The Blockchains that Everyone Talks About in 2024 - Choose Carefully!

According to Precedence Research, the global blockchain technology market size accounted for $26.91 billion in 2024 and is expected to reach around $1,879.30 billion by 2034, expanding at a compound annual growth rate (CAGR) of 52.9% from 2024 to 2034.

As the industry expands, several new chains have emerged, capturing the attention of investors and developers alike. In 2024, the competition is fiercer than before, with chains like TON, Solana, Base, Tron, and Blast leading the charge.

This article will explore the unique features and opportunities presented by some of the hottest blockchains in 2024. Understanding the strengths and weaknesses of each platform is essential for anyone considering investment or development.

Here's what we'll cover:

Key Success Factors - You will discover the elements that contribute to the success of these blockchain platforms.

Comparative Analysis - You will learn how these chains stack up against each other in terms of growth, total value locked (TVL), technical specifications, and social aspects.

Innovative Projects - You will be able to explore the unique projects being developed on each platform and what sets them apart.

By the end of this article, you will have a clearer understanding of these trending blockchains. It will enable you to make informed investment decisions.

Comparison of Trendy Blockchains

To provide a comprehensive analysis, we will compare these chains across several key metrics: growth rate, total value locked (TVL), technical specifications, social aspects, and unique features.

Growth Rate

The growth rate of a blockchain is a critical indicator of its adoption and long-term viability. Here's how the selected chains are performing:

1. TON (The Open Network):

• Fastest growing major Layer 1 chain in 2024

• TVL increased 27 times to $386 million from $14 million this year

• Toncoin: 5th largest year-to-date gain among top 50 tokens

• The rapid ascent began with the launch of its Open League incentives program

2. Blast:

• Staggering 1000% increase in TVL over the past month

• Over 200 decentralized apps (dApps) launched within six months of launch

• Over $2 billion in dApp TVL but dropped as of 2024, making it the sixth-largest on-chain economy

• 1.5 million users in Q2 2024

3. Base:

• 12.57% increase in DEX volume over the past week

• Growing interest from traders and developers

• Enhanced scalability and reduced transaction costs as an Ethereum Layer 2 solution

4. Solana:

• 0.81% increase in DEX volume over the past week

• Projected price increase of 135.44% by December 2024

• 11.36% increase in average daily active wallets in June compared to May

5. Tron:

• Leading with $4.4 million in daily transaction fees

• Averaging 1.6 million daily active users across Q1 2024

• There was a slight 0.07% decrease in TVL over the past day, but it remains a key player in the DeFi space

Total Value Locked (TVL)

TVL is a crucial metric for assessing a blockchain's health and the amount of capital being utilized within its ecosystem:

Top Chains by TVL: DefiLlama

Technical Specifications

Technical capabilities often dictate a blockchain's performance and scalability. Here's a concise examination of the technical specifications of the selected blockchains:

TON (The Open Network)

Operates on a multi-blockchain architecture with a masterchain and multiple workchains, allowing for tailored solutions and efficient resource allocation. It is designed to handle millions of transactions per second (TPS) through dynamic sharding, enabling scalability to support hundreds of millions of users.

TON employs a Proof-of-Stake (PoS) consensus mechanism that enhances throughput and energy efficiency. However, it experienced its first 3-hour downtime on August 8, 2024. Nonetheless, the ecosystem includes features like TON DNS for user-friendly naming, TON Storage for decentralized file storage, and TON Payments for instant transactions, making it versatile for various applications.

Solana

is renowned for its impressive network enhancements, significantly improving performance with upgrades such as QUIC TPU and stake-weighted Quality of Service (QoS).

It can process over 65,000 TPS with a block time of just 400 milliseconds, and transaction fees are often less than a cent. The unique consensus mechanism called Proof of History (PoH) timestamps transactions, facilitating high speeds and efficiency. Solana's ecosystem thrives with a wide range of decentralized applications (dApps), particularly in DeFi and NFTs, featuring notable projects like Serum and Raydium which we will explain better in the subsequent sections.

Base

Base is an Ethereum Layer 2 solution focused on scalability and reducing transaction costs. This chain is built on Optimistic Rollups, which allow for off-chain processing and significantly improve transaction speeds while maintaining security through the Ethereum main net.

Its interoperability enables developers to seamlessly migrate existing Ethereum dApps to the Layer 2 environment without significant modifications, making it an attractive option for enhancing application performance.

Tron

On the other hand, Tron is recognized for its high throughput capabilities, reportedly handling over 2,000 TPS with low transaction fees. It utilizes a Delegated Proof-of-Stake (DPoS) consensus mechanism, allowing for quick block confirmations. This efficiency is particularly appealing for applications in gaming and entertainment, with projects like BitTorrent leveraging its capabilities to deliver great user experiences to their users.

Blast

Blast is a Layer 2 solution built on Ethereum that aims to enhance scalability and reduce transaction costs. While specific technical details are less widely available, Blast leverages Ethereum's security while providing the benefits of off-chain processing for faster transactions. It emphasized user experience and developer-friendly tools.

Social Aspect

The social dynamics surrounding a blockchain can significantly influence its adoption. Here are the key social aspects of these chains:

TON

benefits from its association with Telegram, a messaging platform boasting over 700 million users. This strong brand recognition provides a built-in user base, making gaining traction easier for the platform.

The familiarity of Telegram's user interface creates a welcoming environment for new users, which can accelerate adoption. However, the challenge for TON will be converting this large user base into active participants in its blockchain ecosystem.

Solana

has cultivated a vibrant community of developers and users since its inception. Anatoly Yakovenko founded this network, and it has attracted significant backing from prominent investors, solidifying its reputation in the crypto space.

A noteworthy aspect is that over 60% of its stake runs through the Jito validator client. The resilience of Solana's community was particularly evident during the tumultuous times following the collapse of FTX, where developers continued to build and innovate. That time proved their belief in the platform's long-term potential.

Base

Developed by Coinbase, leverages the exchange's reputation and extensive user base to attract Ethereum developers seeking scalability solutions. This connection enhances Base's credibility and facilitates a smoother onboarding process for users familiar with Coinbase.

As more developers look for efficient ways to scale their Ethereum applications, Base is well-positioned to attract a growing community eager to explore Layer 2 solutions.

Tron

Founded by the charismatic Justin Sun, Tron has made a name for itself with a strong focus on entertainment and gaming. This has attracted a diverse user base, particularly younger audiences interested in interactive applications.

The rise of meme culture through initiatives like SunPump has further energized the Tron community, with SumPump seeing millions in revenue within a few days of launch.

Blast

Blast is rapidly building a community around its innovative approach to yield generation, which has caught the attention of DeFi enthusiasts.

As a newer entrant in the Layer 2 space, Blast focuses on creating user-friendly tools and experiences that appeal to developers and investors alike. The excitement surrounding its potential for high returns is fostering a growing community eager to explore what Blast has to offer.

Unique Features and Interesting Projects

Each blockchain has unique attributes and projects that set them apart. Here's what differentiates them in the market:

• TON is designed with cross-chain interoperability in mind, allowing seamless integration with Telegram. This integration opens up exciting user possibilities, enabling direct access to blockchain services within the messaging app. Additionally, TON features TON DNS for human-readable names and TON Payments for instant transactions, creating a user-friendly environment that enhances the overall experience.

• Solana is home to notable projects such as Serum, a decentralized exchange known for high-speed trading, and Raydium, an automated market maker providing liquidity for various tokens. Solana also offers Solana Pay, a payment protocol designed for fast, low-cost transactions. It is an attractive option for businesses looking to implement blockchain technology in their payment systems.

• Base focuses on reducing gas fees and improving transaction speeds as an Ethereum Layer 2 solution. Its association with Coinbase lends credibility to the chain. One exciting development on Base is the Friend.tech social platform, which is gaining popularity for its innovative approach to social interactions within the crypto space.

• Tron has made significant strides in the entertainment and gaming sectors, with integrations like BitTorrent, allowing users to share files and earn rewards in cryptocurrency. The introduction of the USDD stablecoin, SunPump, and the JustLend DeFi platform further solidifies Tron's position among the top blockchains.

• Blast is carving out its niche with native yield generation features that attract DeFi enthusiasts. Its innovative auto-rebasing mechanism for ETH and stablecoin deposits provides a unique way to earn rewards while minimizing the complexities often associated with yield farming.

Best Chain for Investing and Speculation

Based on the comprehensive analysis, Solana is the most promising chain for investing and speculation in 2024. Its established ecosystem, significant TVL of $4.95 billion, and projected price increase of 135.44% by December 2024 make it a compelling choice.

The combination of technical efficiency, a strong community, and a diverse range of applications positions Solana for sustained growth.

Below is our Tier List after the comparative analysis:

Tier List

Final Thoughts

The blockchain space is rapidly evolving, with new chains constantly emerging. While these chains offer exciting opportunities, it's crucial to research each project thoroughly before investing.

If you're a developer, you should investigate the technical specifications in depth and consider team expertise and real-world use cases when making decisions.

On the other hand, investors should consider diversifying their portfolios across these promising chains based on their risk tolerance and investment goals.

Remember that the blockchain space is highly volatile; only invest what you can afford to lose. Stay informed about the latest developments and conduct thorough due diligence before making investment decisions.