Make Kitco Your Homepage

Polygon launches Polygon SVM, the first Solana-equivalent L2 scaling solution

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Polygon, the leading layer-two (L2) Ethereum scaling protocol, has announced a significant advancement in interoperability with the upcoming launch of Polygon SVM, the first Solana-equivalent scaling solution.

According to the press release, Polygon has partnered with the San Francisco-based customizable rollup provider Eclipse to launch Polygon Sealevel virtual machine (SVM), a layer-two blockchain capable of running all smart contracts and tooling compatible with Solana.

Eclipse, which is a Polygon Ventures portfolio company and recipient of a Solana Foundation grant, is a customizable L2 (rollup) provider that allows blockchain infrastructure developers to choose between different virtual machines, including the Sealevel virtual machine. The rollup technology provided by Eclipse enables developers to run a new blockchain while leveraging the security of existing networks such as Polygon.

"We're excited to build on Polygon and develop superior scaling solutions," said Neel Somani, CEO of Eclipse. "Polygon SVM is a first-of-its-kind collaboration between the Polygon and Solana communities."

Once launched, decentralized applications (dapps) built for the Solana blockchain will be able to easily migrate or go multichain to Polygon SVM, giving users a faster and more efficient blockchain experience.

The new Solana-equivalent Polygon SVM will reportedly offer faster processing capabilities, which benefits game developers and high throughput decentralized finance (DeFi) applications like central limit order books. The increased speed is expected to enable new use cases and attract more traffic to the Polygon ecosystem.

According to Polygon, the new SVM “offers a faster and more efficient experience that leverages the security of the existing Polygon network while running the new blockchain.”

Eclipse, which raised a total of $15 million in pre-seed and seed funding rounds in 2022, will be in charge of deploying the SVM L2 for Polygon, while the Ethereum scaling startup Mir. Polygon Avail, which is a blockchain that is focused on data availability (ordering and recording blockchain transactions), will provide security for Polygon's Eclipse chain.

The testnet for Polygon SVM is slated for release in late Q1 2023, with the mainnet launch to follow in the summer. Over 100 projects have expressed interest in deploying to Eclipse chains.

"We are thrilled to see Eclipse launch Polygon SVM on the Polygon Network, which will provide developers with a powerful new blockchain infrastructure," said Urvit Goel, VP of Games and Platform at Polygon Labs. "Our vision has always been to see development of novel modular blockchain architectures, and Polygon SVM is the latest addition to the ecosystem of cutting-edge scaling solutions."

MetaMask launches a new bridging protocol to simplify cross-chain transfers

Polygon is one of the more active platforms when it comes to advancing the blockchain industry and creating real-world use cases. In September, the protocol was selected by Starbucks to host its Web3-powered Starbucks Odysee rewards program, which enables users to collect non-fungible token (NFT) collectible stamps.

In January, Mastercard partnered with Polygon to launch its Web3-based Mastercard Artist Accelerator program, and the popular brokerage firm Robinhood selected the network to host the Robinhood Wallet, a standalone smartphone app that allows users to trade and transfer crypto assets, access decentralized applications (DApps) and store non-fungible tokens (NFTs).

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.