DeFi
SolanaVM, the first EVM-enabled L2 for Solana, raised over $400,000 in presale, as SEC approves first Ethereum ETF
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London, UK, May 24, 2024, Chainwire – In a major development for the cryptocurrency industry, the SEC today approved the first-ever Ethereum ETF. The move is seen by many as a potential turning point, paving the way for a new bull cycle for crypto. As Ethereum leads the way into regulatory acceptance, all eyes are now on other high-profile projects like Solana.
SolanaVM created the innovative L2 solution that allows Ethereum dApps to take advantage of Solana’s blazing speed and low fees. This can play a huge role in the next bull run, as it could significantly boost the entire Solana ecosystem and Web3 developer activity.
SolanaVM recently started pre-sale of its native token, $SVM, raising over $400,000 on day one. THE presale is structured in several rounds with gradually increasing prices. The token launch is planned for the third quarter, with 15% of the total token supply allocated for presale.
Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund in the CNBC episode, said: “You have to think of Solana as probably next. Bitcoin, Ethereum and Solana are probably the big three in this cycle.
Solana virtual machine is specifically focused on bridging the gap between Ethereum, the current leader in DeFi, and Solana, a high-throughput blockchain network. The total value locked on EVM is currently over 68,000,000,000, and the SVM L2 gives them the opportunity to access the Solana ecosystem.
SolanaVM acts as a bridge, allowing developers to seamlessly move their existing Ethereum applications to Solana. This unlocks the immense potential of Solana’s architecture, which features:
- Speed: The Solana virtual machine can handle thousands of transactions per second, compared to Ethereum’s current limit, which allows instant transactions for DeFi users.
- Significantly reduced fees: Solana’s efficient design keeps transaction fees to a minimum, making DeFi applications more affordable for everyone.
SolanaVM is not just about speed and cost savings. It’s a win-win situation for developers and users:
- 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 to use the tools and interfaces they are already comfortable with, while enjoying the benefits of Solana’s high-speed network.
- A more inclusive DeFi ecosystem: By removing the barriers of slow speeds and high fees, SVM opens the door to broader adoption and innovation within DeFi.
Users can visit SolanaVM website and join them Telegram Community to learn more and be part of this revolutionary movement.
SolanaVM is more than just a bridge: it is a step forward in DeFi technology. By leveraging the power of Solana, it has the potential to revolutionize interactions with decentralized applications. Further updates can be followed on the official SolanaVM Twitter: https://twitter.com/solanaVM
To join the DeFi revolution, the SolanaVM team invites users to visit the SolanaVM website at solanavm.xyz to be part of the future.
About SolanaVM
SolanaVM is a revolutionary project founded by a team of dedicated developers who are 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, Solana VM aims to create a more efficient, accessible and innovative landscape for DeFi.
Contact
Marc Walsh
[email protected]