Author: Initia
Compiled by: Deep Tide TechFlow
The original image is from @initia, compiled by Deep Tide TechFlow.
Imagine this: after a day of 'rollercoaster' operations on-chain, you're preparing to end your busy day. Going long on ETH made you $6,900, investing in a token claimed to 'cure cancer,' and then easily achieving a 42x return. Yet, internally, you feel immense oppression. Why? Because of EVM.
Every time you use EVM, you can't help but ask yourself: how did we get here? Every transaction feels like cautiously navigating through a minefield. You can't help but wonder, why by 2025 have we not been able to escape the clumsy and dangerous 'approve-deposit' operation model?
Worse yet, you are always on edge, afraid that the endless approval operations on your favorite decentralized exchange (DEX) will bite back or that you'll lose your life savings due to a honeypot scam. If these scenarios sound familiar, it means you are still living in the past.
@dcfgod:
"It has been proven that the design flaw of 'approve first, redeem later' has resulted in losses of up to $100 billion."
However, to be fair, the Ethereum Virtual Machine (EVM) is not without its merits. The dramatic complaints above were just to grab your attention, but the reality is much more complex.
In fact, EVM has always been the infrastructure of programmable blockchains. Historically, many of the most useful and innovative decentralized applications (dApps) have been written in Solidity for EVM, such as Uniswap, Aave, GMX, and CryptoKitties. However, it is time for EVM's dominance to gradually give way to a batch of promising upstarts.
New-generation virtual machines such as MoveVM, CosmWasm, SVM, FuelVM, and Arbitrum Stylus are emerging, each with its unique advantages and disadvantages. Developers are also beginning to choose the most suitable virtual machine based on actual needs.
This is not merely developers chasing new trends, but a choice made after years of observation and careful consideration. They have studied the pros and cons of EVM and learned from past experiences. These new-generation virtual machines start from a higher baseline, bringing better solutions.
What are the advantages of EVM?
The original image is from @initia, compiled by Deep Tide TechFlow.
Network effects, ecosystems, and mature development infrastructure. EVM has a huge first-mover advantage, making it the preferred choice for most developers. It boasts a large user base, a rich application ecosystem, high liquidity, and development tools far exceeding those of other virtual machines.
Institutional integration. As blockchain scales, centralized exchanges (CEX) and custodial service providers become necessities. These third-party institutions often act slowly, but they have integrated countless EVM-based blockchains, making their support for EVM more mature.
Practical tests. After countless hacking attempts, Solidity and EVM have become increasingly robust and have stood the test of practice. Theoretical security is indeed important, but nothing speaks louder than years of continuous vulnerability fixes.
Economic drivers. EVM houses nearly $90 billion in DeFi assets, and this trend continues. More and more emerging blockchains (such as Monad, Hyperliquid, MegaETH, and Berachain) are also choosing EVM, and this immense economic power drives EVM to continuously improve to meet liquidity demands.
Why is EVM not perfect?
Insufficient security. Despite EVM undergoing countless practical tests, the emergence of AltVMs indicates that there is still room for improvement. These new virtual machines start from a higher security baseline and can directly avoid many vulnerabilities at the application and protocol levels. Even experienced Solidity developers may make mistakes in complex code, and the potential attack paths that auditors need to check can be quite daunting.
Performance is not ideal. Traditional EVM performs poorly in high-throughput scenarios, with too low efficiency. Projects like @monad_xyz and @megaeth_labs are trying to address this issue, but their approaches each have pros and cons. Monad chooses to completely rewrite the tech stack, which improves performance but sacrifices proven reliability; whereas MegaETH compromises on decentralization.
The original image is from @initia, compiled by Deep Tide TechFlow.
Gas optimization is difficult. For developers, when they need to spend more time optimizing gas efficiency instead of focusing on the design of the protocol itself, this is a significant issue. Moreover, to achieve significant optimization, developers often need to write complex assembly code, which can be a nightmare for many. Sometimes, simply adjusting the order of function definitions in a smart contract can lead to gas consumption optimizations; such operations are akin to alchemy.
Despite these flaws, EVM continues to operate stably and will maintain its dominant position in the coming years. But we can look at it from a different angle: Bitcoin is the dominant crypto asset, but that doesn't prevent thousands of other crypto assets from coexisting with it.
Moreover, the developer ecosystem of EVM is also continuously striving to improve user experience through account abstraction, batch transactions, and even new Solidity compilers. Every aspect, from the underlying architecture to development tools, is undergoing improvement.
However, if our optimistic predictions about the future hold true, the number of developers in the crypto space will at least grow by a factor of 1000, and we cannot expect EVM to meet everyone's needs. Think about Web2; there isn't a programming language that fits all use cases perfectly, nor is there a single language that satisfies all developers, and we shouldn't hold such expectations for EVM.
It's time to expand the map of virtual machines—altVMs EVM.
The original image is from @initia, compiled by Deep Tide TechFlow.
We know that changing entrenched beliefs is not easy. When your most trusted crypto Twitter researchers tell you that EVM is 'good enough' and question the significance of AltVMs, you may be inclined to believe their viewpoint. But let's look at it from a different angle, directly addressing these concerns and exploring the potential of AltVMs.
The Controversy Surrounding AltVM
Why do we need AltVMs? Isn't EVM good enough? If we are always satisfied with the status quo, thinking 'good enough is fine,' then we can never enjoy better technology and experiences. AltVMs represent a bold attempt and the direction of technological evolution, driving the development of crypto applications into a new phase. Moreover, competition often breeds more powerful solutions.
Some believe that AltVMs are merely a product of venture capital chasing new trends. This is not the case, and there is ample evidence to refute this viewpoint. CosmWasm has long been the preferred virtual machine for multiple Cosmos-based blockchains, Solana's SVM can support astonishing trading scales and liquidity, and even Sui and Aptos relying on MoveVM have already supported over $2.7 billion in total locked value (TVL). These are real indicators of user growth and product-market fit (PMF), not empty hype.
Attracting users is really difficult. They need to download new wallets, learn how to use new block explorers, and gradually form new mindsets. However—
1. First, users will always chase opportunities. Blockchains using AltVMs often harbor untapped potential, which is key to initiating user growth. As long as you can make users feel it's worth it, they will be willing to overcome the learning curve.
2. Secondly, Initia provides solutions. With BYOW (Bring Your Own Wallet), regardless of which Interwoven Rollup you choose, no matter what virtual machine the Rollup uses, you can freely select your familiar wallet, such as Rabby, Phantom, or Keplr.
3. Finally, chain abstraction is gradually becoming a reality. Technical issues like gas sponsorship and cross-chain interoperability have made breakthroughs in 2024. By 2025, regardless of which chain or virtual machine users use, the barriers to entering new applications will be minimized.
Developer tools are still lacking. We acknowledge this, but we also need to recognize that these tools are still in their infancy and are rapidly iterating. Once these tools achieve breakthroughs, the developer experience will improve significantly.
Why can AltVMs thrive in the long term?
Now that we have resolved those pesky issues, it's time to refocus on the advantages of AltVMs, which offer many highlights worth discussing. AltVMs bring a new level of creativity and opportunity to blockchain applications. They introduce new development paradigms, innovative concepts, and provide higher security assurances. Next, let's delve into the unique aspects of AltVMs:
A new way of thinking
Attentive observers may have noticed that most of the innovations in blockchain applications over the past cycle have been concentrated off-chain—whether it's user interfaces, incentive mechanisms, or bridges bringing external revenues into the crypto space. On-chain innovations have gradually plateaued. We hope to see more developers like fiveoutofnine, who dare to experiment on-chain and push the boundaries of technology.
However, the design of EVM somewhat limits developers' thinking, making it difficult for them to break out of the established framework and unleash their creativity. The emergence of AltVMs breaks these shackles, providing developers with more choices and flexibility. They allow developers to think about building on-chain applications in entirely new ways.
Recently, this shift has been particularly prominent in the applications of Arbitrum Stylus and Sui Move.
Arbitrum's Stylus is a WebAssembly (WASM) based execution environment where developers can use Rust, C++, or even any language that can be compiled to WASM to build smart contracts. This flexibility has shown powerful effects in practice.
For example, Renegade is the first on-chain dark pool decentralized exchange (DEX) that achieves no slippage, zero MEV (minimum extractable value), and private transactions. After evaluating multiple technical solutions, Renegade ultimately chose Stylus because the costs of other solutions were too high for users. You can read more about this case study.
Now let's look at Sui's MoveVM. It introduces the concept of Programmable Transaction Blocks (PTBs), allowing developers to consolidate interactions between multiple modules into a single transaction, which is sent on-chain after being completed off-chain. This means you don't need to rely on account abstraction for batch transactions, nor do you have to wait for a controversial EIP to be added to EVM. By developing on Sui, you can immediately enjoy the advantages of these user experiences. For more information, please click here.
High security baseline
Today, most AltVMs regard security as a core design principle. They learn from the shortcomings of EVM and fundamentally avoid these flaws from the outset. Of course, this does not mean they are absolutely secure; potential vulnerabilities or attack methods may still be discovered in the future, but in terms of current security performance, they indeed outperform EVM.
Additionally, many AltVMs are built on Rust. Rust is a programming language renowned for its high security and is widely used for developing mission-critical software. It can be said that these AltVMs prioritize security from their foundational design.
Still don't believe it? Take a look at MoveVM—it's the virtual machine used by Initia L1.
First, Move is the only language in the cryptocurrency space that was designed from scratch by a team with deep programming language development experience.
The Move language incorporates some mandatory features that encourage developers to think more deeply about program design, while also expressing program states in a more realistic manner. For example:
Assets are viewed as 'resources' owned by addresses, which sharply contrasts with the mapping of balances in EVM, better reflecting the true ownership of assets.
Move draws on Rust's strict ownership semantics, requiring developers to clearly define which parts of the data can be modified during state management, as well as the specific scope and location of modifications. This strict requirement effectively reduces potential vulnerabilities in program design.
Even so, what if developers still accidentally make mistakes? Move provides formal verification features to reduce risks. Through the built-in formal verifier, developers can mathematically define the expected behavior of a program, and the verifier will check whether the code meets expectations. This significantly reduces the possibility of logical errors.
Born for performance
The design goal of AltVMs is to pursue extreme performance. It is certain that performance was not prioritized in the original design of EVM and Solidity. Although EVM has made significant progress over years of iteration, it still cannot compare with the newly designed AltVMs.
Traditional EVM performs poorly in parallel processing, while parallelization is the most effective means of enhancing blockchain performance. Although it is possible for EVM to implement parallelization, achieving excellent performance often comes at a high cost, such as requiring a top-notch engineering team to completely restructure the system.
So what is parallelization? Simply put, it's processing multiple transactions simultaneously rather than sequentially, significantly improving efficiency.
The original image is from @initia, compiled by Deep Tide TechFlow.
Modern virtual machines take the need for parallelization into full consideration during design, and they perform exceptionally well in such environments. In particular, the programming paradigms adopted by Move and Solana's virtual machines make parallelization more efficient and seamless.
In SVM (Solana Virtual Machine), all data is grouped into different accounts. Developers can flexibly allocate data to multiple accounts, and the data is independent of the execution logic of the program. In each transaction, developers need to explicitly specify which accounts will be read or written. This separation design allows the virtual machine to recognize transactions that do not compete for the same resources, thus achieving efficient parallel processing.
After discussing the concerns surrounding AltVMs and systematically outlining their advantages, you should now understand why AltVMs hold immense positive value (EV+) for the crypto space and the development of future applications.
This is not a technical factional battle, nor do we need to 'pick sides' for a particular virtual machine. Each virtual machine has its advantages and limitations, and ultimately developers should have the freedom to choose the tools that best meet their needs. Innovation and experimentation are beneficial for the development of the entire industry!
In building applications, these choices are key, which is why Initia currently supports MEWing—including MoveVM, EVM, and CosmWasm.
In fact, our exploration of the AltVM space has just begun. From zkVMs (zero-knowledge proof-based virtual machines) to hybrid virtual machine environments, to attempts like FuelVM aimed at addressing state bloat, the future of applications is full of infinite possibilities. Imagine how future applications will leverage these tools to create entirely new experiences and use cases, all at lower costs, which is undoubtedly exciting.
The development of AltVM is just beginning to enter the starting point of the S-curve.
The original image is from @initia, compiled by Deep Tide TechFlow.
Beyond AltVMs: The Era of Full-Stack Applications
Let’s take a step back and think: what is the ultimate goal of these tools and discussions? The true goal is to build products and experiences that provide immense value to users—whether through extreme performance, strong security, or a smooth user experience.
Ultimately, virtual machines are just one tool in a developer's toolbox.
But are they the best tools to achieve the goal? They are certainly part of the puzzle, but not the whole thing. In a shared generic chain environment, whether EVM or AltVMs, it is difficult to fully meet the needs.
As @ItsAlwaysZonny said:
"EVM or AltVM, generic chains are merely mediocre choices.
Have a clear goal and build dedicated application chains.
Applications built on a monolithic chain based on shared state always struggle to compete with those built on dedicated, customized infrastructures.
The real transformation lies in the rise of full-stack applications.
The core of full-stack applications lies in choosing the right virtual machine for your use case and combining it with a dedicated custom application chain. Full-stack applications enable developers to have complete control over the execution environment, thus no longer compromising. They lead us into a whole new future—where developers are no longer limited to choosing a particular blockchain but can customize a dedicated blockchain based on application needs, from dedicated block space to customized transaction execution and sorting, all centered around the best user experience. Full-stack applications represent freedom and the next evolution of technology.
The original image is from @initia, compiled by Deep Tide TechFlow.
At Initia, we firmly believe that full-stack applications are the key breakthrough driving innovative product development. To this end, we are committed to providing developers with the best framework for building full-stack applications: developers can choose the most suitable virtual machine based on their vision—whether it's Move's high security, EVM's mature ecosystem, or CosmWasm's flexibility. Additionally, through LayerZero and IBC, developers can easily achieve instant interoperability; with Cosmos SDK, the underlying chain's tech stack can be freely adjusted. Moreover, all necessary tools are integrated into the Interwoven Stack, including Oracle services, Celestia data availability (DA), blockchain explorers, native USDC support, fiat deposit channels, wallet components, cross-chain bridge UI, and more.
With Initia, full-stack applications are not only accessible but also highly practical.
Finally, let’s give you a sneak peek into full-stack applications and application chains. This article lays the groundwork for the next piece, which I believe will be even more engaging as you continue to explore the infinite possibilities of this domain.
