Ethereum 75% Up in a Year; Yet These Layer 1 Tokens Surpassed ETH

The sectors who deployed blockchain technology to their existing operations saw tremendous changes. Blockchain technology has turned the tables since its inception for various sectors. Layer 1 (L1) networks ignited the revolution while it was further carried out by Layer 2 solutions for scaling-like purposes. Ethereum (ETH) led the L1 networks for a long time and it still does. However, several new entrants beat ETH and surpassed it in terms of value. 

Ethereum was among the first blockchain networks to deploy smart contracts over the existing peer-to-peer (P2P) transactions facility. The native token ETH is used for utilities and governance over the platform. Various decentralized finance (DeFi) platforms over the network use the cryptocurrency for operational purposes. 

ETH saw an impressive increase in the last few years. The cryptocurrency value grew multifold since inception. It continued the similar growth in the past year hitting an uptick of 77% year-on-year (YoY) and achieved the milestone of over $2,200. But several L1 tokens surpassed the leading cryptocurrency in value growth and took the attention. 

Solana ($SOL)

Solana ($SOL) was the hot topic within the broader crypto industry for the past year. Due to several issues related to blockchain network outages, the native token $SOL had to face the repercussions. The network is placed among the blockchains with highest throughput and have got even popular as Ethereum-killer. 

$SOL, as mentioned above, had to suffer the consequences of heavy network halts. The token dipped to fresh lows during the past year but then made a recovery. At present, the crypto asset is priced $68 and most of the growth came in the last couple of months. In a yearly time-frame, $SOL climbed more than 400%.

Avalanche ($AVAX)

Another L1 token that took the crypto space by the storm in the yearly time frame is Avalanche native token $AVAX. The blockchain is also among the few examples of networks with significant TPS and does not compromise on scalability in pursuit of transaction speed. 

$AVAX token is trading at $37 and it saw a dramatic surge in the last few weeks. In the monthly time frame, the token is up by over 100%. The total gain in the last one year for $AVAX token stays at more than 190%.   

Elysium ($PYR) 

The L1 blockchain network space got saturated after the emergence of numerous projects. Among these networks, Vulcan Furged’s AI, metaverse, and gaming-focused Elysium blockchain made a unique position. Traditional L1 networks suffer with the transaction speed and scalability but Elyisum dealt with it. 

Elysium delivers lightning fast transaction speed of 2,500 TPS and promises unprecedented scalability. The carbon-neutral blockchain is well optimized for cutting edge innovation like metaverse, non-fungible tokens (NFTs), and artificial intelligence (AI) along with gaming. 

The blockchain bolsters user experience across 15 different games and titles over Vulcan Forged. The backbone of this blockchain’s ecosystem lies in $LAVA, its native token, which plays a vital role in powering the entire network. 

While the integration of the $PYR token, the exclusive token of Vulcan Forged, is significantly enhancing its functionalities. This infusion not only strengthens the network but also broadens its capabilities, marking a key milestone in its evolution.

$PYR token currently trades at $6.5 and saw a tremendous increase of over 100% in the past one year. The token beholds an overall market capitalization of more than $178 Million. Given the performance shown in the past, the cryptocurrency is capable of continuing the growth and providing promising returns. 

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.