Which public chain project is stronger in 2024? "This coin" is up 7,000% year-on-year, overtaking Solana, Sui!

Inspired by Trump's victory in the presidential election, the encryption currency market in 2024 is showing a vertical growth trend. As a platform for decentralized applications (dApps) and smart contracts, the demand for L1 solutions has risen significantly, and major L1 blockchains are engaged in fierce competition for top positions. However, they face strong challenges from Layer 2 (L2) solutions, which are committed to improving transaction speed at extremely low costs, thereby competing with mature blockchains such as Ethereum.

Image source: CoinGecko

1. Which Layer 1 Tokens perform the best?

Among the top-performing Tokens, Mantra ($OM) has achieved an unprecedented growth, with a surge in value of 7,035.2%. This remarkable increase is partly attributed to Mantra's collaboration with the digital bank Zand, based in the UAE. By complying with the regulations of the Dubai Virtual Assets Regulatory Authority (VARA), Zand has tokenized Real-World Assets (RWA). Furthermore, there is a continuous growth in demand for RWA products, with TradFi institutions also introducing money market funds and bonds to the blockchain.

Image source: CoinGecko

2. Other outstanding performance Token

AIOZ Network ($AIOZ) is another standout performer, growing by 427.6% year-to-date (YTD). The platform's Decentralization content distribution network has gained increasing adoption through continuous ecosystem optimization. Also in the top three is Sui ($SUI), which has grown by 388.2% YTD, benefiting from rapid development within its ecosystem, including the launch of innovative dApps that leverage its high scalability and developer-friendly features.

Other performers worth following include:

Bellscoin (BELLS): Growth 252.2%

Zano (ZANO): growth 159%

Toncoin ($TON): Growing by 136.2%, successfully hosting dApps through integration with Telegram and launching 'click-to-earn' games.

3. The price of the top 10 Layer 1 Tokens by market capitalization has risen more moderately.

Although Layer 1 Tokens with smaller market capitalization have performed astonishingly, larger Tokens such as BTC, Ethereum, and Solana are still stable investment choices.

BTC achieved a 112.9% annual growth.

Ethereum (Ether) grew by 34.9%, but it did not perform as well as similar Tokens. With the rise of new Layer 2 and other blockchains, Ethereum's dominant position has been declining year by year, despite the launch of the Spot Ethereum ETF in the United States. However, Ethereum still outperformed the 24.8% rise in the S&P 500 index in 2024.

Image source: CoinGecko

Solana ($SOL): Rising from the Ashes

Solana ($SOL) has emerged from the shadow of FTX's bankruptcy in 2022 and has grown by 134.3% so far this year. The majority of its gains occurred in 2023, when it surged from $15 to $120, driven by the meme coin frenzy. This trend has also extended to other blockchains, such as Tron Network ($TRX), which has grown by 85.5% this year.

Meanwhile, Toncoin ($TON) recorded an astonishing 136.2% growth, mainly due to its ability to host dApps on the popular social messaging app Telegram. The 'click to earn' game mode has become extremely popular on Telegram, further driving its growth.

SUI: The most eye-catching performance

$SUI has shown the most impressive performance this year, with a growth of 388.2%. This increase is mainly due to the increased interest of investors, the growth of on-chain activities, and the practicality improvement brought by significant dApp expansion. In addition, Circle's USDC has been integrated into the network, and a trend of funds transferring from Ethereum to SUI has also been observed.

4. The largest drop

Image source: CoinGecko

On the other hand, some TOKENs have dropped by as much as -96% this year.

Entangle ($NGL) performed the worst, with a YTD decline of -95.3%.

Following closely behind are Kujira ($KUJI) and Trias Lab ($TRIAS), which fell by -86.7% and -83.4% respectively.

$NGL's issuance at a higher valuation in March 2024, followed by a continuous decline in price. On the other hand, Kujira's performance is affected by the team's high-risk leveraged liquidity positions, and these strategies backfire during market fluctuations.

5, How will the Layer 1 Token issuance perform in 2024?

The performance of various Layer 1 cryptocurrencies launched in 2024 varies, reflecting the challenges of breaking through in a competitive market.

Aleo ($ALEO) was launched in September and has since dropped by -58.1% from issuance.

Saga ($SAGA), launched in April, is facing a similar predicament, with a decline of -69.9% year-to-date.

Also launched in April, Omni Network ($OMNI) fell by -68.8%.

Zeta Chain ($ZETA) has fallen -57.3% since its issuance in February.

Source: CoinGeckoRouter Protocol ($ROUTE) and the performance of other new projects

Router Protocol（$ROUTE）was launched in July, with a price drop of 24.8%, while Ice Open Network（$ICE）has been relatively less active since January, with a decline of 34.5%. Meanwhile, Kaia（$KAIA）, which entered the market at the end of October, achieved a slight positive growth of 5.2%. These performances reflect the volatility of new Layer 1 projects, as well as the importance of continuous innovation and user adoption in gaining market recognition.

6. The top ten Layer 1 projects ranked by price performance.

Image source: CoinGecko

Note: YTD is the abbreviation for Year-to-Date, which means 'this year to date'. It is usually used to describe the performance of an indicator (such as profit, rise/fall, or performance) within a period of time from the beginning of the year (usually January 1st) to the current date.

7. Conclusion

In 2024, the Layer 1 Block chain industry has shown a diversified performance. Mantra, with a staggering 7,035% year-to-date (YTD) increase, is far ahead, thanks to its strategic partnerships and cutting-edge Block chain use cases. Meanwhile, veteran players such as BTC, Solana, and Toncoin have demonstrated steady performance, proving their strong vitality in the ever-changing market. At the same time, new issuance Token face enormous challenges, often struggling due to high valuations at the outset.

With the increasingly fierce competition between Layer 1 and Layer 2 solutions, the focus on scalability, utility, and compliance will determine the emergence of the next wave of winners, which is especially important in this ever-changing crypto market.

Note: This study analyzes the price performance of the top 100 cryptocurrencies sorted by market cap in the Layer 1 category on CoinGecko. The YTD gains data covers the performance from January 1, 2024, to November 18. These data reflect a snapshot of the market and the performance differences of various coins in a broader market environment.

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific situation. Invest at your own risk.

This article is authorized reproduction from: 'PANews'

Original author: Prem Reginald

"Which public chain project is the strongest in 2024? "This coin" rises 7000% in a year, overtaking Solana and SUI!" This article was first published in "encryption city".