks. The implementation of major protocol upgrades and the launch of new mainnets have improved the performance, efficiency, and user experience of these networks.
As we look to 2025, it will be exciting to see how these projects continue to evolve and improve. With the increasing adoption of cryptocurrencies and blockchain technology, it is clear that this space will only continue to grow and mature in the coming years.