The year 2024 was monumental for cryptocurrency and blockchain networks. It witnessed the launch of Bitcoin and Ethereum exchange-traded funds in the United States, major protocol upgrades across altcoins, and the release of new infrastructure networks.
Amid an industry often dominated by hype, these 10 projects stood out by successfully delivering significant protocol improvements or launching new products. From enhancing transaction speeds to introducing groundbreaking governance models, these developments have pushed the boundaries of what's possible in blockchain technology.
Here are 10 crypto projects that implemented major protocol upgrades or delivered their mainnets in 2024, presented in no particular order.
Avalanche 9000/Etna Protocol Upgrade
The Avalanche network's Avalanche9000 upgrade, also known as Etna, marked the largest upgrade in the protocol's history when it launched on the Avalanche mainnet on December 16th after extensive testing on the Fuji testnet.
This update dramatically simplified the launch process for subnets (now called "Layer 1s") and replaced the fixed 2,000 AVAX stake requirement for subnet validators with a fee structure based on the number of nodes a validator operates.
According to the Avalanche Foundation, the upgrade reduced subnet deployment costs by 99.9% and lowered C-Chain network fees by 96%. The update also shifted validator management responsibilities from the Avalanche P-Chain to the individual Layer 1s, granting them greater autonomy and control over their networks.
Sui Implements Mysticeti Consensus Engine
The high-throughput blockchain Sui Protocol implemented the Mysticeti consensus engine in August 2024, achieving significant performance improvements.
According to developers at Mysten Labs, the update reduced consensus latency to just 390 milliseconds while minimizing cross-validator communication for enhanced efficiency. Sui's ability to process massive transaction volumes per second (TPS) and its monolithic architecture helped it and other monolithic chains compete effectively against established smart contract platforms like Ethereum throughout 2024.
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Sonic Foundation Launches Sonic Mainnet
In May 2024, the Fantom Foundation announced that the Sonic Foundation would oversee the deployment of its Sonic Chain. This Ethereum Virtual Machine-compatible Layer 1 blockchain features sub-second finality times, 10,000 TPS throughput, and the Sonic Gateway—a bridge connecting Sonic and Ethereum.
The Sonic mainnet officially launched on December 18th. Fantom (FTM) token holders can transition to the new network by upgrading their FTM tokens to S tokens (Sonic's native asset) on a one-to-one basis.
Hyperliquid Introduces Token and Staking
Hyperliquid, a Layer 1 blockchain optimized for decentralized finance, executed one of the largest token airdrops in crypto history on November 29th. The project distributed 310 million HYPE tokens to community members, valued at $1.2 billion at launch.
The HYPE token launched at an initial price of $3.90 and currently trades around $26.80. On December 30th, the Hyper Foundation announced the launch of native staking functionality on the Hyperliquid protocol, allowing users to secure the network and earn yields by locking their tokens.
Ethereum Dencun Upgrade Goes Live
Ethereum's Dencun upgrade launched on March 13th, reducing fees on Ethereum Layer 2 networks by up to 99%. However, this massive reduction in Layer 2 fees also contributed to a collapse in Ethereum Layer 1 fees during August and September as users migrated to cheaper Layer 2 solutions.
According to Token Terminal data, Ethereum Layer 1 network fees rebounded in November to levels seen in early 2024 before Dencun's implementation. The Ethereum community had mixed reactions to the upgrade, with some praising the economic benefits for Layer 2 transactions and others criticizing how many Layer 2 solutions were cannibalizing Ethereum Layer 1 revenue.
Cardano's Chang Hard Fork Introduces On-Chain Governance
Cardano's Chang hard fork, implemented on September 1st, brought on-chain decentralized governance to the network. This update enables all Cardano native ADA holders to participate in voting processes that determine the future direction of the Layer 1 chain, marking a significant step toward full community-led governance.
NEAR Protocol Achieves Stateless Validation with Nightshade 2.0
NEAR Protocol, a Layer 1 blockchain focused on AI decentralization, transformed its network architecture in August 2024 through the implementation of the Nightshade 2.0 update.
The protocol upgrade introduced stateless validation, allowing validator nodes to verify transactions without storing a full copy of the blockchain on their devices. This approach reduces the hardware requirements for running validator nodes and lowers barriers to entry for new participants.
Following the Nightshade 2.0 launch, the protocol's native asset NEAR surged 50% within a month, demonstrating market appreciation for the technical advancement.
Movement Mainnet Launches
On December 9th, the Movement Network Foundation launched the Movement mainnet and MOVE token—an Ethereum scaling solution that uses the Move virtual machine to settle transactions on the Ethereum network.
According to foundation representatives, Movement mainnet features sub-second finality times and leverages the Move programming language, which has gained widespread praise among blockchain developers for its ease of use and expressiveness.
Chainlink Debuts Cross-Chain Interoperability Protocol
Oracle network Chainlink released its Cross-Chain Interoperability Protocol (CCIP) in April 2024. CCIP facilitates cross-chain token transfers and enables smart contract communication between different blockchain ecosystems.
Since its launch, the interoperability solution has been integrated by multiple blockchain networks, including Layer 2 scaling solution ZKsync and gaming blockchain network Ronin, expanding the connectedness of the blockchain landscape.
Stacks Completes Nakamoto Upgrade
Stacks—a Bitcoin Layer 2 scaling solution—completed its Nakamoto upgrade via hard fork on October 9th. This upgrade introduced 100% Bitcoin finality and significantly improved network throughput.
Following the update, block production is no longer determined by miner elections. Instead, blocks are now produced at fixed time intervals. In the weeks leading up to the protocol upgrade, Stacks reached an all-time high of 1,400 monthly smart contracts deployed on the network.
Frequently Asked Questions
What makes the Avalanche 9000 upgrade significant?
The Avalanche 9000 upgrade dramatically reduced subnet deployment costs by 99.9% and lowered network fees by 96%. It also shifted validator management to individual Layer 1s, giving them more control over their networks while maintaining security.
How does Sui's Mysticeti consensus improve performance?
Mysticeti reduces consensus latency to 390 milliseconds and minimizes cross-validator communication. This enhances overall network efficiency and enables higher transaction throughput while maintaining decentralization.
What benefits does Ethereum's Dencun upgrade provide?
The Dencun upgrade primarily reduces Layer 2 transaction fees by up to 99%, making Ethereum scaling solutions more affordable. However, it also shifted transaction volume from Layer 1 to Layer 2 networks, impacting Ethereum's fee economy.
How does Cardano's Chang hard fork change governance?
The Chang hard fork introduces on-chain decentralized governance, allowing all ADA holders to participate in voting processes. This moves Cardano toward community-led decision-making for protocol upgrades and changes.
What is stateless validation in NEAR Protocol?
Stateless validation allows nodes to verify transactions without storing the entire blockchain, significantly reducing hardware requirements. This lowers barriers to becoming a validator and enhances network decentralization.
Why is Bitcoin finality important for Stacks?
The Nakamoto upgrade brings 100% Bitcoin finality to Stacks, meaning transactions settled on Stacks enjoy the same security guarantees as Bitcoin transactions. This strengthens Stacks' position as a true Bitcoin Layer 2 solution.