Prime 5 Layer-1 Blockchains: Past Ethereum in 2024

• Layer 1 blockchains are essential to the cryptocurrency trade.
• L1s validate and execute transactions with out help from one other community.
• Injective (INJ), Kaspa (KAS), Celestia (TIA), Sui (SUI), and Sei (SEI) make up the highest 5 L1s.

A number of Layer-1 (L1) blockchain protocols have emerged as robust contenders within the decentralized ecosystem, providing distinctive options and supporting a variety of blockchain purposes. These L1s function independently, validating and executing transactions with out counting on different networks.

Whereas Ethereum stays a dominant power, protocols like Injective (INJ), Kaspa (KAS), Celestia (TIA), Sui (SUI), and Sei (SEI) have gained vital traction. Allow us to spotlight the essential functionalities of the recognized protocols whereas offering particulars on how their native tokens have carried out of late.

Injective (INJ)

Injective is a DeFi-focused, interoperable L1 blockchain protocol with decentralized spot and spinoff exchanges. It additionally helps prediction markets and lending protocols. INJ, its native token, has a market cap of $2.37 billion.

INJ noticed a powerful worth improve of almost 750% between This fall 2023 and Q1 2024, reaching a $53 all-time excessive, based on TradingView. Though the worth retraced, it has surged 63.6% within the final 5 weeks, at the moment buying and selling at $24.14.

Kaspa (KAS)

Ranked within the 28 place amongst cryptocurrencies by market cap, Kaspa is a proof-of-work (PoW) cryptocurrency that implements the GHOSTDAG protocol. This implementation permits the L1 resolution to allow the coexistence of blocks created in parallel, ordering them in consensus. KAS has a $4 billion market cap and traded for $0.16 on the time of writing, per TradingView’s knowledge.

KAS has largely proven a bullish trajectory since 2023. The L1 token gained over 5,000% from the start of 2023 to succeed in a $0.208 all-time excessive in July 2024. Nevertheless, the worth has since fallen to $0.16.

Celestia (TIA)

Celestia is arguably the primary modular blockchain community that allows anybody to deploy private blockchains with minimal overhead. A market cap of $1.2 billion places the novel L1 protocol within the 61st place on the CoinmarketCap crypto aggregation platform. Celestia’s native token, TIA rallied over 87% between This fall 2023 and Q1 2024. Nevertheless, a extreme bearish development pushed TIA’s worth down, with the crypto shedding over 82% of the earlier good points.

TIA has proven notable bullish momentum previously three weeks, bouncing off native help at $3.72 to commerce for $5.69 on the time of writing, marking a 54% achieve. Ought to the crypto market embark on a bull run, rediscovering its former momentum may situation TIA for a big revenue.

Sui is an L1 blockchain platform designed to help the wants of worldwide adoption by providing a safe, highly effective, and scalable improvement platform. CoinmarketCap’s knowledge exhibits Sui has a market cap of $5.12 billion, rating within the twentieth place amongst different cryptocurrencies. 

SUI has surged 325% previously 9 weeks, based on TradingView. Presently buying and selling at $1.86, SUI could quickly retest its $2.18 all-time excessive.

Sei ranks 53rd on CoinmarketCap with a market capitalization of $1.7 billion. This blockchain resolution offers crypto exchanges an edge in buying and selling. SEI gained over 1,000% earlier this yr.

SEI retraced following a basic crypto market decline however is recovering. Presently buying and selling at $0.48, the token has gained over 152% previously 9 weeks, with analysts predicting additional good points.