The Best Layer 1 Blockchain List

The world of Layer 1 blockchains is buzzing with activity in 2024, and it’s the perfect time to explore the platforms making a difference. This article will introduce you to the 10 Layer 1 blockchain list, each offering something special. These platforms help secure networks, process transactions, and enable various decentralized applications to transform industries. Whether it’s their […]

The world of Layer 1 blockchains is buzzing with activity in 2024, and it’s the perfect time to explore the platforms making a difference. This article will introduce you to the 10 Layer 1 blockchain list, each offering something special. These platforms help secure networks, process transactions, and enable various decentralized applications to transform industries.

Whether it’s their speed, efficiency, or how they handle data, each blockchain on this list has a story. If you’re curious about which projects are shaping the blockchain world, this guide is for you.

Let’s look at the list of Layer 1 blockchains and see what makes them important.

Layer 1 Blockchain List by Market Cap

NameMarket CapCirculating SupplyConsensus MechanismTransaction SpeedUnique Feature
Bitcoin (BTC)2,001,157,685,77319,794,853 BTCProof of Work~ 7 TPSThe first cryptocurrency is a store of value.
Ethereum (ETH)475,370,856,693120,445,329 ETHProof of Stake~ 30 TPSSmart contracts; dApps, platform.
BNB (BNB)103,011,552,691144,008,584 BNBProof of Stake Authority~ 60 TPSBinance ecosystem token.
Solana (SOL)111,048,284,459478,874,395 SOLProof of History~ 65,000 TPSHigh-speed transaction;low fees.
TRON (TRX)25,881,1002,8342,223,710,307TRXDelegated Proof of Stake~ 2,000 TPSContent sharing; dApps.
Avalanche (AVAX)21,335,194,880409,685,244AVAXProof of Stake~ 4,500 TPSSubnet architecture for scalability.
Polkadot (DOT)14,011,142,8141,527,850,366DOTNominated Proof of Stake~ 1,000 TPSCross-chain interoperability.
Litecoin (LTC)9,101,988,12475,297,406 LTCProof of Work~ 56 TPSFaster block generation than Bitcoin.
Algorand (ALGO)3,713,823,7288,315,520,754 ALGOPure Proof of Stake~ 1,000 TPSHighly scalability eco-friendly.

Source: CoinMarketCap and CoinGecko at the moment of writing.

Now, let’s discuss in detail all the major Layer 1 blockchains that made waves within the crypto space, ensuring security, transparency, and decentralized features that all investors, traders, and users alike thrive and enjoy.

1. Bitcoin

Bitcoin is the first cryptocurrency and serves as the foundation of the blockchain ecosystem. Launched in 2009 by the anonymous Satoshi Nakamoto, it introduced the concept of decentralized digital currency. Bitcoin operates on its blockchain network, enabling peer-to-peer transactions without the need for intermediaries like banks.

What makes Bitcoin unique is its use of the Proof of Work (PoW) consensus mechanism, where miners validate transactions and add them to the blockchain. This ensures security and transparency while maintaining decentralization. Bitcoin, often called “digital gold,” has a limited supply of 21 million coins and is more of an asset that serves as a store of value.

Bitcoin is both a chain and a Layer 1 blockchain. As a chain, it provides a decentralized ledger for recording transactions. As a Layer 1 blockchain, it acts as the primary infrastructure, capable of processing and finalizing transactions independently.

2. Ethereum

Ethereum is a decentralized blockchain platform developed to power smart contracts and decentralized applications (dApps). Launched in 2015, it extended blockchain technology beyond digital currency, creating a programmable ecosystem. Even more, in 2024, Ethereum’s relevance is defined by its shift to Ethereum 2.0, a major upgrade aimed at resolving its scalability and sustainability challenges.

What makes Ethereum unique is its transition from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus mechanism. This shift to this new consensus mechanism has improved energy efficiency and scalability. Now, validators can help secure the network by staking Ether (ETH), Ethereum’s native cryptocurrency. This consensus mechanism also enables higher transaction throughput, addressing the growing demand for applications built on Ethereum.

Ethereum is a Layer 1 blockchain that powers smart contracts, dApps, and DeFi projects. From NFTs to decentralized exchanges, Ethereum is at the heart of many exciting innovations.

3. Binance Smart Chain

BNB Chain, or Binance Smart Chain, is a blockchain platform created by Binance to support decentralized applications (dApps) and decentralized finance (DeFi) services. Launched in 2020, it runs alongside Binance Chain, creating a dual-chain system that improves the blockchain functionality.

A key feature of the BNB Chain is its Proof of Staked Authority (PoSA) consensus mechanism. This mechanism combines Proof of Stake (PoS) and Proof of Authority (PoA). It allows faster block times and lower transaction costs, making it attractive to developers and users. 

As a Layer 1 blockchain, the BNB Chain is the core for various dApps and DeFi protocols within its decentralized network. Its compatibility with the Ethereum Virtual Machine (EVM) allows for seamless integration and interoperability with Ethereum-based applications, positioning it as a leading player in the multi-chain blockchain platform.

4. Solana

Solana is a high-performance blockchain platform designed to leverage a unique consensus mechanism to achieve exceptional scalability and speed. Launched in 2020, it has become a player in the crypto ecosystem, supporting a wide array of decentralized applications (dApps) and decentralized finance (DeFi) protocols.

Solana’s use of Proof of History (PoH) combined with Proof of Stake (PoS) sets it apart. This approach to consensus mechanism enables the network to process thousands of transactions per second while keeping minimal latency and low fees, making it a popular choice for developers and users.

As a Layer 1 blockchain, Solana operates as an autonomous chain, providing the foundational infrastructure for various dApps and DeFi services.

5. Avalanche

Avalanche operates as a chain and a Layer 1 blockchain, providing the foundational infrastructure for a wide range of decentralized solutions within an efficient environment. The chain itself is designed to enable secure and efficient transaction processing while supporting the deployment of subnets, which are customizable blockchains tailored to specific use cases.

Avalanche stands out because of its novel consensus mechanism, Avalanche Consensus. This approach combines classical and Nakamoto-style protocols to achieve unparalleled speed and scalability. It enables the network to process transactions with finality in under a second while maintaining energy efficiency and enhanced security.

The Avalanche ecosystem is home to a wide range of decentralized applications (dApps) and projects in decentralized finance (DeFi). Its unique modular design makes it appealing for developers and businesses looking to build scalable solutions.

As a Layer 1 blockchain, Avalanche operates independently, meaning it has a network that can process and validate transactions independently. This dual role as a chain and a Layer 1 platform highlights its flexibility and important role.

6. Tron

TRON is a blockchain platform designed to decentralize the internet, focusing on high throughput and scalability. It employs a stake consensus mechanism called Delegated Proof of Stake (DPoS), which is all about making transactions quick and secure. This approach allows TRON to handle up to 2,000 transactions per second, which puts it among the top platforms.

It supports decentralized applications (dApps), smart contracts, and blockchain-based services. The platform’s native cryptocurrency, TRX, is used for staking, transactions, and governance, allowing users to have a say in how the network operates. TRON’s structure is built on a three-layer architecture:

  • Storage Layer;
  • Core Layer;
  • Application Layer.

Which makes the data handling efficient and facilitates smart contract execution.

7. Polkadot

Polkadot is a Layer 1 blockchain that focuses on making it easy for different blockchains to work together seamlessly. It allows these networks to share data and assets without any hassle. At the heart of Polkadot is a central relay chain that provides security and consensus and also features parachains. These parachains are made for specific purposes, making the whole system incredibly adaptable.

Polkadot uses consensus mechanisms like Nominated Proof of Stake (NPoS) to provide scalability and network security. In this setup, nominators select trustworthy validators and support them by staking their tokens. This creates a decentralized and efficient network that fosters trust and helps maintain economic stability.

As a chain and a Layer 1 blockchain, Polkadot forms the foundation for decentralized applications and services while enabling interoperability across multiple networks.

8. Litecoin

Litecoin (LTC) is a decentralized digital currency that operates on its own Layer 1 blockchain, making it easy to conduct quick and affordable transactions. Created in 2011 by Charlie Lee, a former engineer at Google, Litecoin was designed to be a more user-friendly version of Bitcoin, focusing on efficiency and accessibility.

Litecoin uses a Proof of Work (PoW) mechanism, but instead of the SHA-256 algorithm used by Bitcoin, Litecoin uses the Scrypt hashing algorithm. This design makes mining more memory-intensive, which helps to decentralize the network by allowing more people to participate in mining.

Being a Layer 1 blockchain means that Litecoin can process and finalize transactions independently, which is great for direct peer-to-peer payments. One of its unique features is its faster block generation time—about 2.5 minutes compared to Bitcoin’s 10 minutes.

9. Algorand

Algorand is a Layer 1 blockchain designed to provide scalability, security, and decentralization without compromising efficiency. Launched in 2019 by cryptography pioneer Silvio Micali, Algorand uses a unique Pure Proof-of-Stake (PPoS) mechanism. This approach allows all ALGO holders to participate in validating transactions, promoting a highly decentralized and energy-efficient network.

As a Layer 1 blockchain, Algorand directly handles and finalizes transactions on its own network. This makes it a solid base for developing decentralized applications (dApps) and solutions in decentralized finance (DeFi). Algorand has low transaction fees and fast processing, which can make it attractive.

Its network has been leveraged for various use cases, including tokenized assets, NFT marketplaces, and government-level blockchain projects.

FAQ

How many Layer 1 blockchains are there?

Putting a number on it is difficult because the list keeps growing. There are dozens of Layer 1 blockchains, each doing something different. Picture them as unique cities—some are massive metropolises, while others are small, specialized hubs.

Is Core a Layer 1 blockchain?

Yep, Core is a Layer 1 blockchain. It’s like a standalone engine, powering its network and running independently.

Are all blockchains good for decentralized finance (DeFi)?

Not all of them. Some, like Ethereum, feel like they were built with DeFi in mind, offering flexibility and plenty of tools. Others, like Bitcoin, focus on different strengths, such as being a digital safe haven.

Why do transaction speeds vary so much?

It all comes down to design. Some blockchains, like Bitcoin, prioritize security, so they take their time. Others, like Solana, are built for speed, processing thousands of transactions in seconds.

Which Layer 1 blockchain is best for beginners?

Ethereum is a great starting point. It’s well-documented, beginner-friendly, and has a huge community to guide you. If you prefer something less crowded but still powerful, Solana or Algorand are great options.

Final Thoughts

Layer 1 is the backbone of the blockchain space, giving the infrastructure for decentralized applications, financial systems, and more.

These blockchains are the building blocks of the digital future. They drive innovation, connect systems, and open doors to new opportunities. If you’re new to blockchain, exploring these platforms can show how they’re reshaping industries and building trust.

Every journey starts with curiosity. From our Layer 1 blockchain list, which stands out to you? Take that first step, and you might uncover a world of possibilities. The future is being constructed, one block at a time!

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