In the ever-evolving world of cryptocurrencies, the spotlight usually shines brightest on giants like Bitcoin, Ethereum, and a handful of other well-known layer 1 blockchains. But beneath the surface, there are several layer 1 projects that are flying under the radar—undervalued in terms of their potential, technology, or ecosystem growth. If you’ve been itching to diversify into some less obvious options, these projects might be worth a closer look.
### What Exactly Is a Layer 1 Blockchain?
Before diving in, let’s quickly refresh on what a layer 1 project is. At its core, a layer 1 blockchain is the foundational layer, the base protocol on which everything else is built—think Ethereum, Solana, or Avalanche. These blockchains offer the groundwork supporting decentralized apps, tokens, DeFi products, and more. Layer 2 solutions, by contrast, build on top of these to improve scalability or speed.
### Why Look at Undervalued Layer 1s?
The market tends to get laser-focused on a few big names, often leaving other capable projects overlooked. Undervalued layer 1s might have unique consensus mechanisms, lower fees, better scalability, or communities starting to gain traction—all signals of potential growth before they become mainstream.
### Noteworthy Undervalued Layer 1s to Watch
1. Fantom (FTM)
While Fantom has garnered some attention for its high-speed consensus protocol, it doesn’t yet capture broad mainstream hype compared to Solana or Avalanche. Fantom’s Lachesis consensus provides fast transaction finality with low costs, making it ideal for DeFi applications. The ecosystem is steadily growing, alongside partnerships that hint at increasing use.
2. Harmony (ONE)
Harmony’s sharding technology and focus on low-latency cross-chain transactions make it a compelling, underappreciated player. Despite technical robustness, it tends to get overshadowed in the market frenzy. Its low fees and fast finality could attract more developers looking to escape Ethereum’s gas fees.
3. NEAR Protocol (NEAR)
NEAR continues to build out its infrastructure with emphasis on usability for developers and users alike. Though not totally unknown, NEAR still flies below the radar relative to its capabilities and traction, particularly in supporting decentralized apps and NFTs. The project’s efforts in developer-friendly tooling might yield growth as adoption expands.
4. Conflux (CFX)
Conflux is unique as the first Chinese-founded public permissionless blockchain aiming to integrate into global ecosystems. Its Tree-Graph consensus balances scalability and security in a novel way. Despite solid tech and ambitions, it remains quite obscure outside China and early adopters.
### What to Keep in Mind
Investing or paying close attention to undervalued layer 1 projects involves a fair share of risk. The crypto market is famously volatile, and technologies or ecosystems perceived as “undervalued” might remain niche for a while—or fail to break through currently dominant platforms. But from a strategic standpoint, identifying strong fundamentals early on could pay off well in the long run.
Moreover, keep an eye on developer engagement, partnerships, and ecosystem growth—not just price movements. Real innovation and adoption tend to be more sustainable drivers of long-term value.
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If you’re someone who thrives on uncovering promising projects before they hit the mainstream, these underrated layer 1 blockchains might add an interesting dimension to your crypto watchlist. Who knows? The next big revolution in blockchain could be quietly brewing in one of these tech-savvy but overlooked communities.
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