With the approval of ETFs and with Bitcoin halving less than 100 days away, optimism and good sentiment are taking over the crypto industry. With that in mind, keeping an eye on upcoming crypto projects with huge potential ensures that you’re one step ahead of others in anticipation of the next bull run.
Therefore, this article explores some crypto projects that could become big players in the industry in 2024. Some of these projects already launched but are still to fully launch within the year.
LayerZero
LayerZero stands out as a groundbreaking innovation in blockchain technology, offering a universal omnichain interoperability protocol. This sophisticated technology effectively addresses the critical challenge of blockchain interoperability by enabling diverse chains to communicate seamlessly. LayerZero’s unique approach combines immutable endpoints, an append-only verification module, and a fully-configurable verification infrastructure. This combination ensures robust security and flexibility, making it a universal solution for all blockchains and use cases.
One of the most notable applications of LayerZero is in the domain of Omnichain applications (OApps), which are designed for frictionless, blockchain-agnostic operations. By leveraging LayerZero’s universal network semantics, OApps can operate across different block
Traditional blockchains operate in silos, each with its distinct ecosystem and limitations. The isolation of these networks leads to fragmented liquidity and hinders seamless asset transfer. LayerZero addresses this by acting as a bridge, enabling the free flow of liquidity across different blockchains. This integration not only enhances efficiency but also opens up new opportunities for decentralized applications.
Demonstrating its capabilities, LayerZero’s first significant implementation was the Stargate Finance bridge. This application connected eight major blockchain networks, showcasing the potential for widespread interconnectivity and setting a precedent in the DeFi space.
LayerZero’s innovative approach has attracted attention from heavyweight investors like Sequoia and Coinbase Ventures. In 2023, this support culminated in a valuation of an impressive $3 billion, underscoring the project’s growth potential and the industry’s confidence in its future.
zkSync
zkSync is a Layer 2 scaling solution for Ethereum, using zk-rollup technology. It’s designed to make Ethereum transactions not only faster but also more cost-effective. By bundling multiple transactions into a single rollup block, zkSync significantly reduces the load on the Ethereum network, leading to quicker and cheaper transactions.
Key Milestones:
- zkSync 1.0 (June 2020): Marked the beginning of zkSync’s journey, introducing basic zk-rollup technology.
- zkSync 2.0 (2022): Enhanced version, offering more features and improved efficiency.
- zkSync Era (2023): The rebranding phase that introduced a more robust and flexible system, marking a new era in zkSync’s development.
A major highlight of zkSync is its compatibility with popular Ethereum programming languages like Solidity. This allows developers to easily create smart contracts and applications on the zkSync platform without needing to learn new coding languages.
zkSync was co-founded by Alex Vlasov and Alex Gluchowski, visionaries in the blockchain space. The project has successfully raised a staggering $458 million in funding, showcasing the immense confidence and interest from the investor community.
The ZK Stack, part of the zkSync ecosystem, is a modular framework specifically tailored for developers. It allows for the customization and deployment of ZK-powered blockchains. This framework is incredibly secure, validated by Ethereum and powered by Zero-Knowledge Proofs, ensuring transaction integrity and security, making zkSync one of the best upcoming crypto projects.
Growth Factors
- $5 Million Investment in Audits and Bounty Contests: Reflecting the commitment to security.
- High Transaction Volume: Approximately 30 million transactions per month with around 250,000 daily active addresses.
- Partnerships with Code4rena, Open Zeppelin, and Halborn: Ensuring top-notch
- security and framework reliability.
The ZK Stack offers a diverse range of solutions catered to different sectors including DeFi, TradFi, NFT, Gaming, Identity, Payments, Social, Government, and Supply Chain. This versatility demonstrates the potential of zkSync to revolutionize various industries by offering customized blockchain solutions.
zkSync stands out for its scalability and readiness for widespread use. The technology ensures:
- Flat Fees: Irrespective of gas price fluctuations.
- Default Privacy: Enhancing user confidentiality.
- Affordable Oracles: Facilitating high-frequency protocols at a lower cost.
- Ultra-Low Cost Validium Accounts: Making it accessible for a wider audience.
- UX Enhancements: With native Account Abstraction, zkSync enhances user experience.
- Cross-Chain Composability: Via hyperbridges, allowing seamless interconnectivity among chains.
zkSync is not just an upgrade; it’s a paradigm shift in how Ethereum transactions are processed. It presents a future where Ethereum can handle increased traffic without compromising on speed or cost, a critical step towards mass adoption of blockchain technology.
Polyhedra Network
With a team of experts from renowned institutions like Stanford and Berkeley, Polyhedra is not just another tech initiative; it’s a brainpower powerhouse aiming to reshape the internet landscape.
The primary objective of Polyhedra Network is to introduce top-tier Web3 solutions, making the internet not just smarter, but also safer. This project is at the forefront of fostering a seamless transition from Web2 to Web3, ensuring that the best features of both worlds are integrated for an enhanced online experience.
A key focus of the Polyhedra Network is on interoperability, scalability, and privacy within the Web3 sphere. Leveraging state-of-the-art zero-knowledge proof systems, the network is setting new standards in secure and efficient cross-chain interactions.
The zkBridge Protocol is a standout feature of the Polyhedra Network. Utilizing zkSNARKs, this protocol enables a prover to efficiently convince a receiver chain about state transitions on the sender chain. It consists of a block header relay network and an updater contract, which together ensure the accuracy and reliability of cross-chain transactions.
The Polyhedra Network aims to empower Web3 with ZK (Zero-Knowledge) proofs by implementing robust infrastructure for interoperability across diverse systems. This includes designing scalable zero-knowledge proof protocols and providing fine-grained privacy extensions, meeting both privacy and compliance needs.
Polyhedra Solutions
- zkBridge Mainnet Alpha: A trustless, efficient cross-chain infrastructure using deVirgo, a novel distributed proof system.
- ZK-DID: A secure, interoperable, and user-friendly verifiable credential system that respects user privacy in both Web2 and Web3 contexts.
- ZK-NFT: A programmable NFT protocol with dynamic asset and data containers, ensuring maximum interoperability and privacy for asset-related transactions.
The Polyhedra Network boasts impressive metrics, with over 11 million messages, support for 20+ blockchains, and partnerships with 80+ ecosystem partners. This demonstrates the extensive reach and influence of the network in the Web3 domain.
Starknet
Developed by the innovative team at Starkware, valued at a staggering $8 billion, Starknet is not just another one of huge potential projects in the crypto space; it’s a game-changer.
Starknet is a Layer 2 scaling solution, specifically a Validity-Rollup (or ZK-Rollup), designed to operate atop Ethereum. Its primary function is to enhance scalability while ensuring the security of decentralized applications (dApps). The technology behind Starknet is a fusion of Ethereum’s robust security with the efficiency of zero-knowledge proofs, a tech trend gaining immense traction in the blockchain community.
The magic of Starknet lies in its ability to bundle numerous transactions into a single, off-chain computed STARK proof. This proof, once compiled, is submitted back to Ethereum as a singular transaction. The result is a dramatic increase in transaction throughput, quicker processing times, and significantly reduced costs, all while maintaining the integrity and security of the Ethereum network.
Solution to Blockchain Trilemma
Blockchain technology faces a persistent trilemma: achieving security, decentralization, and scalability simultaneously is a formidable challenge. Ethereum, known for prioritizing security and decentralization, often struggles with scalability. This struggle manifests in slow transaction speeds and soaring gas prices, hindering Ethereum’s potential for broader adoption.
Starknet introduces a novel solution to this trilemma. By processing transactions off the Ethereum Mainnet (off-chain) and retaining only a transaction summary on-chain, Starknet effectively scales the network. The use of STARK (Scalable, Transparent ARgument of Knowledge) proofs ensures the integrity of these off-chain transactions, negating the need for their re-execution on the Ethereum network. Starknet’s approach means only essential information, along with the proof, is transmitted to Ethereum, requiring minimal computational effort for verification.
Starknet’s introduction into the blockchain space is timely and significant. With the growing interest in zero-knowledge proofs and a constant search for scalable solutions, Starknet’s technology is set to skyrocket in demand. Its ability to efficiently manage transaction loads, akin to a traffic manager turning a congested highway of transactions into a streamlined flow, positions Starknet as a key player in the future of Ethereum’s scalability.
Venom Blokchain
Venom Blockchain stands out from upcoming crypto projects for its focus on integrating regulated markets with blockchain technology. This initiative strives to maintain the core principles of decentralization while adhering to regulatory compliance.
Venom Blockchain introduces innovative technologies like Dynamic Sharding Protocol and Workchains. These technologies enable high transaction throughput, better scalability, and cater to specific industry needs. The platform also employs a Byzantine fault-tolerant PoS consensus mechanism, ensuring network security and integrity.
A notable feature of Venom is its focus on interoperability and user inclusion. The platform is designed to facilitate seamless cross-chain communication, thereby expanding the scope of blockchain applications. Venom aims to democratize access to blockchain technology, targeting a range of users from retail customers to large institutions.
Bonuz Market
Bonuz leverages the power of blockchain and decentralized technologies to foster a more secure, transparent, and user-centric engagement model. This approach is a game-changer in the world of social engagement and content creation, offering new possibilities for interaction and monetization.
At the heart of Bonuz is its diverse range of features, including dynamic NFTs, gamified rewards, and a blend of augmented reality and AI. This unique combination could redefine user experiences, seamlessly merging the digital economy with the real world.
From personalized quests for fans to loyalty programs for customers, Bonuz empowers users with rewarding experiences. The platform’s blockchain foundation ensures security and transparency, while AI-driven personalization enhances user engagement.
With plans to introduce its cryptocurrency, Bonuz could have significant growth in 2024. The $BONUZ token, a deflationary utility token, will play a crucial role in the ecosystem, enhancing transactions and governance within the platform. Hence, Bonuz’s potential makes it one of the best upcoming crypto projects of 2024.
EigenLayer
Historically, Bitcoin’s blockchain focused on peer-to-peer payments, leaving a gap in wider application needs. Ethereum filled this void by enabling DApps on its blockchain, thus separating innovation from trust. But even Ethereum had limitations, especially with modules needing external input processing. This led to a fragmented ecosystem of Actively Validated Services (AVS), each with its trust network, causing issues like bootstrapping challenges, value leakage, high capital costs, and lower trust for DApps.
EigenLayer introduces a novel concept of pooled security via restaking and free-market governance. This model allows existing Ethereum validators to extend their trust to other systems by restaking their ETH in additional modules. This approach solves various problems:
- Ease of Bootstrapping: New AVS can leverage Ethereum’s extensive validator set for security.
- Reduced Capital Cost: Validators amortize their capital cost by securing multiple services.
- Enhanced Trust Model: A larger pool of restaked capital boosts the overall trust model.
- Value Accrual: Validators gain additional revenue streams, strengthening the ecosystem.
- Multiple Staking Modalities: Validators can restake ETH natively or via liquid staking tokens.
- Delegation Model: Validators can delegate their stake to operators for additional earnings.
- Slashing Mechanism: Robust cryptoeconomic security is enforced via stringent slashing conditions.
EigenLayer opens doors to a multitude of applications:
- Hyperscale Data Availability Layers
- Decentralized Sequencers
- Light-Node Bridges
- Oracles
EigenLayer not only promises to solve existing issues but also paves the way for innovation in the blockchain space. Combining the stability of Ethereum with the agility of EigenLayer creates a dynamic ecosystem conducive to rapid development and deployment of new blockchain applications.
These were some of the best crypto projects that fully launch within the year and have huge potential.