In March this year, the news that "Solana EVM solution Eclipse received $30 million in financing" caused dissatisfaction among Sei founder Jay, who questioned its excessive hype and the difficulty of ecological development. The Sei founder's remarks triggered further discussions from Eclipse founder Neel Somani and Fantom founder AC, making the "parallel EVM" narrative the focus of the community. With the recent launch of the hot project ZEUS, parallel narratives have once again undergone new changes. So, what is parallel EVM? What are the new changes in parallel narratives? How will blockchain parallel narratives develop in the future?
What is the Parallel EVM?
Although parallel EVM has been popular in the community before, it is hard to say that it has truly become a technology that is well known and understood by the public. So, what exactly is parallel EVM? What is the significance of the emergence of parallel EVM?
"Parallel EVM" can be regarded as a technical fusion of "parallel + EVM compatibility". It is an optimization of the existing EVM network execution layer. In essence, it is a special optimization of the performance of each component of EVM to increase the number of transactions processed per unit time (TPS) or computing tasks of the network, and solve the current EVM inefficiency caused by the sequential execution of transactions. Parallel EVM hopes to partition or group all pending transactions, and then rely on scheduling algorithms to effectively manage the synchronous processing of transactions in each zone or group. Its ultimate goal is to allow multiple independent transactions to be executed in parallel at the same time, thereby improving the transaction execution efficiency of the overall Layer 1 network.
Parallel execution in blockchain means processing unrelated transactions at the same time, such as partitioning or grouping transactions on the chain, such as DEX, NFT, GameFi, etc., so that they can execute transactions in parallel and independently. This also means that different transactions can be executed on different processing units at the same time, rather than queued up in chronological order, greatly improving efficiency. Solana's SVM, Aptos' STM, etc., which are known for their high performance, all use similar parallel execution processing logic.
The necessity of the Parallel EVM (Ethereum Virtual Machine) stems from its ability to significantly improve the performance and efficiency of blockchain networks. Traditional EVM processes transactions sequentially, which not only consumes a lot of energy but also places a heavy workload on network validators. This processing method often leads to high transaction costs and inefficiencies, and is considered a major obstacle to the widespread adoption of blockchain. The Parallel EVM revolutionizes the consensus process by allowing multiple operations to be executed simultaneously. The ability to execute in parallel greatly improves the throughput of the network, thereby enhancing the performance and scalability of the entire blockchain.
What technical innovations does ZEUS, the leader in parallel SVM, have?
Essentially, the parallel EVM is mainly to significantly improve the performance and efficiency of the blockchain network through parallel technology. From this perspective, ZEUS's technology is actually very similar to this. However, ZEUS hopes to connect Solana and Bitcoin through an open communication layer. Strictly speaking, ZEUS is different from the parallel EVM, but in essence it is a parallel narrative. In essence, it still uses SVM to improve the performance and efficiency of the Bitcoin network. So, how does ZEUS achieve parallel communication between Bitcoin and Solana through technology?
Zeus Network consists of Zeus nodes and Solana Virtual Machine (SVM). Zeus nodes include a dual-function registry service that allows peer-to-peer communication, signing, broadcasting, validator registration, and can run both on-chain and off-chain. The Zeus communication mechanism enables nodes to exchange information, synchronize status, and execute transactions with each other without going through a centralized middleman, which contributes to the decentralization and efficient operation of the network. When an individual user wants to become a Zeus validator, he needs to run a node and keep a private key for the signing function. In Zeus Network, the network verification process adopts a decentralized and permissionless group model, which means that anyone can become a validator without being restricted by a specific institution or organization. However, becoming a validator node requires staking SOL or LSD-SOL. Zeus encourages users to use LSD-SOL and can participate in PoS staking to earn income. SVM plays a key role in the functionality and performance of Zeus Network, providing peer-to-peer communication services and state-related program elements.
Zeus consensus is the core of Zeus Network. In Zeus consensus, Bitcoin and Solana transactions are first serialized and then systematically stored in the management program, which provides a centralized starting point for validators to access and verify transactions. Validators in Zeus Consensus focus on verification work without participating in on-chain transactions. To further improve efficiency, Zeus Consensus implements a threshold signature mechanism. In Bitcoin, this involves Taproot and Schnorr signatures, while in Solana, it is the Ed25519 signature algorithm. At the same time, signing is performed off-chain and the signature is passed to Solana through broadcast. Off-chain signature aggregation allows for improved transaction broadcast efficiency without sacrificing security.
What impact will parallel SVM have on the Ethereum ecosystem?
Parallel EVM was once considered by many to be an important technology to save Ethereum, and the market also has great expectations for parallel narratives. Aori co-founder 0x Taker said. "Parallelization provides a way to experiment through local fee markets to minimize state contention." JD, the former founder of Polygon, said that in 2024, every L2 will be labeled "Parallel EVM" and re-branded.
Reforge Research even published a brilliant article stating that only parallel EVM can save Ethereum. The emergence of parallel EVM is an important turning point in the evolution of blockchain technology. By enabling simultaneous execution of transactions and optimizing state access, parallel EVM opens up a new era of possibilities for decentralized applications. From the resurgence of programmable CLOBs to the emergence of more complex and performant applications, parallel EVM lays the foundation for a unified and user-friendly blockchain ecosystem. The emergence of parallel EVM has the potential to reshape the landscape of decentralized applications and user experience. By addressing the scalability and performance limitations that have long hindered the growth of key verticals such as DeFi, parallel EVM provides a future in which complex, high-throughput applications can develop without sacrificing the "triple dilemma."
MT Capital released a research report stating that the development of parallel EVM is seen as a key step in solving the fundamental limitations of blockchain scalability. These innovations are expected to prepare blockchain networks for the future, enabling them to keep up with growing demand and become the cornerstone of the next generation of Web3 infrastructure. Although parallel EVMs offer great potential, their successful implementation requires overcoming complex technical challenges and ensuring broad ecosystem adoption.
However, with the emergence of ZEUS, the parallel narrative is actually changing. From the perspective of capital inflow, crypto market funds continue to flow into the Bitcoin ecosystem. After the popularity of Ethereum's second layer, Bitcoin's second layer has formed a relay and begun to attract market attention. According to defillama data, Merlin's capital inflow has increased by 6254% in the past month. In addition, other well-known Bitcoin second-layer projects have also received a lot of market attention. ZEUS hopes to connect Solana and Bitcoin through an open communication layer, which is actually extending the parallel EVM narrative to the Bitcoin ecosystem.
Summarize
Parallel narratives were initially focused on solving Ethereum's transaction performance and efficiency issues, but with the development of the Bitcoin ecosystem, parallel narratives have also begun to expand to the Bitcoin ecosystem. Angel investors behind Zeus Network include: Anatoly Yakovebko, co-founder of SOLANA, Muneeb Ali, co-founder of Stacks, etc. In the future, ZEUS may be expected to open up a new parallel narrative for the Bitcoin ecosystem. However, in comparison, Ethereum's parallel EVM narrative may still be expected to break through first.
