1/ Solana's rise has led to a surge of SVM chains. We analyzed three emerging players:
- Eclipse: a general-purpose L2
- Atlas: an L2 designed for verifiable finance
- Fogo: an L1 operating on a single canonical client, Firedancer
Let's dive in 🧵

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Source: Galaxy Research; Translation: Jinse Finance xz
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2/ @EclipseFND uses the SVM for execution, Ethereum for settlement, and Celestia for DA.
Eclipse has attracted ~$164M in bridged assets since launching on mainnet in Nov 2024.
Notably, a whale minted 28,500 weETHs on Nov 16, 2024, representing ~37% of Eclipse’s bridged TVL… https://x.com/i/web/status/1900552410491465829 

3/ Solana applications like @orca_so, @Lifinity_io, and @save_finance have launched on Eclipse looking for increased distribution and access to Ethereum users and liquidity.
However, it's unclear if Eclipse actually benefits from Ethereum's liquidity in practice. 

4/ We don't view the choice in VM as a significant differentiator to persuade developers and users to move to Eclipse.
Eclipse is looking to strengthen the value proposition for developers in other ways, such as fees and MEV redistribution. 

5/ @atlasxyz is an L2 built for financial applications that require reliable transaction delivery, minimal latency, and honest sequencing.
Atlas has made opinionated decisions around transaction ordering that a neutral chain like Solana can’t.
Atlas is live on public testnet. 

6/ Opinionated ordering of transactions helps minimize toxic order flow and is what makes Atlas suitable for a specific set of financial applications.
Atlas also introduces rpcX, a feature that enables custom parsing of onchain data, solving a pain point for Solana developers. 

7/ @FogoChain is an L1 running on Solana’s software that will only use the Firedancer client.
Fogo implements multi-local consensus and operates with a permissioned validator set.
Devnet is running at 57k tps and 40ms block times, with testnet expected in the coming weeks.

8/ Fogo aims to eliminate the performance bottlenecks associated with diverse client implementations in Solana.
In this regard, @anza_xyz unveiled a roadmap for Agave, the primary Solana client. They will double block space this year and plan to hit 1M TPS in the future.

9/ To learn more about the motivations behind the various design choices of new SVM chains, their outlook, and what it means for Solana, subscribe to @blockworksres and check out the latest report by @0xcarlosg.