Get the lowdown on Parallel EVM: the emerging narrative and the active builders shaping it.
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Parallel EVMs
There’s a fresh tale in town when it comes to boosting Ethereum’s EVM efficiency: Parallel EVM. Don’t fret, you’re still in the early chapters. Here’s the simplified scoop you need.
Improving EVM (Ethereum Virtual Machine) performance is an ongoing quest. Various approaches like new chains, OP L2s, ZK L2s, and more have sprouted from this goal.
However, the OP & ZK narratives are fairly established, leaving less room for new ventures. Enter parallel EVM — a novel approach to enhancing EVM performance that’s catching the eye in this bullish market especially as the Inscription craze fires up bringing chains to their knee.
So, what exactly is Parallel EVM?
Get the lowdown on Parallel EVM: the emerging narrative and the active builders shaping it.
There’s a fresh tale in town when it comes to boosting EVM efficiency: Parallel EVM. Don’t fret, you’re still in the early chapters. Here’s the simplified scoop you need.
Improving EVM (Ethereum Virtual Machine) performance is an ongoing quest. Various approaches like new chains, OP L2s, ZK L2s, and more have sprouted from this goal. However, the OP & ZK narratives are fairly established, leaving less room for new ventures. Enter parallel EVM — a novel approach to enhancing EVM performance that’s catching the eye in this bullish market.
So, what exactly is Parallel EVM?
Parallel EVM
Parallel EVM (Ethereum Virtual Machine) represents a concept aimed at enhancing the performance and efficiency of the current EVM system.
The Ethereum Virtual Machine (EVM) serves as the backbone of Ethereum, responsible for executing smart contracts and processing transactions. One of its fundamental design features is the sequential execution of transactions.
This sequential processing ensures a deterministic order for transactions and smart contracts, facilitating easier management and predictable blockchain state. This design choice emphasizes security and minimizes potential complexities and vulnerabilities associated with parallel execution.
However, during periods of high network traffic (INSCRIPTION WARS), congestion and delays may arise. Picture the original EVM design as vehicles moving along a single lane, where each vehicle must match the speed of the one ahead. If one vehicle (transaction) encounters congestion, it halts the progress of subsequent vehicles.
Parallel EVM can be likened to expanding this single lane into a multi-lane highway, allowing multiple vehicles to travel simultaneously.
Technically, parallel EVM permits independent transactions or smart contracts to execute concurrently, significantly enhancing EVM processing speed and overall system throughput. Different projects interpret and implement parallel EVM according to their specific needs, resulting in diverse processes and mechanisms.
The primary takeaway is that by processing transactions simultaneously, EVM can handle more transactions, significantly improve TPS (transactions per second), alleviate network congestion, and enhance scalability.
Who’s Embracing this Bullish Narrative?
- Monad: A Layer 1 solution with inherent parallel EVM functionality. Monad addresses traditional EVM scalability concerns by adopting parallel execution, ensuring compatibility with Ethereum, and aims for optimal blockchain performance with a goal of reaching 400,000 TPS. The team demonstrates confidence in their strategy, evident through exclusive access on their Discord and Telegram community channels.
2. SEI V2: SEI, an established project, launched its mainnet in August 2023. They proposed SEI’s version 2 as the first fully parallelized EVM in a recent Nov 29 blog post. Caution is advised as SEI experienced gains following these upgrade hints. Additionally, approximately 125 million SEI tokens, worth around $77 million, equivalent to 5.43% of their current supply, are set to unlock on Jan 15, 2024. Given a market cap of $1.5 billion and a circulating supply of 2.3 billion SEI tokens, potential for multiple gains seems limited.
3. Neon EVM: The initial parallel Ethereum virtual machine on the Solana blockchain, Neon EVM aims to enhance blockchain efficiency and scalability through parallel transaction processing. Notably, its standout feature lies in cross-ecosystem functionality. Neon allows developers to leverage Solana’s parallel execution architecture to expand Ethereum dApps, enhancing network efficiency, transaction speed, and cost-effectiveness while maintaining EVM compatibility. Neon already possesses its token, launched in July, and has experienced a surge within the Solana ecosystem. With a market cap of $144 million and a total supply of 1 billion tokens, there appears to be room for potential gains in the upcoming bullish market, specifically in 2024. Caution is warranted due to their tokenomics, where 77% of the total supply is held by Minority entities.
Details regarding token unlocks remain undisclosed by the team, raising concerns. On a bright side Neon announced it’s points system which you can read more about here.
4. Eclipse: So, Eclipse rocks the parallel EVM boat using the Solana Virtual Machine (SVM) and the Sealevel runtime. Their goal is setting up a swanky space where multiple operations can happen all at once, jazzing up network speed and efficiency while dialing down congestion and transaction fees. The drill? They’re gunning for an epic boost in dApp scalability and user satisfaction. The deal with Eclipse is that transactions take flight on Solana’s SVM but touch down back on Ethereum for the settlement.
The lowdown on Eclipse: They bagged a sweet $15 million in 2022 from heavy hitters like Polychain, Polygon Ventures, Tribe Capital, and more.
Fast forward to December 13, the Eclipse testnet kicked off, and the first 1,000 developers who got their hands dirty with contracts there snagged cool NFT rewards. Tokens are still in the shadows, but with that fat funding, an airdrop could be in the cards. I’ve got my eye on it for a structured guide soon.
5. Lumio: Lumio’s vibing on the L2 scene with a neat integration of parallel EVM. This Optimistic Rollup platform is riding high on the OP stack, using chains like Aptos to queue up transactions. It’s like giving Ethereum a turbo boost in transaction speed while keeping its vibe of security and liquidity. Lumio’s bandwidth boost is likely playing the parallel EVM game, although they missed shouting it out loud in their Launch Blog. Couldn’t dig up much on funding, just a modest $4.5 million seed fund raised by their incubator Pontem in 2021 — not exactly hitting the big numbers today.
6. Polygon Miden: Ah, the Polygon juggernaut! This zk rollup is Polygon’s pride and joy. With a chunky $500 million in its coffers, it feels like Polygon can do whatever it wants, especially if another airdrop is on the cards. Shoutout to their GitHub page for whispering about parallel transaction action
— you know, processing those independent transactions in parallel. Looks like the parallel EVM story is heating up, but the real test will be the tech magic cooked up by different L1 and L2 players.
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