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2024's Most Noteworthy Cryptocurrency New Projects

2024's Most Noteworthy Cryptocurrency New Projects WikiBit 2024-02-07 17:58

In the cryptocurrency industry, there are projects that garner attention at every stage. Following the principle of "hype the new, not the old," we have selected some projects that have not yet issued tokens, have high financing, and have novel concepts.

Monad: Leading the Narrative of Parallel EVM

When it comes to the narrative of Parallel EVM, Monad is inevitably mentioned. Monad is an innovative project focused on improving EVM performance by utilizing parallel processing technology, aiming to address the performance bottlenecks of existing blockchain networks. Parallel EVM is an innovative optimization of traditional EVM. In traditional EVM, smart contracts and transactions are processed sequentially, which can lead to inefficiency and network congestion under high loads. The core idea of Parallel EVM is to change this serial processing mode to achieve simultaneous parallel processing of multiple transactions.

By implementing parallel execution, Monad aims to significantly increase transaction throughput and solve congestion issues in existing EVM chains under high loads. Its ultimate goal is to achieve 400,000 TPS, the limit of physical bandwidth. In terms of specific implementation, Monad's parallel execution strategy is based on its ability to identify and execute transactions that do not have common dependencies in parallel. Although both Monad and Ethereum blocks consist of linearly ordered sets of transactions, Monad allows transactions to be executed in parallel without affecting the final result by optimizing execution strategies. Its features include:

  • Optimistic Execution: Executing subsequent transactions before the completion of the previous one. This method may lead to transaction dependency errors, but the system ensures correct execution results by tracking input-output comparisons and re-executing transactions if data inconsistencies are detected.

  • Scheduling and Dependencies: Monad predicts transaction dependencies through a static code analyzer to reduce unnecessary duplicate executions and intelligently schedules transaction execution to optimize parallel execution efficiency.

  • State Merging: Although transactions are executed in parallel, the states updated by each transaction need to be merged sequentially to ensure the consistency of the entire block's state.

In 2024, Monad will become a major player not to be ignored in the L1 battlefield. On February 14, 2023, Monad completed a $19 million seed round of financing led by Dragonfly Capital.

Eclipse: Solana Virtual Machine (SVM) L2

Eclipse is Ethereum's Layer2 solution that leverages the Solana Virtual Machine (SVM) to accelerate transaction processing. The project aims to provide a massively parallel execution environment, allowing multiple operations to occur simultaneously, thereby increasing network throughput and efficiency while reducing congestion and transaction costs. Through this structure, Eclipse aims to improve the scalability and user experience of decentralized applications (dApps).

In simple terms, Eclipse's design logic is to execute transactions in Solana's SVM while settlement remains on the Ethereum blockchain. It's somewhat akin to Zhang Wuji in martial arts novels, assimilating the essence of various sects' techniques and integrating them to possess Ethereum's security and Solana's speed.

Settlement Layer - Ethereum: Eclipse utilizes Ethereum as the settlement layer, using ETH as Gas.

Execution Layer - Solana Virtual Machine (SVM): For application logic and smart contracts, Eclipse adopts the Solana Virtual Machine (SVM). This enables Eclipse to benefit from Solana's high throughput and low latency, providing fast transaction processing. By being compatible with both Ethereum and Solana Virtual Machines, Eclipse offers developers and users a flexible and efficient environment.

Data Availability - Celestia: To ensure the availability and verifiability of data, Eclipse utilizes Celestia as a data availability solution.

Fraud Proof - RISC Zero: For validation and zero-knowledge proofs, Eclipse employs RISC Zero, eliminating the need for intermediate state serialization, making the system more efficient and secure.

On September 27, 2022, Eclipse completed a $9 million seed round of financing, led by Tribe Capital and Tabiya.

EigenLayer: Reshaping Ethereum

EigenLayer is an innovative protocol on the Ethereum blockchain that introduces the concept of “restaking,” allowing users to earn additional rewards and contribute to security by utilizing their locked Ethereum or Liquid Staking tokens.

While this is the general understanding of EigenLayer, in reality, it represents a direct extension of the Ethereum base layer and may be one of the most significant protocols introduced since Ethereum's inception, although Vitalik may not necessarily agree.

On one hand, EigenLayer enhances the capital efficiency of staked ETH, significantly increasing the innovation speed in various Ethereum application areas while reducing validation costs rapidly. ETH has become a productive asset capable of generating high returns while maintaining Ethereum's security.

On the other hand, EigenLayer is not just about restaking; it reconstructs numerous underlying Ethereum infrastructures. For example, one of EigenLayer's flagship products is its data availability module, EigenDA (Eigen Data Availability). Compared to Celestia, EigenDA has a clear advantage - it can more easily bootstrap large validator networks by leveraging existing ETH validators and staking, resulting in lower costs and greater throughput.

For instance, Mantle Network is the first Layer 2 solution to utilize EigenDA.

Additionally, decentralized Rollup sequencers can run on EigenLayer, changing the current situation where most L2 solutions have centralized sequencers. Moreover, EigenLayer will enable truly decentralized RPC nodes.

Recently, EigenLayer has extended its reach to the Cosmos ecosystem, announcing its ability to provide Ethereum's security guarantee for Cosmos sidechains.

In 2023, EigenLayer announced a $50 million financing round led by Blockchain Capital, with participation from industry-leading VCs such as Coinbase Ventures, Polychain Capital, Bixin Ventures, Hack VC, among others.

Berachain: MEME-Infused, EVM-Compatible Public Chain in the Cosmos Ecosystem

Berachain is a Layer1 protocol built on top of the Cosmos SDK, compatible with the Ethereum Virtual Machine (EVM), and distinguished by its use of liquidity proof-of-stake as its consensus mechanism.

Through liquidity proof-of-stake, users can stake blue-chip assets such as BTC, ETH, and stablecoins and delegate them to validators. Simultaneously, these staked assets are used to provide liquidity to the chain's native virtualized AMM, increasing capital efficiency. Therefore, users have fewer reasons to leave this public chain.

Berachain introduces a three-token system: $BERA for Gas, $HONEY as the stablecoin, and $BGT for governance. $BGT, which cannot be purchased on the secondary market, is a non-transferable NFT. Holders of $BGT tokens can receive a certain percentage of fees generated on Berachain.

The project was initiated by four anonymous co-founders who established an NFT collection called Bong Bears in 2021, drawing inspiration from Olympus DAO. It has since evolved into a strong community with meme-like attributes.

On April 20, 2023, Berachain announced the completion of a $42 million Series A financing round led by Polychain Capital.


The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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