The year 2024 was marked by significant developments in the cryptocurrency and blockchain space. 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.
In this article, we will take a closer look at 10 crypto projects that implemented major protocol upgrades or shipped their mainnets in 2024. These projects have made significant strides in improving the efficiency, scalability, and usability of their blockchain networks.
Avalanche’s Etna Protocol Upgrade
The Avalanche network’s Etna protocol upgrade was one of the most notable developments of 2024. Launched on December 16, 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 Etna 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 2024, the Sui protocol, a high-throughput blockchain, implemented the Mysticeti consensus engine. This update slashed consensus latency to 390 milliseconds and minimized cross-validator communication, enhancing efficiency.
The ability of Sui 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.
Sonic Chain Mainnet Launch
In May 2024, the Fantom Foundation announced that the Sonic Foundation would oversee the deployment of its Sonic Chain. The Sonic Chain is an Ethereum Virtual Machine-compatible layer-1 blockchain that features sub-second finality times and a throughput of 10,000 TPS.
On December 18, 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’s Native Staking and Token Launch
Hyperliquid, a layer-1 blockchain optimized for decentralized finance, initiated one of the largest token airdrops in crypto history on November 29. The project distributed 310 million HYPE tokens to community members, valued at over $100 million.
In addition to the token launch, Hyperliquid also implemented native staking on its network. This allows users to participate in the validation process and earn rewards for securing the network.
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 – 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’s Cross-Chain Interoperability Protocol
In April 2024, Chainlink released the Cross-Chain Interoperability Protocol (CCIP). This protocol 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 9. This 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.
In conclusion, the year 2024 was marked by significant developments in the cryptocurrency and blockchain space. These upgrades and releases have improved the efficiency, scalability, and usability of various blockchain networks, paving the way for further growth and adoption in the industry.
