In what could be a huge relief for developers, the Eclipse Foundation recently announced running the Polygon Sealevel virtual machine (SVM).
Eclipse will release Polygon SVM
Polygon SVM is a versatile platform designed for the Ethereum sidechain but compatible with Solana. Its creators say that Solana is a fourth-generation, high-bandwidth network compatible with Ethereum.
Polygon SVM uses Optimistic Roll-ups, a method that aggregates off-chain transactions and then confirms them on the main network. The goal is to increase scalability and reduce transaction fees, which is a positive development for developers looking to deploy smart contracts.
The developers believe that the release of Polygon SVM should encourage Solana developers to move to the Ethereum sidechain. However, they will not need to create their own code for compatibility with the Ethereum Virtual Machine (EVM). Polygon is an Ethereum sidechain, so it is compatible with Ethereum by default.
The drive used in this case will run on Avail, which is Polygon’s generic data availability layer. Available uses KZG has committed to block verification and was released in June 2021. Under this agreement, Polygon will communicate directly with Solana and the main Ethereum network via a bridge. Hence, developers will be able to deploy their dApps on Polygon flexibly.
As a result, developers working with Solana dApps can deploy to Polygon as SVM provides a coding environment that allows Rust-based solutions to run on multiple blockchains, including Polygon.
To do this, Solana developers will first have to port their code to Eclipse, from where it will run on Polygon. With this condition, it can be returned to Solana, which means a higher level of security.
Polygon SVM will release its testnet at the end of the first quarter of 2023, with a mainnet launch scheduled for the second half of 2023.
Migration from Solana
This decision comes as Solana is under intense pressure following the collapse of FTX, the cryptocurrency exchange, and Alameda Research, the trading arm associated with the defunct ramp. Although there was no direct connection between FTX and Alameda Research and Solana, the former owns millions of dollars worth of SOL, Solana’s national currency.
The subsequent devaluation of SOL as investors feared that FTX and Alameda Research would dump their money affected the Solana ecosystem.
Some projects have moved to Polygon in the last few weeks after receiving incentives.
Here is a screenshot of our latest @y00tsNFT Discord announcement. pic.twitter.com/qWxjBsexv6
— frankdegods.eth (@frankdegods) January 6, 2023
For example, earlier this year DeLabs, the creator of Y00ts, received a $3 million grant to develop Polygon.
Credit : www.newsbtc.com
