The Solana Virtual Machine (SVM)

Over the last couple of months, the Solana Virtual Machine (SVM) has been hailed as a game-changer by many within the crypto world, thanks, in large part, to its unparalleled advantages in speed and cost-efficiency. As the backbone of the Solana ecosystem, the SVM has demonstrated an ability to process over 2,400 transactions per second (TPS) at a fraction of the cost of its competitors (sometimes as low as $0.001). In fact, these metrics far outpace Ethereum Virtual Machine (EVM) based networks like the Base Network, which operates at about 40 TPS with transaction fees of around $0.03. Even more impressively, the Solana network has the potential to scale up to 65,000 TPS under optimal conditions. These prospects have helped reshape the way in which developers view the creation and deployment of decentralized applications (dApps) within the broader cryptocurrency ecosystem.

Technically speaking, SVM’s architecture leverages the power of ‘parallelized transaction processing,’ making it ideal for high throughput, near-instantaneous transaction finality, and minimal fees. As a result, it has quickly transformed into an attractive option for a wide range of decentralized finance (DeFi) applications, NFT projects, and other blockchain-based services. The rapid adoption and growing interest in the SVM are evident in the numbers. For example, Solana’s Total Value Locked (TVL) has seen an astronomical increase, growing tenfold (10x) in just six months.

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