Layer-1 projects act as the basis for many crypto projects and applications. These independent projects offer decentralization, security, and scalability.
This article explores the top 10 layer-1 crypto projects in 2024. It provides an overview of these tokens, their tokenomics, and how to buy them on CoinEx.
What Is a Layer-1 Blockchain?
An L1 or base blockchain is usually the primary or underlying foundation of secondary blockchains and applications. L1 blockchains are the underlying structure and security bases that L2 blockchains rely on to operate efficiently.
A layer-1 blockchain is responsible for processing all the transactions on the blockchain and, therefore, serves as the official record of a public ledger. Recording a user's cryptocurrency wallet through asymmetric key pairs and the token balances corresponding to that wallet is required for most networks to conduct a transaction. A consensus process is applied to verify and conclude the transaction concerning the sale or trade, which will be specific to each platform.
Most layer-1 blockchains have their native tokens, which are used primarily for paying transaction or gas fees within the network.
Top 10 Layer-1 Crypto Projects
1. Avalanche (AVAX)
Avalanche is a blockchain platform designed to provide scalability, security, and decentralization through the Proof of Stake (PoS) mechanism.
Like Ethereum, Avalanche allows smart contracts to operate decentralized apps (dApps) on its network. Avalanche supports EVM-compatible smart contracts, which means developers can deploy Ethereum-based applications on Avalanche. Therefore, Avalanche apps are compatible with Ethereum applications, which are then used by many other blockchains.
It has three foundational chains. The X-Chain is responsible for creating and administering assets. The C-Chain is compatible with ERC-20 tokens, DACs, and other non-singular tokens. They were constructed to apply smart contracts seamlessly. The P-Chain is responsible for coordinating validators and supporting the subnets; blockchains specialized for applications.
Features
Developers can make application-specific blockchains with complicated rule sets or build on existing private or public Subnets in any language. Apart from that, here are a few more features of the blockchain:
It can expand to thousands of concurrent validators without seeing a speed reduction.
Avalanche consensus is considered one of the most secure protocols.
The Avalanche consensus algorithm ensures that transactions are promptly approved and cannot be reversed.
Avalanche can execute contracts automatically when certain conditions are satisfied.
Avalanche allows for great network capacity while ensuring low latency.
Compared to other common consensus methods, participation in the Avalanche consensus does not require significant computational resources or incur a high cost.
Overview of AVAX
Avalanche’s native utility token is AVAX, a hard-capped and valuable asset. Users can pay fees and stake their AVAX tokens to earn rewards. By staking their AVAX tokens, users can also contribute to platforms security.
Tokenomics
- Market capitalization: $12.51 billion
- Total supply: 442.63 million
- Staking Rewards: 50%-
- Team: 10%
- Foundation: 9.26%
- Public Sale Option A2: 8.30%
- Community & Development Endowment: 7%
- Strategic Partners: 5%
- Private Sale: 3.46%
- Airdrop: 2.5%
- Seed round: 2.5%
- Public sale: 1.67%
- Testnet Incentive Program: 0.31%
2. Ethereum (ETH)
Ethereum is a decentralized and open-source blockchain. It handles smart contracts and hosts Decentralized applications. It comprises several layers, each serving a distinct function associated with scaling solutions. The foundational layer of the blockchain protocol maintains network security by utilizing computing power to solve cryptographic algorithms.
The principal network of Ethereum, also known as Layer 1, is the fundamental layer of the Ethereum blockchain, where all transactions are settled. It is highly secure, decentralized, rigorously tested, and likely the most trustworthy blockchain outside of Bitcoin.
Features
Ethereum is among the most reliable platforms for dApp development. It relies on Solidity as the scripting language and the Ethereum Virtual Machine.
- Thousands of Ethereum nodes and machines run the protocol. These are distributed worldwide; thus, no one can censor them.
- Ethereum offers dApp developers who operate smart contracts with ecosystem developer tools and practices.
- Smart contracts eliminate the need for an intermediary to help execute contracts between the parties.
Overview of ETH
Ether (ETH) is the native digital currency of the Ethereum network. ETH tokens can be used to pay transaction fees and power dApps, as well as to pay for services or in-app purchases within dApps. In addition, the network pays out rewards in ETH to each validator based on their stake. Many investors also hold ETH tokens as a long-term investment because of their reliability and huge market capitalization.
Tokenomics
- Market capitalization: $422.48 billion
- Total supply: 120.15 million
- Early contributors: 16.7%
- Ethereum crowd sale: 83.3%
3. Solana (SOL)
Solana is another widely used layer-1 blockchain. It prioritizes scalability while offering a base for decentralized applications. By employing a special combination of delegated proof of stake and proof of history, Solana provides significantly faster transaction speeds at a much lower cost than its nearest rivals, Ethereum and Cardano (ADA).
Features
Like other cryptocurrency networks, the Solana network offers smart contracts, transaction settlement, and token issuance features. However, Solana intends to provide faster times and more transaction capacity to set itself apart from the competition.
- Solana aims to build a scalable platform for decentralized apps without sharding or second-layer technology.
- Developers have access to various tools and services to create their apps.
- Proof of history allows voting on the timestamps of individual blocks in the chain. This allows for faster and more secure computations while also maintaining decentralization.
- The platform can handle the growing number of users and many transactions without sacrificing speed.
Overview of SOL
SOL functions as a "governance token," granting holders the ability to vote on proposed changes to the governance structure and future updates made by the Solana community. Users can use SOL tokens mainly to cover transaction fees and smart contract execution.
Tokenomics
- Market capitalization: $69.33 billion
- Total supply: 578.01 million
- Seed Sale: 15.86%
- Founding Sale: 12.63%
- Validator Sale: 5.07%
- Strategic Sale: 1.84%
- Public Auction Sale: 1.60%
- Team: 12.50%
- Foundation: 12.50%
- Community Reserve: 38.00%
4. Bitcoin (BTC)
Bitcoin is listed among the leading Layer-1 blockchains. The government or banks do not back it. Nowadays, it’s more like a digital asset that you can buy, sell, and exchange with other cryptocurrencies through exchanges. Investors and big investment companies also hold it as an asset because of its value.
Features
Bitcoin makes it easy for people to send and receive money over the Internet. It was designed to provide an alternate payment system for people without involving any third party. It has become a great asset that can give immediate profit compared to other stocks and investment opportunities.
More features are mentioned below:
- It uses excellent blockchain technology, which offers the best security and immutability, as no third party can tamper with the data in the blockchain.
- As for the transactions, the are anonymous and cannot be reversed in any way.
- Every transaction that takes place on the Bitcoin network is subsequently made public.
- Bitcoin has faced several issues regarding theft, but the core technology has never been hacked.
- Because the system is permissionless and the source code is open-source, various computer scientists and cryptographers have analyzed its security in all its aspects.
Overview of BTC
BTC is also called “digital gold” due to its limited supply of tokens. Its main applications are in payment systems and investments, and it is currently used as a reserve asset. The limited supply of BTC tokens makes it an amazing asset to hold for the long term.
Tokenomics
- Market capitalization: $1.33 trillion
- Total supply: 21 million
5. Polkadot (DOT)
Polkadot is both a scalable and safe layer-1 blockchain. It has the ability to connect multiple blockchains. It was developed using Substrate, the framework for creating dedicated and compatible blockchains.
Polkadot is designed so that users can transfer anything from one chain to another. Users can communicate with other blockchains that are a part of the Polkadot networks.
Polkadot is designed to integrate with other blockchains through a protocol that extends through segments called shards to decentralize the web and give people full control over it.
Features
- Another point for people to appreciate DOT holders is that they can earn passive income. Polkadot usually offers profits at a better rate for staking different cryptocurrencies than other platforms.
- It allows the Possessors of DOTs to vote on the changes in the network and, therefore, be a part of its management.
- Polkadot can handle thousands of transactions in a single second.
- Its main chain, “Relay Chain” provides security to all the connected networks.
- Developers can create their own dApps on Polkadot.
- The parachains (multiple blockchains) evenly share the transaction burden so the main chain can run smoothly.
Overview of DOT
Polkadot's native token currency is DOT; its smallest unit is a Planck. It is both a governance and staking token.
In addition to facilitating payments, network governance, staking, reward incentives, transaction fees, and other bonding operations, tokens are locked up to connect additional chains to the Polkadot network.
Tokenomics
- Market capitalization: $9.36 billion
- Total supply: 1.44 billion
- Private Sale Investors: 3.42%
- SAFT Investors: 5%
- Auction Investors: 50%
- Future Sales: 11.58%
- Web 3 Foundation: 30%
6. TON (TON)
Telegram's open network technology, “TON,” has been the center of new crypto project developments. Its blockchain supports over 650 decentralized apps. The network uses sharding to achieve scalability and a Proof of Stake (PoS) to ensure that transactions are secure and efficient in energy consumption.
Features
TON is particularly good at managing complex transactions and smart contracts on a large scale. Its high-performance blockchain can handle various activities, including Decentralized Finance (DeFi), gaming platforms, and organizational structures such as DAOs.
The TON ecosystem generates new blocks every five seconds, transferring money or carrying out smart contracts incredibly quickly.
To support an enormous number of users and the transactions they do, TON uses workchains and dynamic sharding.
TON can process 100k+ number of transactions in a single second.
Overview of TON
The native cryptocurrency of TON, Toncoin, plays a pivotal role in implementing governance and facilitating transactions within the network. Users can stake Toncoin or use it to pay for transaction fees, decentralized storage, and other network services. Users can also use Toncoin to participate in network validation.
Over the years, TON has seen the growth of its ecosystem with the release of several dApps, including social networks, various DeFi services, and digital art marketplaces, thus creating a great ecosystem.
Tokenomics
- Market capitalization: $18.37 billion
- Total supply: 5.11 billion
- Initial mining: 98.55%
- Team: 1.45%
7. Aptos (APT)
Aptos (APT) is a layer-1 protocol based on the Proof-of-Stake (PoS) consensus. This layer-1 protocol has designed many features that improve user comfort while increasing security. The primary focus is safety and scalability, which drives growth within the decentralized network and developer ecosystem.
Features
The features include pre-signing transaction transparency and hybrid key management systems, which enhance security and help reduce the risks associated with key mismanagement.
Here are a few more features:
- Aptos blockchain can achieve thousands of transactions per second (TPS) while preserving its stability and assurance of security.
- Aptos accomplishes horizontal scalability by utilizing hom*ogenous state sharding and the internal sharding of validators inside the network. Because these designs are collectively available, Aptos can generate an enterprise-grade blockchain network.
- Developers can create smart contracts by utilizing the Move programming language. This language guarantees that smart contracts can be carried out trustworthy and easily.
Overview of APT
APT fuels the Aptos ecosystem. On Aptos, users can utilize the APT tokens to pay the transaction fees. Validator nodes can use APT to participate in transaction processing and block generation. Lastly, Staking APT tokens allow you to earn a passive income from Aptos.
Tokenomics
Market capitalization: $3.56
Total supply: 1.10 billion
Community: 51.02%
Core Contributors: 19.00%
Foundation: 16.50%
Investors: 13.48%
8. BNB Smart Chain (BNB)
BNB Smart Chain is an open, operational, public, and permissionless blockchain developed with Binance. It is EVM-compatible and has smart contract functionality. Transaction speeds are quick, and transaction costs are relatively low.
BNB uses the Auto-Burn mechanism to lessen the circulating supply. The BNB Auto-Burn rule updates the amount of BNB to be burnt next, which is determined by the present BNB price and the number of blocks produced on the BNB Smart Chain (BSC) per quarter. Therefore, the BNB community has an advantage due to the excellent probability and transparency of the outcomes.
Features
BNB smart chain has a lot of unique features:
- Yields are much higher in quality and security for the users staking BNB, contributing to the overall BNB Chain ecosystem and receiving payments in BNB.
- BNB holders can influence the decisions related to the BNB chain and its further updates.
- BNB tokens can readily be traded back over several exchanges.
Overview of BNB
BNB supports the activities of the BNB Chain environment. BNB works like any other ordinary token and can be exchanged multiple exchanges.
Meanwhile, BNB is used effectively in many applications and scenarios. On BSC, BNB acts as the medium of exchange as it can be utilized to pay for commodities and services, transactional fees, and initial sales of tokens.
Tokenomics
- Market capitalization: $88.97 billion
- Total supply: 147.58 million
- Founding team: 40%
- Public sale: 50%
- Angel investors: 10%
9. Cardano (ADA)
Cardano is one of the top layer-1 blockchains in terms of market value. It was developed to be better than Ethereum. It is a scalable and flexible blockchain for smart contracts. It allows the development of various decentralized finance applications, new cryptocurrencies, games, and other applications.
Features
One of the most important aspects of the Cardano project is its Proof of Stake (PoS) consensus mechanism. The protocol requires ADA to be staked on the Cardano blockchain to verify transactions. More features are mentioned below:
- Those individuals who stake their ADA to the blockchain are rewarded for their engagement in the form of rewards.
- ADA can also be utilized on the Cardano network for voting and governance purposes.
- The staking mechanism guarantees active participation and uptime and contributes to preserving security throughout the blockchain.
Overview of ADA
Cardano's native token, ADA, can be used to transfer value in a way similar to how traditional currency is now utilized. Although many cryptocurrencies boast this functionality, ADA also has additional purposes built into its design.
In contrast to other blockchain projects, Cardano does not have miners who are responsible for determining its future development; rather, this responsibility lies with the ADA stakers.
Tokenomics
- Market capitalization: $15.16 billion
- Total supply: 36.95 billion
- ICO: 57.60%
- Team: 11.50%
- Staking Rewards: 30.90%
10. Cosmos (ATOM)
The Cosmos Network is a collection of blockchain ecosystems interlinked over the Cosmos Hub. Its primary objective is to function as the "Internet of Blockchains," which implies that it will enable communication, data exchange, and transaction execution among several independent blockchains securely and frictionlessly. This will be accomplished using the Cosmos Hub, which will be supported by the validators .
Features
Cosmos was designed to facilitate decentralization and interoperability throughout the ecosystem by allowing developers of decentralized applications (dApps) to create their blockchains without any restrictions.
- The transaction costs associated with the Cosmos Network are paid with ATOM.
- Staking ATOM contributes to the network's security, and the amount of ATOM staked determines the benefits awarded to the staker.
- ATOM stakers and validators are entitled to a portion of the transaction fees earned by chains that use the Cosmos Hub's Interchain Security feature.
- Proposals provided by the Cosmos Hub are open for voting by holders of ATOM.
Overview of ATOM
The Cosmos ecosystem is powered by its native token, “ATOM.” At the Cosmos Network, the ATOM token is used to pay transaction fees, and staking ATOM contributes to the network's overall security. Holders of ATOM can also vote on suggestions offered by the Cosmos Hub.
Tokenomics
- Market capitalization: $2.93 billion
- Total supply: 390.93 million
- Seed contributors: 1.6%
- Strategic and early adopters: 2.2%
- Interchain foundation: 3.1%
- All in Bits INC.: 3.2%
- Public fundraisers: 21.4%
- Block rewards: 68.5%
How to Buy These Tokens on CoinEx
CoinEx is a global cryptocurrency exchange trusted by 5+ million users worldwide and has 100% reserve. Users can now trade quickly and seamlessly with its 900+ supported tokens, including the mentioned meme coins.
To purchase any token on CoinEx, follow the steps below.
- Sign up for an account: Create a CoinEx account first.
- Login to your account: Now fund it using deposit methods or cryptocurrencies. With funds in your account, you can quickly complete deals.
- Go to the Trading Page for the Token: Once your account is funded, proceed to the specialized token's trading page on CoinEx. Use the search box to find your preferred token.
- Choose a Trading Pair: Select the desired trading pair that matches another cryptocurrency. For instance, you may choose to trade DOT/USDT.
- Specify the Purchase Amount: Determine the quantity of the tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: Execute the trade with the specified amount. Confirm the details, and if you are satisfied, submit the order.
Conclusion
The layer-1 projects mentioned in this article are the backbone for some top applications and crypto projects. These projects have billions of dollars of market capitalization and volume. If you want to buy the tokens, follow the above steps on CoinEx.
Lastly, remember that this is not financial advice. This article is just an overview of the Layer-1 projects and their native tokens. So, do your research before investing in such coins.
To read more informative blogs like this, head to our blog section and learn more about trending cryptocurrencies.
