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23 September 2024

New Crypto Projects to Expect in 2024

The cryptocurrency market may be going through tough times. Investors are desperate, expecting a return to previous rates of return. Yet, every day, thousands of blockchain enthusiasts worldwide create new crypto projects to look forward to in 2024.

Last year witnessed significant developments in the crypto industry, such as:

Next year, zero-disclosure technology could be a significant trend. The projects you will learn about in this article are related to it in one way or another.

The Merehead team selected them because those projects doing great marketing and technical work are more likely to capture the market shortly.

New Crypto Projects for 2024


The world of cryptocurrencies continues to evolve rapidly, capturing the attention and imagination of investors, entrepreneurs, and developers. New crypto projects in 2024 could completely change how you think about blockchain, creating a sufficient ground for developing this technology.

zkSync


Ethereum's scalability solution is a highly competitive sector in the crypto industry. Arbitrum and Optimism are two recent second-tier projects that have already captured significant market share.

In addition, zero-disclosure (zk) technology has become the most popular trend in blockchain since the beginning of 2023.

There are several significant projects in this niche, such as:

They aspire to create their ZK technology for Ethereum but have weaknesses that prevent them from gaining universal acceptance. Nevertheless, ambitious examples are emerging, one of which is a new crypto project in 2024, zkSync.



zkSync is a Layer 2 scaling solution for Ethereum that uses zero-knowledge rollup (ZK-rollup) technology. This technology makes transactions faster and cheaper while providing users with the security of the Ethereum network.

Initially, zkSync launched its zkSync 1.0 platform in June 2020. However, "zkSync 1.0" did not support smart contracts. The second iteration of "zkSync 2.0" was launched in late 2022, with the expectation of creating a full-fledged mainnet in 2023 and increasing the popularity of the new crypto project in 2024.


zkSync ecosystem.

In February 2023, Matter Labs rebranded all of its products:

zkSync Era now focuses on creating an EVM-compatible ZK technology called zkEVM.

It is considered the pinnacle of Ethereum scaling because it combines ZK rollup capability with EVM compatibility. To that end, zkSync aims to create the best zkEVM among its competitors.

zkSync investors and founders


Alex Vlasov and Alex Gluchowski are the founders of Matter Labs, the team behind zkSync. It was one of the first cryptocurrency companies to create a prototype ZK rollup in 2019. Since then, it has received hundreds of millions of dollars in funding.

The latest was a $200 million Series C round led by Blockchain Capital and Dragonfly Capital. That brings zkSync's total funding to $458 million. This makes zkSync one of the most promising new projects to invest in in 2024.


Funds that invested in zkSync.



What is zkEVM?


zkEVM is an EVM-compatible virtual machine capable of supporting zero-knowledge-proof computation. This solution was created to overcome the ZK-rollup hurdle for DApps developers.

All smart contracts in ZK-rollup use a specific language, such as R1CS. Not only do they have complex syntax, but they also require a profound knowledge of zero-disclosure networks. In addition, these languages are incompatible with EVM.

There are two ways to solve this problem:

With zkEVM, developers can write ZK-based smart contracts using Ethereum programming languages such as Solidity and Vyper. Developers of current Ethereum DApps can also migrate to the ZK-rollup network. This will eliminate friction between the ZK-based ecosystem and the Ethereum L1 network.

How can zkSync interact with EVM?


zkSync is not the only project seeking to create an interaction between zk technology and Ethereum. They differ in different parameters and features, but all have one of four types of zk-EVM, namely:

zkSync Era is a Type 4 with its LLVM compiler for EVM languages (Solidity, Vyper, Yul). The project strives for better performance by making sacrifices in the EVM-equivalence department. 

Thus, new crypto projects in 2024 can use EVM-compatible programming languages to create ZK solutions with zkSync.

What makes zkSync so unique?


zkSync is an advanced Layer 2 scaling solution that stands out because of its exceptional features and capabilities. 

Here are some of the benefits of the project that make it unique:

Whether your priorities are privacy, speed, security, or developer-friendliness, zkSync Era's new crypto project in 2024 offers a comprehensive and robust platform to meet most of your needs.

LayerZero


Since the launch of Bitcoin in 2008, the cryptocurrency space has seen an explosion of new blockchains.

Today, there are hundreds of valid examples, such as:

Not surprisingly, liquidity eventually became fragmented between the various blockchains, leaving them isolated.


Total Value Locked on all blockchains.

Therefore, bridges were developed as a key infrastructure element to connect circuits, allowing liquidity to flow from one to the other. However, bridges have also proven to be some of the most challenging solutions for securing decentralized applications. 

In 2022, according to Chainalysis, of the $3.1 billion stolen from DeFi protocols, 64% of that money was lost to bridges. Then, to find a better bridge solution, LayerZero was born, a new crypto project to look forward to in 2024.

What is LayerZero?


LayerZero is an interaction protocol that allows multiple blockchains to communicate cross-chain and exchange information seamlessly.



It allows all supported blockchains to communicate with each other, providing features such as quickly.

LayerZero is a new crypto project in 2024 that can improve the interaction between networks and set a new trend for the crypto industry as a whole.

How does LayerZero function?


LayerZero deploys a set of smart contracts on each supported circuit, known as LayerZero Endpoints. These smart contracts link all supported circuits and can easily be deployed on new ones to include them in the LayerZero network.

LayerZero operates on the premise that if two independent entities confirm that a transaction on chain A is valid, then chain B can be assured that the transaction on chain A is valid and execute the transaction.


LayerZero function principles.
There are two independent entities, known as the oracle and repeater.

The oracle creates a block header for the transaction based on the received data, and the repeater independently generates proof. If the block header and the proof match each other, the transaction is valid.

Examples of LayerZero employment


LayerZero is a new crypto project to look forward to in 2024. The developers have already hinted at a possible airdrop. This may indicate further plans for the project to implement and list the token on major exchanges.


LayerZero ecosystem.

As LayerZero evolves, new innovative products are likely to be developed based on its technology, contributing to the entire ecosystem's scalability.

Building Bridges

The most direct application of LayerZero technology is in the creation of bridges. The first DApp built on LayerZero was the Stargate Finance bridge protocol.

Stargate Finance is an Omnichannel bridge protocol that supports transfers across eight L1 and L2 chains: Ethereum, BNB Chain, Avalanche, Polygon, Fantom, Arbitrum, Optimism, and Metis.

Cross-chain swaps

In addition to bridges, LayerZero also provides interchain swaps. Decentralized exchanges such as Sushi, Hashflow, WOO Network, and others have already integrated LayerZero solutions to provide multi-chain swaps on the blockchains they support.

Cross-chain lending

Similarly, financial sector protocols can use LayerZero technology to enable interchain lending. Radiant Capital, deployed on Arbitrum and BNB Chain, does just that, with users making deposits with it being able to borrow on any of the eight LayerZero-supported chains.

LayerZero Investors

LayerZero is backed by cryptocurrency investment funds, including Sequoia and Coinbase Ventures.


LayerZero investors.

In early April 2023, the company closed a Series B financing round with $120 million at a valuation of $3 billion, three times the valuation it had received the year before.

Also, the company is attracting interest from investors in the traditional finance world, such as Franklin Templeton and Christie's. This suggests that LayerZero can safely be called a new crypto project to invest in.

Polyhedra Network


Polyhedra Network creates the next generation of infrastructure for interoperability, scalability, and Web3 integration using advanced zero-knowledge proof-of-concept (ZKP) technology.


Polyhedra Network provides high-performance solutions for asset transfer, messaging, and data exchange between Web2 and Web3 systems.
Their team consists of top engineers, developers, and researchers from institutions such as:




Polyhedra's main goal as a new crypto project in 2024 is to create a fully functional set of Web3 solutions based on ZKP, focusing on interoperability, scalability, and privacy.

Starknet


Starknet is a Layer 2 decentralized network that scales the Ethereum blockchain. It aggregates multiple transactions and sends them to Ethereum as a single transaction.

Starkware is the developer of Starknet. It is headquartered in Israel and founded by Eli Ben-Sasson, a computer science professor at the Technion, and Uri Kolodny, a successful entrepreneur.


Starknet ecosystem. Source.

In six rounds, StarkWare has raised at least $273 million in funding from high-profile investors such as:

The latest funding was raised on May 25, 2022, in a Series D round that valued StarkWare at $8 billion.

The project was launched in the past, but the trend toward zero-disclosure proof technology may increase the popularity and demand for their product. That's why Starknet is a new crypto project to look forward to in 2024.

Venom


Venom is a blockchain network with full Turing proof-of-stake, developed and maintained by the Venom Foundation. The foundation is the first Abu Dhabi Global Marketplace registered organization licensed to manage blockchain and issue usable tokens.


Venom main page.

The ability to create smart contracts allows Venom to launch and host Web3 applications in a variety of sectors, including:

Venom is one of the few projects focused on bridging the gap between fintech and blockchain services, such as central bank digital currencies (CBDC) and financial institutions.

Venom is currently in the testnet stage and generating much user interest. The developers have yet to announce the release of the main network, but given the pace of the company's development, Venom could be a new crypto-project to look forward to in 2024.

New crypto projects to Invest in 2024


In addition to benefits such as decentralization, speed, and security, blockchain technology has created a vast market for financial investment. Before you see new crypto projects to invest in in 2024, keep DYOR (Do Your Research) in mind.

Arbitrum


In recent years, Ethereum's user surge has pushed the network to its absolute limit, resulting in higher transaction fees and congestion.

There are two ways to scale Ethereum, viz: 

While the latter differs in form and function, one solution is Arbitrum. In March 2023, the company listed the ARB token on exchanges such as Huobi, Binance, and KuCoin. Their product is developing by leaps and bounds, making it top of the list of new crypto projects to invest in in 2024.



Arbitrum is a Layer 2 scaling solution for Ethereum. Its goal is to increase Ethereum parameters such as:

Using Ethereum's security and compatibility, Arbitrum speeds up transaction processing and offers lower fees. This is achieved by removing a significant load of off-chain computation and storage.

The role of ARB token


Offchain Labs, the developer of Arbitrum, announced the move to a DAO known as Arbitrum DAO. The project's native token is called ARB and operates within this decentralized and autonomous structure.

ARB token holders have the following capabilities:

Arbitrum empowers ARB holders to make decisions and contribute to the platform's future.

ARB Tokenomics


The initial supply for the ARB launch is 10 billion, with an annual inflation rate of 2%. In March 2023, 12.75% of the total offering was allocated to users and DAOs. This equates to approximately 1.275 billion ARBs in circulation.


ARB allocation.

Here's a full breakdown of the current distribution of ARB tokens:

Many are attributing this new crypto project to investing in 2024. Arbitrum is constantly evolving and has a strong community of token holders. The next ARB split will be in March 2024, which could also positively affect the token's price.

SUI


Sui is a Tier 1 blockchain that aims to be adaptable to any requirement in the rapidly evolving Web3 landscape. Its name is taken from Japanese philosophy, where it means "water.



This new crypto project for investment in 2024 aims to provide solutions to blockchain problems, such as the slow speed of smart contracts and the scalability of the network. The ecosystem currently has more than 60 products, which can be divided into three categories:

The maximum issuance of an SUI token is 10 billion. At launch, 528 million were issued; the rest will be distributed gradually over time.

The token is used for staking, rewards, fees, and management.

The team continues to develop its products by creating Sui Wallet, an extension for Chrome. Thus, this new crypto project for investing in 2024 could become a leader in your investment portfolio.

Aptos


Aptos is a Proof-of-Stake blockchain developed by former Facebook employees Mohammad Shaikh and Avery Ching in 2022. The project is focused on providing high throughput and strong security for smart contracts created using the Move language.


Aptos ecosystem components. Source.

Currently, popular programming languages in the blockchain space include:

Following their lead, Move was specifically designed as a secure and programmable framework to implement the Aptos concept. It aims to address the major pain points of existing blockchain languages by providing:

The pace of development of the project makes it one of the best crypto projects to invest in in 2024. During the past year, Aptos raised an investment of $350 million, launched a successful mainnet exit, and was listed on major exchanges such as Binance, Coinbase, and Huobi.

Apart from the prospects of returns from the growth of the asset, you can also consider performing activities in Aptos in order to get their tokens in the future. According to DefiLlama, Aptos' TVL is just above the $50 million mark, which is low for an L1 blockchain, and may motivate creators to increase interest among users by rewarding them.



Aptos token distribution. Source.

Based on the tokenomics of the project, 51% of all APT tokens are allocated to network members. However, at the first reward in 2022, blockchain users received only 2% of the total supply.

This approach may suggest that the creators of the project are interested in stimulating activity among users, and plan to reward them gradually. This increases the value of the blockchain and also positively influences the growth dynamics of APT in the market.

Injective Protocol


Injective Protocol is a DeFi platform designed to alleviate user concerns about high gas prices in EVM-enabled blockchains. The platform has its own token, INJ, which is being used to:
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