2024 was a significant year for cryptocurrencies and blockchain networks. It saw the launch of exchange-traded funds (ETFs) for Bitcoin (BTC) and Ether (ETH) in the United States, major protocol upgrades for altcoins, and the release of new infrastructure networks.
Here are 10 crypto projects that implemented major protocol upgrades or shipped a mainnet in 2024, in no particular ranking.
Avalanche9000/Etna protocol upgrade
The Avalanche network’s Avalanche9000 upgrade, also known as Etna — touted as the biggest upgrade in the protocol’s history — launched on the Avalanche mainnet on Dec. 16 following a testing phase on the Fuji testnet.
The update simplified the process of launching subnets — now called “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.
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 implements the Mysticeti consensus engine
The Sui protocol, a high-throughput blockchain, implemented the Mysticeti consensus engine in August.
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 to gain ground on incumbent smart contract platform Ethereum in 2024.
Mysticeti throughput and latency. Source: Sui
Sonic Foundation launches Sonic mainnet
In May 2024, the Fantom Foundation — the organization behind the Fantom network — 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 Dec. 18, the Sonic mainnet went live. Fantom (FTM) tokenholders 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 Nov. 29.
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 $26.8.
On Dec. 30, the Hyper Foundation announced the launch of native staking on the Hyperliquid protocol, allowing users to secure the network by locking up their tokens in exchange for yield.
HYPE token price action. Source: CoinMarketCap
Ethereum Dencun upgrade goes live
Ethereum’s Dencun upgrade went live on March 13, reducing fees on Ethereum layer-2 networks by up to 99%.
However, the dramatic reduction in L2 network fees also caused a collapse in Ethereum layer-1 fees in August and September due to users migrating to the lower-cost layer 2s.
According to data from Token Terminal, network fees on the Ethereum layer-1 rebounded in November to levels recorded at the start of 2024 before Dencun was implemented.
The upgrade drew mixed reactions from the Ethereum community, with some praising the affordability of transacting via the layer-2s and others criticizing the cannibalization of Ethereum layer-1 revenue by the network’s many L2 solutions.
Ethereum layer-1 network fees from January to December 2024. Source: Token Terminal
Cardano’s Chang hard fork introduces onchain governance
Cardano’s Chang hard fork was implemented on Sept. 1 bringing onchain, decentralized governance to the network.
The update enabled all holders of Cardano’s native currency, ADA (ADA), to participate in the voting process and determine the future direction of the layer-1 chain.
Near Protocol implements stateless validation through Nightshade 2.0
Near Protocol, a layer-1 blockchain focused on decentralizing artificial intelligence, changed the architecture of its network in August by implementing the Nightshade 2.0 update.
The protocol upgrade introduced stateless validation to Near, which allows validator nodes to verify transactions without storing a copy of the blockchain on their devices.
This approach lowered the hardware requirements to run a validator node and reduced the barrier to entry for new participants.
Following the rollout of Nightshade 2.0, the native asset of the protocol, NEAR (NEAR), surged 50% in a month.
Near’s sharding design. Source: NEARWEEK
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Movement mainnet launch
On Dec. 9, the Movement Network Foundation launched the Movement mainnet — an Ethereum scaling solution that uses the Move Virtual Machine to settle transactions to the Ethereum network — and the MOVE token.
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 debuts Cross-Chain Interoperability Protocol
Oracle network Chainlink released the Cross-Chain Interoperability Protocol (CCIP) in April 2024.
CCIP facilitates crosschain 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.
A simple illustration of Chainlink’s CCIP. Source: Chainlink
Stacks completes Nakamoto upgrade
Stacks — a layer-2 scaling solution for Bitcoin (BTC) — completed the Nakamoto upgrade through a hard fork on Oct. 9.
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.
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