Is the crypto market making a comeback, and parallel SVM challenges parallel EVM?
In March of this year, because”SolanaEVM Solution Eclipse Secures $30 Million in Funding” News, CausingSeiFounder Jay was dissatisfied and questioned its excessive hype and the difficulty of implementing ecological development. Sei's founder's remarks prompted Eclipse founder Neel Somani,FantomFurther discussions by founders AC and others made the “parallel EVM” narrative the focus of the community. Accompanied by recent hot projectsZEUSOnline, the parallel narrative has once again undergone new changes. So what is parallel EVM? What are the new changes in parallel narratives? How will blockchain parallel narratives evolve in the future?
What is parallel EVM?
Although parallel EVM has been popular in the community before, it is difficult to say that it has actually become a well-known and clear technology. So what exactly is parallel EVM? What is the significance of the emergence of parallel EVM?
“Parallel EVM” can be viewed as a technology fusion of “parallel+EVM compatible”. It is an optimization of the execution layer of the existing EVM network. It is essentially a special optimization of the performance of each EVM component to increase the number of transactions (TPS) or calculation tasks processed per unit time of the network and solve the current problem of EVM inefficiency caused by the sequential execution of transactions. Parallel EVM hopes to effectively manage the simultaneous processing of each region or group of transactions by partitioning or grouping all transactions to be executed, and then rely on scheduling algorithms. Its ultimate purpose is to allow multiple independent transactions to be executed in parallel at the same time, thereby improving the transaction execution efficiency of the entire Layer 1 network.
Parallel execution in blockchain means processing unrelated transactions at the same time, such as partitioning or grouping transactions on the chain, such as DEX, NFT, GameFi, etc., so they can execute transactions independently in parallel. This also means that different transactions can be executed simultaneously on different processing units rather than being processed in a chronological order, greatly improving efficiency. Known for its high performance, Solana's SVM, Aptos's STM, etc. all use similar parallel execution processing logic.
The need for parallel EVM (Ethereum Virtual Machine) stems from its ability to significantly improve the performance and efficiency of blockchain networks. Traditional EVM processes transactions sequentially, which not only consumes a lot of energy, but also places a heavy burden on network validators. This type of processing often results in high transaction costs and inefficiency, and is considered a major obstacle to widespread blockchain adoption. Parallel EVM revolutionizes the consensus process by allowing multiple operations to execute simultaneously. The ability to execute in parallel greatly increases the throughput of the network, thereby enhancing the performance and scalability of the entire blockchain.
What technological innovations does parallel SVM leader ZEUS have?
Essentially, parallel EVM mainly uses parallel technology to significantly improve the performance and efficiency of blockchain networks. From this perspective, ZEUS technology is actually very similar. However, ZEUS wants to connect Solana and Bitcoin through an open communication layer. Strictly speaking, ZEUS is different from parallel EVM, but in essence, it is actually a parallel story. Essentially, it is still improving the performance and efficiency of the Bitcoin network through SVM. So, how does ZEUS use technology to achieve parallel communication between Bitcoin and SOLANA?
Zeus Network consists of Zeus nodes and Solana virtual machines (SVMs). Zeus nodes include a dual-function registry service that allows peer-to-peer communication, signing, broadcasting, authenticator registration, and operation both on-chain and off-chain. The Zeus communication mechanism enables nodes to exchange information, synchronize states, and execute transactions with each other without a centralized intermediary, which helps the decentralized and efficient operation of the network. When individual users want to become Zeus validators, they need to run a node and keep a private key for signing functions. In Zeus Network, the network verification process uses a decentralized and permissionless group model, which means anyone can become a validator without being restricted by a specific agency or organization. However, becoming a validator node requires staking SOL or LSD-SOL. Zeus encourages users to use LSD-SOL to earn revenue by participating in PoS staking. SVM plays a key role in the functionality and performance of Zeus Network, providing peer-to-peer communication services and state-related program elements.
The Zeus consensus is at the heart of the Zeus Network. In Zeus consensus, Bitcoin and Solana transactions are first serialized and then systematically stored in a management program, which provides validators with a centralized starting point to access and verify transactions. Validators in Zeus Consensus focus on verification work rather than participating in on-chain transactions. To further improve efficiency, Zeus Consensus implemented a threshold signature mechanism. In Bitcoin, this involves Taproot and Schnorr signatures, while in Solana, it's the Ed25519 signature algorithm. At the same time, signatures are made off-chain and the signatures are broadcast to Solana. Off-chain signature aggregation allows transactions to be broadcast more efficiently without sacrificing security.
How will parallel SVM affect the Ethereum ecosystem?
Parallel EVM was once considered by many to be an important technology to save Ethereum, and the market also has huge hopes for parallel narratives. said 0x Taker, co-founder of Aori. “Parallelization provides a way to experiment through local cost markets to minimize state contention.” JD, the former founder of Polygon, said that in 2024, every L2 will be labeled “parallel EVM” and rebranded.
Reforge Research also published a statement stating that only parallel EVM can save Ethereum. The advent of parallel EVM was an important turning point in the evolution of blockchain technology. By enabling simultaneous execution of transactions and optimized state access, parallel EVM opens up a new era of possibilities for decentralized applications. From the revival of programmable CLOBs to the advent of more complex and high-performance applications, parallel EVM has laid the foundation for a unified and user-friendly blockchain ecosystem. The advent of parallel EVM has the potential to reshape the landscape of decentralized applications and user experiences. By addressing scalability and performance limitations that have long hampered growth in key verticals such as DeFi, parallel EVM offers the possibility for a future where a complex high-throughput application can evolve without sacrificing a “triple dilemma.”
MT Capital released a research report saying that developing a parallel EVM is seen as a key step to address the basic limitations of blockchain scalability. These innovations are expected to prepare blockchain networks for the future, enabling them to keep up with growing demand and become the cornerstone of the next generation of Web3 infrastructure. While parallel EVMs offer tremendous potential, their successful implementation requires overcoming complex technical challenges and ensuring widespread ecosystem adoption.
However, with the advent of ZEUS, the parallel narrative is in fact changing. From the perspective of capital inflows, capital in the crypto market continues to flow to the Bitcoin ecosystem. After the second layer of Bitcoin became popular, the second layer of Bitcoin formed a relay and began to receive market attention. Judging from Defillama's data, Merlin's capital inflow increased by 6254% in the past month. In addition to this, other well-known Bitcoin second-tier projects have also received a lot of market attention. ZEUS wants to connect Solana and Bitcoin through an open communication layer, which essentially extends the parallel EVM narrative to the Bitcoin ecosystem.
summed
The parallel narrative initially focused mainly on solving Ethereum's transaction performance and efficiency issues, but with the development of the Bitcoin ecosystem, the parallel narrative also began to expand into the Bitcoin ecosystem. Angel investors behind Zeus Network include Solana co-founder Anatoly Yakovebko and Stacks co-founder Muneeb Ali. In the future, ZEUS may be expected to open up a new parallel narrative of the Bitcoin ecosystem. However, in contrast, Ethereum's parallel EVM narrative may still be expected to be the first to break through.
Further reading
A third solution to scalability? Interpreting the parallel EVM+ programmable world state scheme
Author: Asher Zhang
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