In-depth Exploration of Parallel EVM and Its Ecosystem

EVM and Solidity

Smart contract development is a fundamental skill for blockchain engineers. Developers typically write contract logic using high-level languages such as Solidity. However, the EVM cannot directly interpret Solidity code, and it needs to be compiled into a low-level language (opcode/bytecode) that is executable by the virtual machine. Although there are tools that can automate this conversion process, understanding the underlying mechanisms is still very valuable.

The conversion process will introduce some additional overhead. Engineers with low-level programming experience can directly use opcodes in Solidity to write program logic for maximum efficiency and reduced gas consumption. For example, certain well-known protocols widely use inline assembly to minimize users' gas expenses.

The Variability of EVM Performance

EVM, as the "execution layer", is the final place where the compiled smart contract opcodes are executed. The bytecode defined by EVM has become the industry standard. Whether for Ethereum Layer 2 networks or other standalone blockchains, compatibility with the EVM standard enables developers to efficiently deploy smart contracts across multiple networks.

Although following the EVM bytecode standard makes the virtual machine EVM, the specific implementation methods can vary greatly. For example, some Ethereum clients have implemented the EVM standard in Go, while other teams maintain a C++ implementation. This diversity allows for different engineering optimizations and custom implementations.

Parallel EVM Technology

Historically, the blockchain community has primarily focused on innovations in consensus algorithms, with some notable projects being known for their consensus mechanisms rather than the execution layer. Although these projects also have innovations in the execution layer, their performance is often mistakenly attributed solely to the consensus algorithm.

In fact, high-performance blockchains require innovative consensus algorithms and optimized execution layers. EVM blockchains that only improve their consensus algorithms often need more powerful node configurations to enhance performance. For example, certain blockchains processing blocks at high TPS require hardware configurations that are several times stronger than traditional full nodes. Although some networks theoretically support very high TPS, their actual performance often falls short of expectations.

The Need for Parallel Processing

In most blockchain systems, transactions are executed in order, similar to a single-core CPU. While this approach is simple, it is difficult to scale to an internet-level user base. Switching to a multi-core CPU parallel virtual machine can handle multiple transactions simultaneously, significantly increasing throughput.

Parallel execution brings engineering challenges, such as handling concurrent transactions writing to the same smart contract. New mechanisms need to be designed to resolve these conflicts. Parallel execution of unrelated smart contracts can increase throughput proportionally to the number of parallel processing threads.

Innovation of Parallel EVM

Parallel EVM represents a series of innovative optimizations for the execution layer of blockchain systems. Taking certain projects as examples, its key innovations include:

• Parallel Transaction Execution: Uses an optimistic parallel execution algorithm that allows multiple transactions to be processed simultaneously.
• Delayed execution: In the consensus mechanism, nodes first reach consensus on transaction ordering before executing the transactions.
• Custom State Database: Optimizes state storage and access by directly storing the Merkle tree on SSD.
• High-performance consensus mechanism: Improve existing consensus mechanisms to support efficient synchronization among hundreds of globally distributed nodes.

Technical Challenges of Parallel EVM

Parallel execution introduces potential state conflicts, which require conflict checks either before or after execution. For example, conflicts may occur when multiple parallel transactions interact with the same smart contract. This necessitates careful conflict detection and resolution mechanisms to ensure efficient parallel processing.

In addition to achieving the technical differences of a parallel EVM, each team often needs to redesign and enhance the read/write performance of the state database and develop compatible consensus algorithms.

Challenges and Considerations

Parallel EVM faces two main challenges: the long-term engineering value capture of Ethereum and node centralization. Although the current development phase may not be fully open-source yet, these details will ultimately be disclosed when the testnet and mainnet launch. Rapid ecosystem development will be key to maintaining a competitive edge.

Node centralization is a common challenge for all high-performance blockchains, requiring a balance between decentralization, security, and performance. Metrics such as "TPS per hardware requirement" can help compare the efficiency of different blockchains under specific hardware conditions.

The Landscape of Parallel EVM

The parallel EVM architecture includes multiple Layer 1 blockchains and Layer 2 solutions. Some projects support existing networks with parallel EVM through technical upgrades, while others adopt parallel execution technology from the very beginning. There are also some Layer 2 networks that use non-EVM parallel execution technologies, abstracting the EVM as a pluggable execution module.

Project Overview

Leading Parallel EVM Project

The project aims to solve the scalability issues of traditional EVM through optimizing EVM parallel execution and pipelined architecture, with a target of achieving 10,000 TPS. Recently completed large-scale financing, becoming the most funded and highest valued parallel EVM project. The founding team includes senior members from well-known trading institutions. The internal testnet has been launched and is expected to be opened to the public soon.

Launching a trading-focused project on a parallel EVM network

Initially focused on trading, the Layer 1 network has now upgraded to a high-performance parallel EVM, increasing TPS to 12,500. The testnet is live, supporting one-click migration for EVM applications. The mainnet is expected to launch in the first half of this year. The project has also introduced an open-source framework that supports the adoption of Layer 2 and Rollup networks using parallel processing technology.

Dual Virtual Machine Enhanced Execution Layer Project

By building EVM++(EVM + WASM), the project aims to enhance the performance of EVM blockchains and the efficiency of network execution. The core team comes from well-known blockchain projects. The public testnet is live, and the ecosystem incentive program is underway.

Cosmos ecosystem project introducing parallel EVM technology

An EVM-compatible Layer 1 network built on the Cosmos SDK, designed specifically for DeFi applications. Recently announced a development plan to introduce parallel execution EVM technology aimed at enhancing network performance.

Solana EVM compatibility solution

The parallel EVM built on the Solana network is the first Solana EVM compatibility solution. It supports Solidity and Vyper EVM developers to deploy DApps to Solana with one click, enjoying high throughput and low gas fees. EVM-like transactions are encapsulated as Solana transactions, with a TPS exceeding 2,000.

Introducing SVM to Ethereum projects

A Rollup Layer 2 modular solution supported by the Solana Virtual Machine (SVM). It settles transaction data on Ethereum, using ETH as gas, but the execution layer runs in the SVM environment. Recently completed large-scale financing, and the mainnet will soon be open to developers.

Modular VM Layer 2 Project

The modular VM Layer 2 network built on the OP Stack is part of the Optimism superchain. It aims to bring high-performance virtual machines to existing major Ethereum and Bitcoin Layer 2 networks. It supports using Ethereum or Bitcoin as the settlement layer, while the execution layer can utilize various high-performance virtual machines for parallel execution.

Conclusion

With the development of blockchain technology, attention to the execution layer is equally important as consensus algorithms to achieve high performance. Innovations such as parallel EVM provide promising solutions to improve throughput and efficiency, making blockchain more scalable and capable of supporting a wide user base. The development and implementation of these technologies will shape the future of the blockchain ecosystem, driving further advancements and applications in the field.