Layer 1 cryptocurrencies refer to blockchain networks that operate as the base protocol layer for various decentralized applications (dApps). Some of the most popular layer 1 crypto projects aim to provide an alternative platform to Ethereum for developers to build dApps with improved scalability and lower transaction fees.

Here are some of the most widely used and highly valued layer 1 cryptocurrencies:

Ethereum (ETH)

As the first general purpose blockchain for dApps, Ethereum remains the most popular smart contract platform. Though congestion and high gas fees are an issue, upgrades like the Merge to proof-of-stake aim to scale Ethereum for wider adoption. Popular dApps like Uniswap and Chainlink run on Ethereum, and ETH is the second largest crypto asset by market cap.

Binance Smart Chain (BNB)

Developed by top crypto exchange Binance, BSC is a high-performance blockchain that supports the Ethereum Virtual Machine. BSC provides fast transaction times and low fees to accommodate DeFi apps and has become a major hub for yield farming. BNB is used to pay fees on BSC and ranks as a top 5 crypto token.

Solana (SOL)

One of the fastest growing layer 1 blockchains in 2022, Solana prioritizes scalability with a unique proof-of-history consensus. It can process over 50,000 TPS with 400ms block times. DeFi apps like Serum and high NFT interest make SOL a rising competitor against Ethereum and BSC.

Avalanche (AVAX)

Avalanche is a highly scalable proof-of-stake platform that brings speed to dApps without compromising decentralization. It uses multiple subnets to achieve 4,500 TPS and under 2 second finality. Lending platforms and DEXs built on Avalanche have driven up demand for AVAX in DeFi.

Polygon (MATIC)

Polygon bolsters Ethereum's capabilities through an interoperable framework of sidechains. Offering very low transaction fees, Polygon makes yields on DeFi platforms accessible to small investors. Popular ecosystems like Aave and Curve operate on Polygon along with many gaming and NFT dApps.

Polkadot (DOT)

This "blockchain of blockchains" spearheaded by Ethereum co-founder Gavin Wood aims to enable interchain composability. Parachains connecting to the central Relay chain can transfer messages and assets between each other. Though still in active development, Polkadot promises a unified DeFi and Web3 ecosystem.

Cosmos (ATOM)

Cosmos operates as an "internet of blockchains" centered around an interoperable hub. The Cosmos SDK allows developers to launch Tendermint-based proof-of-stake blockchains that can connect to each other via the Inter-Blockchain Communication protocol (IBC).

These leading smart contract platforms represent the multi-chain future of Web3. Each offers distinct capabilities that cater to various dApp use cases, fueling demand for their native cryptocurrencies. Their ongoing development promises to drive innovation in blockchain scalability, interoperability and sustainability.