coinedition.com 01 October 2024 12:38, UTC

Several Layer-1 (L1) blockchain protocols have emerged as strong contenders in the decentralized ecosystem, offering unique solutions and supporting a wide range of blockchain applications. These L1s operate independently, validating and executing transactions without relying on other networks.

While Ethereum remains a dominant force, protocols like Injective (INJ), Kaspa (KAS), Celestia (TIA), Sui (SUI), and Sei (SEI) have gained significant traction. Let us highlight the basic functionalities of the identified protocols while providing details on how their native tokens have performed of late.

Injective (INJ)

Injective is a DeFi-focused, interoperable L1 blockchain protocol with decentralized spot and derivative exchanges. It also supports prediction markets and lending protocols. INJ, its native token, has a market cap of $2.37 billion.

INJ saw an impressive price increase of nearly 750% between Q4 2023 and Q1 2024, reaching a $53 all-time high, according to TradingView. Although the price retraced, it has surged 63.6% in the last five weeks, currently trading at $24.14.

Kaspa (KAS)

Ranked in the 28 position among cryptocurrencies by market cap, Kaspa is a proof-of-work (PoW) cryptocurrency that implements the GHOSTDAG protocol. This implementation allows the L1 solution to enable the coexistence of blocks created in parallel, ordering them in consensus. KAS has a $4 billion market cap and traded for $0.16 at the time of writing, per TradingView’s data.

KAS has mostly shown a bullish trajectory since 2023. The L1 token gained over 5,000% from the beginning of 2023 to reach a $0.208 all-time high in July 2024. However, the price has since fallen to $0.16.

Celestia (TIA)

Celestia is arguably the first modular blockchain network that enables anyone to deploy personal blockchains with minimal overhead. A market cap of $1.2 billion puts the novel L1 protocol in the 61st position on the CoinmarketCap crypto aggregation platform. Celestia’s native token, TIA rallied over 87% between Q4 2023 and Q1 2024. However, a severe bearish trend pushed TIA’s price down, with the crypto losing over 82% of the previous gains.

TIA has shown notable bullish momentum in the past three weeks, bouncing off local support at $3.72 to trade for $5.69 at the time of writing, marking a 54% gain. Should the crypto market embark on a bull run, rediscovering its former momentum could condition TIA for a significant profit.

Sui (SUI)

Sui is an L1 blockchain platform designed to support the needs of global adoption by offering a secure, powerful, and scalable development platform. CoinmarketCap’s data shows Sui has a market cap of $5.12 billion, ranking in the 20th position among other cryptocurrencies.

SUI has surged 325% in the past nine weeks, according to TradingView. Currently trading at $1.86, SUI may soon retest its $2.18 all-time high.

Sei (SEI)

Sei ranks 53rd on CoinmarketCap with a market capitalization of $1.7 billion. This blockchain solution gives crypto exchanges an edge in trading. SEI gained over 1,000% earlier this year.

SEI retraced following a general crypto market decline but is recovering. Currently trading at $0.48, the token has gained over 152% in the past nine weeks, with analysts predicting further gains.