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World’s First EVM compatible L2 for Solana set to launch in 2024, Solana VM Raised Over $1,000,000 in $SVM Presale - Chainwire

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10Jun

World’s First EVM compatible L2 for Solana set to launch in 2024, Solana VM Raised Over $1,000,000 in $SVM Presale

London, UK, June 10th, 2024, Chainwire

Solana VM — the world’s 1st EVM compatible L2 for Solana, has raised over $1M to lead the DeFi on Solana.

Presale is offering users the chance to invest in $SVM, Solana’s VM native token, before the official token will be open for public trading.

Solana VM raised over $1 million to launch a world’s first EVM compatible L2 for Solana. 

The team has allocated 15% of the total token supply for the presale, making it a temporary opportunity for those interested in the Solana VM project. 

It’s aims to bridge the gap between Solana blockchain and Ethereum dApps, that will allow $68 billion TVL worth of apps to build on Solana.

$SVM Presale is Live: https://solanavm.xyz/?ref=svm:VbBthooI 

According to their Roadmap, the team plans to implement the following in Q3:

  • Public Launch 
  • Token Generation Event 
  • Listing on CEX&DEX 
  • Implementing key EVM-compatible dApps in the Solana VM environment.  

This multi-round presale offers $SVM at progressively increasing prices set by the team, with the token launch for public trading scheduled for Q3.

What is Solana VM?

Solana VM – the first EVM-compatible L2 for Solana – is the gateway to a fully compatible Ethereum environment on the Solana blockchain. Solana VM allows users to leverage the potential of Solidity- and Vyper-based dApps, taking advantage of Solana’s network benefits

SolanaVM acts as a bridge, allowing developers to seamlessly move their existing Ethereum applications to Solana. 

Competitive Advantage:

Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund in CNBC episode, said: “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum and Solana are probably the big three for this cycle.”

Solana VM focuses specifically on bridging the gap between Ethereum, the current leader in DeFi, and Solana, a high-speed blockchain network. It acts as a bridge, allowing developers to seamlessly move their existing Ethereum applications to Solana. This unlocks the potential of Solana’s architecture, which boasts:

  • Speed: Solana Virtual Machine can handle thousands of transactions per second, compared to Ethereum’s current limit, which allow instant transactions for DeFi users.
  • Lower Fees: Solana’s efficient design keeps transaction fees to a minimum, making DeFi applications more affordable for everyone.

SolanaVM additions beyond speed and cost saving:

  • Effortless Migration: Developers can migrate their Ethereum applications to Solana with minimal code changes, thanks to Solana VM’s compatibility features.
  • Familiar interface: Users can continue using the tools and interfaces they’re already comfortable with, while experiencing Solana’s high-speed network.
  • A More Inclusive DeFi Ecosystem: By removing the barriers of slow speeds and high fees, SVM opens the door for wider adoption and innovation within DeFi.

Users can visit SolanaVM website and join their Telegram Community to learn more.

By leveraging the power of Solana, SolanaVM has the potential to revolutionize the way we interact with apps in a decentralized world. Further updates can be tracked in their official Twitter: https://twitter.com/solanaVM 

Users can visit SolanaVM’s website — solanavm.xyz for more information

About 

SolanaVM is a groundbreaking project founded by a team of dedicated developers passionate about the future of DeFi. Their vision is to bridge the gap between the established ecosystem of Ethereum and the power of Solana. By achieving this, SolanaVM aims to create a more efficient, accessible, and innovative landscape for DeFi.