CoinGecko: Surging 7000%, who is the biggest winner in the L1 track in 2024?

Author: Prem Reginald, CoinGecko; Translation: Deng Tong, Golden Finance

After emerging from the crisis, 2024 is an exciting year for the first layer (L1) Block, with Token prices soaring more than 7,000% since January. In the rapidly evolving field of Cryptocurrency, some unexpected Tokens are reclaiming the top performing positions this year. Let’s take a closer look at the biggest L1 winners and losers of 2024.

Market Overview

In 2024, driven by the victory of President Donald Trump in the election, the cryptocurrency market is showing a trend of verticalization. Due to the L1 solution providing a platform for dApps and smart contracts, the demand for L1 solutions has soared, intensifying the competition among L1 blockchains for dominance. However, they are facing fierce competition from Layer 2 solutions, which aim to increase transaction speed at a fraction of the cost for mature blockchains such as Ethereum.

What are the best performing Layer 1 tokens?

In the top-performing Token, Mantra (OM) has experienced an unprecedented rise, with its value soaring by 7,035.2%. This rise is partly attributed to Mantra’s partnership with Zand, a Digital Bank based in the UAE that allows the tokenization of Real World Assets (RWA) to comply with the regulations of the Dubai Virtual Assets Regulatory Authority (VARA). Additionally, as traditional Financial Institutions introduce their money market funds and bonds to the blockchain, the demand for RWA products has also increased.

In addition, **AIOZ Network (AIOZ) is another outstanding Token, with a YTD rise of 427.6% since the beginning of the year.**Driven by the continuously strengthening ecosystem, the adoption of Decentralization content delivery network on the platform continues to increase.**Sui (SUI) ranks among the top three with a YTD rise of 388.2% since the beginning of the year.**The Token benefits from the increasing attractiveness within its ecosystem, including the innovative dApp releases utilizing its scalability and developer-friendly features.

Other standout Tokens include Bellscoin (BELLS) (+252.2%), Zano (ZANO) (+159%), and Toncoin (TON, +136.2%), the latter successfully leveraging integration with Telegram to host dApps and click-to-earn games.

According to Market Cap, the top 10 Layer 1 Tokens are showing a moderate rise.

Although there has been explosive rise of small and medium-sized Layer 1, larger Tokens such as Bitcoin (BTC), Ethereum (ETH), and Solana have proven to be reliable investments. BTC is showing a positive rise, with a rise of 112.9% from the beginning of the year to present, while ETH has risen by 34.9%, lagging behind other Tokens. With the emergence of new Layer 2 and other blockchains, ETH’s dominance in this field has gradually weakened over the years. Despite the launch of Spot ETH exchange-traded funds (ETF) in the United States, it still has successfully outperformed the S&P 500 index, which rose 24.8% in 2024.

Solana (SOL) rises from the ruins of the 2022 FTX bankruptcy and has pumped significantly by 134.3% since the beginning of the year. Most of its gains occurred in 2023 when it surged from $15 to $120 driven by the memecoin frenzy. This trend also shifted towards Tron Network (TRX) and other blockchains, which have risen by 85.5% since the beginning of the year. On the other hand, Toncoin (TON) achieved an astonishing 136.2% rise by hosting dApps on the popular social messaging app Telegram. Tap-to-earn games have become very popular on Telegram.

The most significant increase occurred in Sui, which has risen 338.2% since the beginning of the year. This pump was driven by increased investor interest, on-chain activity, and the expanded utility brought by the significant rise of dApps. In addition, Circle’s USDC has been integrated into the network, and capital is observed to be shifting from Ethereum to Sui.

Projects with the largest decline

On the other hand, several tokens have experienced a decline of up to -96% so far this year. Entangle (NGL) has experienced the largest decline, with a decrease of -95.3% year-to-date, followed by Kujira (Kuji) and Trias Lab (TRIAS) with declines of -86.7% and -83.4% respectively. NGL was launched at a relatively high valuation in March 2024, but its price has been declining ever since. On the other hand, Kujira’s performance has been affected by the team’s high-risk leveraged liquidity position, which has backfired during market fluctuations.

How does the Layer 1 Token launched in 2024 perform?

Several Layer 1 Cryptocurrencies launched in 2024 have shown uneven performance, reflecting the challenges of entering a highly competitive market. Aleo (ALEO), launched in September, has dropped by -58.1% since its debut, while Saga (SAGA), launched in April, is also facing a similar plight with a decline of -69.9% from the beginning of the year. Similarly, Omni Network (OMNI), launched in April, has dropped by -68.8%, and Zeta Chain (ZETA), launched in February, has fallen by -57.3%.

The Router Protocol (ROUTE), launched in July, fell by -24.8%, while the Ice Open Network (ICE), which has been active since January, fell by -34.5%, with a smaller decline. Meanwhile, Kaia (KAIA), the latest addition at the end of October, has risen slightly, by 5.2%. These performances highlight the volatility of new L1 projects and the necessity of continuous innovation and adoption to gain attractiveness.

Top 10 Layer 1 ranked by price performance

Conclusion

In 2024, the performance of L1 Blockchains varied. Mantra’s amazing 7,035% year-to-date increase is leading, thanks to strategic partnerships and cutting-edge blockchain use cases. Established players like BTC, Solana, and Toncoin have performed well, proving their resilience in the evolving market. Meanwhile, newly launched tokens face an uphill battle as they are highly valued.

With the intensifying competition between Layer 1 and Layer 2 solutions, the next wave of winners in the ever-changing field of encryption will be determined by the follow on scalability, utility, and regulatory compliance.