Solana VM
Solana VM is a blockchain infrastructure built on Ethereum that enables dApps to execute transactions on the Solana chain network without major changes to the codebase structure. It allows blockchain developers to seamlessly integrate the Solana network into their dApps, opening access to the rapidly growing DeFi market on Solana.
The platform is powered by the native $SVM token, which is primarily used for paying fees to node runners and other ecosystem contributors.
On May 24th, 2024, Solana Virtual Machine launched a pre-sale round of its native $SVM token on its website, aiming to raise over $1.05M
Solana VM - WAITLIST Overview
Solana VM - Review
With the current growth of users on the Ethereum chain network, it became obvious that the crypto world needed new ways to provide users with the same benefits as Ethereum while offering increased scalability for dApps, as well as faster and cheaper transactions.
One of the solutions were alternative L1 networks, such as Solana, however Solana’s coding structure requires significant changes to transfer EVM dApps’ codebase on Solana. The Solana VM seeks to solve this dilemma.
🤔 What is the Solana VM?
Solana VM is a fully EVM-compatible execution environment which connects the EVM ecosystem with Solana. It allows developers to seamlessly relocate Ethereum dApps to the Solana chain network with minimal changes to the Solana codebase. This provides many DeFi application developers access to new markets and Solana’s large user base, potentially expanding their own community and contributing to the Solana ecosystem.
The Solana VM works as an intermediary between the Ethereum and Solana Virtual Machines by uploading EVM contracts, authenticating signatures from the Ethereum network, and processing and facilitating transactions on Solana. To utilize the platform, Solana VM charges users a fee in $SVM tokens for each transaction, which are later redistributed to the node runners in the $SOL tokens.
🪙Solana VM token: The $SVM token is the platform’s native utility token. It facilitates all payments related to transactions within the Solana Virtual Machine ecosystem, including rewarding node operators.
On 24th May, 2024, the Solana VM launched a $SVM pre-sale on its website, putting over 15%. According to the current information on the website, the project has already raised over $970K.
Considering this information, the CoinLaunch team decided to gather all publicly available information on Solana VM and found some major pros and cons related to $SVM tokensale:
âś…Solana VM pros:
- Highly demandable product;
- Great concept and design of the product;
- Over $970K raised publicly since the launch of the project in May 2024;
- Presence of security audit from tier 3 company at that early stage of launch of the product.
❌Solana VM cons:
- Lack of transparency in tokenomics: Initial Circulation Supply and Token Release Schedule remain unknown;
- Poor SMM, SEO and Growth Marketing performance due to the early stage of development of the project;
- Below the average Influencer marketing and PR performance;
- Weak marketing infrastructure;
- Anonymous team;
- Lack of top tier funds and partners supporting the project. link
