In one of the tweets, Vitalik Buterin, the founder of Ethereum says sharding is fine but we still need roll-ups to scale beyond 100,000 to 500,000 TPS. Hence, saying L2s replacing L1s’ for scalability will be a gross misjudgement. In this piece, a few L1’s projects which are underrated but have huge potential are mentioned. If you missed the erstwhile L1 projects like Solana, ETH and AVAX to make fortune for you, maybe these would give you some investment context for 2024.
Top 5 L1’s Blockchains To Not Miss in 2024
- Kadena
Kadena was a hot favorite during the 2021-22 bull run where the token showed some unprecedented jump as demonstrated in the chart below.
As you can see from the chart that it scaled to $24 in 2022. However, it was followed by a sharp retracement. Despite that fact, the Dev team has worked on the project to unveil a new consensus algorithm which shall give the possibility of processing 100s to 1000s of transcations per second. In addition to this, Kadena is introducing a new smart contract language called PACT which shall streamline formal verification before the smart-contracts are deployed. It is also claimed that Kadena has the potential of solving the much touted blockchain trilemma problem which creates a fresh narrative for an exponential explosion which could see Kadena scaling a 40x to 50X potential as per experts. With such data, this project is quite intriguing as an L1 blockchain with potential in 2024.
VulcanForged is presenting a perfect fusion of Elysium and Metascapes which are bringing the best of both worlds with a bonus: metaverse and gaming with scalability. The carbon neutral trade-off of Vulcan Forged has made the project quite a promising landscape for the ESG groups which are trying to take down blockchains citing environmental concerns. And Elysium’s high performance substrate framework with EVM compatibility would make Dapps composable with other blockchain ecosystems.
As a result, riding on scalability, adoption and carbon neutral trade-off, and listing on BitThumb, Vulcan Forged has shown a staggering 2X increase in the last 2 months with the last month generating a whopping 80.23% returns despite its low market cap in comparison to other projects of similar magnitude. At the time of writing, the Vulcan Forged ecosystem is embracing significant movements due to Vulcanverse, Berserk, Galactic Fight League which have pushed the community size to reach 20,000 with over 200,000 active users. In 2024, if the metaverse narrative returns, Tartarus, which is the first ever Oculus VR NFT Game, could dramatically push PYR prices even higher, judging by the present growth of the ecosystem to make PYR fall on the bullish triangle for 2024. .
- Aleph Zero
Aleph is introducing a new concept where even writers can code smart-contracts. Sounds interesting huh, but it is true. They have completely revolutionized a no-code framework with coding possible in English and additional tradeoff of scalability, interoperability and through the use of Zk Roll-Ups. As a result, this blockchain has become the fastest with the capability of processing a transaction in 0.6 seconds attracting enterprise public projects to deploy solutions on top of it. In the last 1 month, the AZERO Token has exploded from $.8 to $1.39 at the time of writing. Citing privacy, which is a concerning point for enterprise projects, Aleph could witness unprecedented adoption by corporates in the near future.
- Agoric
While the blockchain space celebrates the fact that 10% of the world’s GDP shall be moving on it, it is important to acknowledge that the number of developers is abysmally low to support such a massive shift. For example, as per stats the need for developers is growing 300% to 500% every year; which has made multiple segments suffer in DLT. DeFi alone has only 1000 developers to sustain its network, if you include other segments like private blockchains, the numbers could be much higher. Agoric is introducing JavaScript language for writing smart-contracts. The project has raised $50 million so far and Agoric’s last 1 month performance as per the chart given below undoubtedly makes investors optimistic.
- Sui
SUI is introducing Zk-Snarks to scale linearly which shall dramatically reduce data storage on L1’s and scale up the ecosystem. Along with this, the consensus mechanism has been planned in such a way that it can interoperate with other chains. Within just 2 months of its launch, the SUI blockchain has processed 65.8 million transactions in a single day, which is unimaginable. In the last 1 month, SUI token registered unprecedented gains. The 2024 prediction of SUI tokens by experts puts it at $ 1.193191.
Conclusion
So which one interests you the most and considering that scalability, interoperability and privacy will be key concerns for the future, all these blockchains have provided an amenable solution for all of them to become your next Ethereum, Solana or Polkadot moment.
