The year 2024 was a significant one for the cryptocurrency and blockchain space, marked by major protocol upgrades and the launch of new infrastructure networks. In this article, we will highlight ten crypto projects that implemented significant updates or shipped their mainnet in 2024.
Avalanche Network Implements Etna Protocol Upgrade
On December 16, the Avalanche network launched its highly anticipated Etna (Avalanche 9000) protocol upgrade, touted as the largest update in the protocol’s history. The testing phase on the Fuji testnet preceded the mainnet launch. 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 protocol 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.
Key Benefits of the Etna Protocol Upgrade:
- Reduced subnet deployment costs by 99.9%
- Lowered C-Chain network fees by 96%
- Increased layer 1 autonomy and control
Sui Implements Mysticeti Consensus Engine
In August, the Sui protocol, 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, enhancing 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. Mysticeti throughput and latency have been a significant improvement for Sui, making it an attractive option for developers and users alike.
Benefits of the Mysticeti Consensus Engine:
- Reduced consensus latency to 390 milliseconds
- Improved cross-validator communication efficiency
- Enhanced overall network performance
Sonic Foundation Launches Sonic Mainnet
In May 2024, 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 participate in staking and validation. This development aims to provide a more scalable and efficient solution for decentralized applications (dApps).
Key Features of the Sonic Mainnet:
- Sub-second finality times
- 10,000 TPS throughput
- Sonic Gateway for cross-chain communication
Movement Network Launches Mainnet
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. The MOVE token was also introduced with this launch.
According to spokespeople from the foundation, the Movement mainnet features sub-second finality times and leverages the Move programming language, praised by developers for its ease of use and expressiveness.
Key Benefits of the Movement Mainnet:
- Sub-second finality times
- Leveraging Move Virtual Machine for efficiency
- Improved scalability
Chainlink Debuts Cross-Chain Interoperability Protocol
Oracle network Chainlink released the Cross-Chain Interoperability Protocol (CCIP) in April 2024. CCIP facilitates cross-chain transfers of tokens and smart contract communication between different blockchain ecosystems.
Since its debut, CCIP has been integrated by several blockchain networks, including layer-2 scaling solution ZKsync and gaming blockchain network Ronin.
Benefits of the Cross-Chain Interoperability Protocol:
- Facilitates cross-chain token transfers
- Enables smart contract communication between blockchains
- Improves overall interoperability
Stacks Completes Nakamoto Upgrade
Stacks, a layer-2 scaling solution for Bitcoin (BTC), completed the Nakamoto upgrade through a hard fork on October 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. This change has led to an increase in smart contract adoption, with over 1,400 monthly contracts being deployed on Stackshit in the weeks leading up to the protocol upgrade.
Key Benefits of the Nakamoto Upgrade:
- Introduced 100% Bitcoin finality
- Increased network throughput
- Improved scalability
The year 2024 has been marked by significant upgrades and developments across various blockchain networks. These updates have improved efficiency, scalability, and interoperability, making them more attractive options for developers and users alike.
As the crypto space continues to evolve, it will be interesting to see which projects emerge as leaders in their respective fields. The future of blockchain technology is promising, with innovations like cross-chain interoperability and layer-2 scaling solutions paving the way for a more decentralized and efficient ecosystem.
