Introduction
The year 2024 was marked by significant milestones in the world of cryptocurrencies and blockchain networks. From the launch of exchange-traded funds (ETFs) for Bitcoin (BTC) and Ether (ETH) in the United States to major protocol upgrades for altcoins, this year saw a flurry of activity that has left an indelible mark on the industry.
10 Crypto Projects That Implemented Major Protocol Upgrades or Shipped Mainnets in 2024
In this article, we will delve into 10 notable projects that made significant strides in 2024. From Avalanche’s Etna protocol upgrade to Sui’s implementation of the Mysticeti consensus engine, these projects have demonstrated innovation and dedication to improving their respective networks.
Avalanche9000/Etna Protocol Upgrade
The Avalanche network’s Avalanche9000 (Etna) protocol upgrade was a major highlight of 2024. Launched on December 16 following a testing phase on the Fuji testnet, this update simplified the process of launching subnets 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 Implements Mysticeti Consensus Engine
In August, Sui, a high-throughput blockchain, implemented the Mysticeti consensus engine. According to spokespeople for Mysten Labs, the developer behind Sui, this 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 gain ground on incumbent smart contract platform Ethereum in 2024. The adoption of Mysticeti is expected to further accelerate Sui’s growth and solidify its position as a leading blockchain network.
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 featuring 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 18, the Sonic mainnet went live, allowing Fantom (FTM) token holders to migrate to the new network. The launch of Sonic is expected to bring significant improvements in scalability and interoperability, making it an attractive option for developers and users alike.
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 to the Ethereum network. According to spokespeople from the foundation, the Movement mainnet features sub-second finality times and leverages the Move programming language.
The Move programming language has received widespread praise for its ease of use and expressiveness. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) facilitates crosschain transfers of tokens and smart contract communication between different blockchain ecosystems.
Stacks Completes Nakamoto Upgrade
Stacks – a layer-2 scaling solution for Bitcoin (BTC) – completed the Nakamoto upgrade through a hard fork on October 9. This update 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. This milestone marks a significant achievement for Stacks and solidifies its position as a leading layer-2 scaling solution.
Conclusion
2024 has been an exciting year for cryptocurrencies and blockchain networks, with numerous projects making significant strides. From major protocol upgrades to mainnet launches, these developments have paved the way for further growth and innovation in the industry. As we move into 2025, it will be interesting to see how these projects continue to evolve and shape the future of blockchain technology.
Recommendations
For investors and developers looking to capitalize on these trends, consider the following recommendations:
- Avalanche (AVAX): With its recent protocol upgrade, Avalanche is poised for significant growth. Invest in AVAX tokens or participate in staking programs.
- Sui: Sui’s adoption of Mysticeti consensus engine has accelerated its growth. Consider investing in SUI tokens or developing on the platform.
- Movement Network (MOV): With its scalable architecture and interoperability features, Movement Network is an attractive option for developers and users alike.
Stay tuned for further updates and analysis as we explore the trends shaping the blockchain industry in 2025.