The scalability limitations of Ethereum have long been a pain point for developers and users. As the demand for decentralized applications (dApps) grows, so does the strain on Ethereum’s network. Slow transaction speeds and high gas fees hinder innovation and accessibility.

Enter SolanaVM—a pioneering project that addresses this challenge head-on. SolanaVM seamlessly connects Ethereum and Solana, unlocking the potential of both ecosystems. By leveraging Solana’s lightning-fast blockchain, SolanaVM allows developers to build and deploy dApps quickly and efficiently.

What is SolanaVM?

Source: SolanaVM website

SolanaVM is a Layer 2 solution that bridges the gap between Ethereum and Solana, two prominent blockchains in the DeFi space. SolanaVM fully integrates with the Solana blockchain while maintaining compatibility with Ethereum’s ecosystem.

Developers can seamlessly migrate their existing Ethereum applications to Solana using SolanaVM. This bridge unlocks the immense potential of Solana’s architecture. By leveraging SolanaVM, users can also tap into the potential of Solidity and Vyper-based dApps while enjoying the benefits of Solana’s lightning-fast network.

Key Features of SolanaVM

1. High Transaction Speed: SolanaVM leverages Solana’s lightning-fast blockchain, achieving over 1,500 transactions per second (tps). This speed far surpasses Ethereum’s 100 tps, making it ideal for high-frequency DeFi applications.

2. Lower Fees: Solana’s low transaction fees are a game-changer. Developers and users can transact without worrying about exorbitant gas costs, fostering a more accessible ecosystem.

3. Familiar Interface: SolanaVM allows developers to write dApps in familiar languages such as Solidity and Vyper. This compatibility streamlines the migration process for existing Ethereum projects.

4. Inclusive DeFi Ecosystem: SolanaVM opens up new possibilities by connecting Ethereum and Solana. Users can seamlessly interact with Ethereum dApps directly from Solana wallets, enhancing cross-chain liquidity and usability.

5. Ethereum RPC API Compatibility: SolanaVM ensures compatibility with Ethereum’s RPC API. Existing Ethereum tools and services can seamlessly interface with SolanaVM, simplifying development and integration.

How Does SolanaVM Work?

Developers initially deploy their Solidity or Vyper-based smart contracts on the Ethereum network. These contracts represent various decentralized applications (dApps) and services. SolanaVM acting as a bridge translates these Ethereum-compatible smart contracts into Solana’s native programming language—Rust. This translation ensures compatibility between the two ecosystems.

Once translated, the smart contracts run on Solana’s blazing-fast network. Solana’s parallel processing capabilities allow for efficient execution, benefiting from features like the Sealevel parallelization engine. Users can now interact with these migrated dApps directly on Solana, enjoying faster transaction speeds and lower fees.

SolanaVM ensures seamless interoperability between Ethereum and Solana. It allows users to access Ethereum dApps directly from Solana wallets. Whether you’re swapping tokens, providing liquidity, or participating in DeFi protocols, SolanaVM bridges the gap, creating a unified experience.

SolanaVM Architecture

Solana’s Layer 2 Solution

SolanaVM functions as a Layer 2 solution on the Solana blockchain, inheriting the following impressive features:

1. Proof of History (PoH): Solana’s unique consensus mechanism provides a verifiable timestamp for every transaction. PoH ensures chronological order and prevents tampering, enhancing security and transparency.

2. Sealevel Parallelization Engine: SolanaVM leverages Solana’s parallel processing capabilities. The Sealevel engine allows simultaneous execution of multiple transactions, achieving high throughput. This efficiency is crucial for DeFi applications that require rapid settlement.

Smart Contract Execution

SolanaVM executes smart contracts using Solana’s native accounts and programs. Here’s how it works:

• Accounts: In Solana, accounts represent the state. They store data and maintain balances.
• Programs: Solana’s account model allows developers to define logic through programs. These programs process transactions and manipulate account data.

By combining accounts and programs, SolanaVM enables seamless execution of Ethereum-compatible smart contracts on Solana’s network.

SolanaVM Ecosystem

Solana VM Program

The SolanaVM Program lies at the core of the ecosystem, enabling seamless interaction between Ethereum-compatible smart contracts and Solana’s lightning-fast blockchain. Originally Solana’s SVM is based on the Berkeley Packet Filter (BPF). It compiles BPF bytecode just in time, significantly enhancing contract execution speed.

SolanaVM Program, consistent with all Solana Smart Contracts, is authored in Rust and compiled into SVM’s BPF bytecode. This integration allows SolanaVM to fully leverage Solana’s features, including concurrent transaction execution.

Functions of SolanaVM Program

• Contract Deployment: Developers upload EVM contracts (created via Solidity or Vyper compilers) onto distinct Solana accounts.
• Signature Authentication: SolanaVM authenticates signatures according to Ethereum standards before executing transactions on Solana.
• Gas Consumption: The program determines gas consumption (measured in SOL lamports) and SolanaVM tokens.
• Transaction Fees: Solana VM Operators receive fees in SOL for processing transactions.
• Updates: Solana VM Programs can be updated independently of major network upgrades.

SolanaVM Intermediate

The SolanaVM Intermediate bridges SolanaVM clients and the SolanaVM Program, providing an Ethereum-like Web3 API. Delivered as open-source software in a containerized format, it’s accessible to all users.

Independent Operators manage the Solana VM Intermediate, ensuring redundancy and market diversity. It encapsulates Ethereum-style transactions within Solana transactions, allowing smooth processing on the Solana network and allowing dApps to choose Operators based on competitive attributes, including transaction pricing.

Alternatively, Clients can operate their own Solana VM Intermediates, directly managing transactions on Solana without engaging an Operator.

Participants in SolanaVM Ecosystem

1. User: Anyone who holds an $SVM (SolanaVM token) with a balance in SOL or ERC-compliant tokens (such as ERC-20, ERC-721, or ERC-1155). Users actively participate in the SolanaVM ecosystem by interacting with dApps, executing transactions, and managing their assets.

2. Operator: Operators are crucial in the SolanaVM Intermediate layer. They run public endpoints for processing SolanaVM transactions, ensuring accessibility for users. Operators levy fees for executing these transactions, covering costs related to hardware, transaction processing, and generating profit.

3. DApp (Decentralized Application): This refers to any application that utilizes a client compatible with SolanaVM. DApps can be built using EVM (Solidity, Vyper, etc.) bytecode contracts deployed on SolanaVM within the broader Solana ecosystem. These applications offer various services, including DeFi, NFTs, gaming, and more.

4. Transaction: Transactions within the SolanaVM ecosystem follow Ethereum’s established rules. Users initiate transactions, which are now compatible and executable within the SolanaVM framework. Whether swapping tokens, minting NFTs, or interacting with DeFi protocols, transactions drive the ecosystem forward.

SolanaVM Integration

Tracer API

Tracer API provides developers with essential tools and data to build innovative DeFi applications. By integrating with Tracer, SolanaVM taps into a wealth of resources, including market data, analytics, and liquidity insights.

Development Tools

SolanaVM seamlessly works with popular development tools, making the transition smoother for Ethereum developers:

• Metamask: Developers can use Metamask to interact with SolanaVM, just as they would with Ethereum.
• Hardhat: SolanaVM supports Hardhat, a powerful development environment for Ethereum smart contracts.
• Foundry: Foundry’s suite of tools enhances SolanaVM’s development experience.
• Remix: Remix IDE allows developers to write, test, and deploy SolanaVM-compatible smart contracts.

Wallets

Users can access SolanaVM through various wallets, ensuring a user-friendly experience:

• Solana Wallets: Sollet, Phantom, and other Solana-specific wallets allow users to seamlessly interact with SolanaVM.
• Ethereum Wallets: Users can also connect their Ethereum wallets (such as Metamask) to SolanaVM, bridging the gap between the two ecosystems.

SolanaVM Tokenomics

Source: Solana Allday Twitter

The $SVM is the native token of the SolanaVM with a total supply of 8,000,000,000 $SVM. The token distribution is planned as follows;

1. Presale Allocation: 1,200,000,000 $SVM (15%) - Reserved for early investors during the presale phase.

2. CEX & DEX Liquidity: 1,200,000,000 $SVM (15%) - Allocated for liquidity pools on centralized exchanges (CEXs) and decentralized exchanges (DEXs).

3. Team: 1,200,000,000 $SVM (15%) - Reserved for the development team and project contributors.

4. Community Incentives: 800,000,000 $SVM (10%) - Set aside to incentivize community participation, governance, and ecosystem growth.

5. Marketing: 1,200,000,000 $SVM (15%) - Used for marketing efforts, awareness campaigns, and ecosystem promotion.

6. Treasury and Ecosystem Growth: 2,400,000,000 $SVM (30%) - Reserved for long-term sustainability, partnerships, and ecosystem expansion.

Token Utility

1. SVM Token for Transactions: SVM tokens are essential for all transactions within the Solana Virtual Machine. Users pay transaction fees using SVM tokens when interacting with dApps or executing smart contracts.

2. Operator Role: Operators wrap SVM transactions into Solana transactions, facilitating execution. They finance the execution of these transactions, ensuring a smooth operation within the Solana ecosystem.

3. SOL Payments to Validators: Operators pay Solana validators with SOL tokens for each transaction iteration. This incentivizes validators to secure the network and maintain its integrity.

4. User Payments to Operators: Users pay operators with SVM tokens for platform usage and commission fees.

How to Participate in the Presale

• Connect Your Wallet: To purchase $SVM tokens, you first need to connect a supported wallet. We currently support the following wallets; MetaMask, Coinbase Wallet, OKX Wallet, Phantom, Rainbow, Trust Wallet, Torus, and Soflare. Additionally, you can connect your wallet using WalletConnect
• Select Payment Currency: You can buy $SVM tokens using ETH, SOL, BNB, MATIC, ARB, AVAX, OP, USDT, or USDC. SolanaVM platform supports Ethereum, Solana, BNB Chain, Polygon, Arbitrum, Avalanche, Optimism, and Base networks transactions.
• Enter Purchase Amount: Input the amount you wish to purchase. The minimum purchase amount is $100. After that, you need to enter confirmation through the MetaMask wallet
• Purchase Tokens: Click the “Buy Tokens” button to confirm your wallet’s transaction.
• Confirm Purchase: Once the transaction is complete, you’ll see your updated $SVM token balance on your dashboard.
• Token Claim: Your purchased $SVM tokens will be available for claiming to your wallet once the Token Generation Event (TGE) occurs.

Conclusion

As the SolanaVM project continues to make progress, it’s clear that this innovative solution has the potential to transform the way we interact with dApps and participate in the decentralized finance (DeFi) space. By connecting Ethereum and Solana, SolanaVM is laying the groundwork for a future where high-speed, low-cost transactions are the norm, and the possibilities for innovation are endless.

So, whether you’re a developer looking to leverage the power of Solana, or a user seeking a more efficient and accessible DeFi experience, keep an eye on SolanaVM. Further updates can be tracked on SolanaVM’s official Twitter