Why This Polygon Layer-2 Is Huge For Solana Developers
February 27 2023 - 7:30AM
NEWSBTC
In what could be a huge relief for developers, the Eclipse
Foundation recently announced the launch of the Polygon
Sealevel Virtual Machine (SVM). Eclipse To Release The Polygon SVM
The Polygon SVM is a roll-up platform designed for the Ethereum
sidechain but is compatible with Solana. Its creators say Solana is
a high throughput, fourth-generation network compatible with
Ethereum. Related Reading: Polygon (MATIC) Jumps 10% In A Day
As Crypto Market Rallies The Polygon SVM relies on Optimistic
roll-ups, a technique that bundles transactions off-chain before
confirming later on the mainnet. The objective is to enhance
scalability and lower transaction fees, a net positive for
developers wishing to deploy smart contracts. Developers believe
the release of the Polygon SVM is to encourage Solana developers to
bridge over to the Ethereum sidechain. As they do so, they won’t
have to build their code to be compatible with the Ethereum Virtual
Machine (EVM). Polygon is an Ethereum sidechain and is, therefore,
by default, compatible with Ethereum. The roll-up used, in
this case, will be launched on Avail, which is Polygon’s
general-purpose data availability layer. Avail uses KZG
commitments to proof blocks and was released in June 2021. In this
arrangement, Polygon will communicate directly with Solana and the
Ethereum mainnet through a cross-chain bridge. Consequently,
developers will have the flexibility of deploying their dApps on
Polygon. As a result, developers running Solana dApps can deploy on
Polygon because the SVM provides a coding environment that allows
the launching of Rust-based solutions on several blockchains,
including Polygon. To do this, Solana developers will first have to
transfer their code to Eclipse, from where it will be run on
Polygon. With this provision, it can be settled back on Solana,
meaning there will be higher levels of security. The Polygon SVM
will release its testnet in late Q1 2023, with the mainnet
scheduled in H2 2023. The Migration From Solana This solution
comes when Solana has been under extreme pressure following the
collapse of FTX, the crypto exchange, and Alameda Research, the
trading wing associated with the defunct ramp. Though there was no
direct connection between the FTX and Alameda Research, and Solana,
the former holds millions worth of SOL, the native currency of
Solana. Related Reading: Polygon Whales Continue
Accumulation, Add 55M MATIC The subsequent devaluation of SOL, as
investors feared that FTX and Alameda Research would offload their
bag, impacted the Solana ecosystem. Some projects have
migrated to Polygon in the past 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, early this year,
DeLabs, the creator of Y00ts, was awarded a $3 million grant to
build on Polygon. Feature image from Canva, Chart from TradingView
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