SolanaVM, The First EVM Compatible L2 for Solana, Raising Over $400,000 in Presale, as SEC Approves First Ethereum ETF

London, UK, May 24th, 2024, Chainwire

In a major development for the cryptocurrency industry, the SEC approved the first-ever Ethereum ETF today. This decision is seen by many as a potential turning point, ushering in a new bull cycle for crypto. With Ethereum paving the way for regulatory acceptance, all eyes are now on other leading projects like Solana.

SolanaVM created L2’s innovative solution that allows Ethereum dApps to leverage Solana’s lightning-fast speed and minimal fees. This can play a huge role in the coming bull run, as it might significantly boost the whole Solana ecosystem and the activity of developers in Web3.

SolanaVM recently commenced the presale of its native token, $SVM, raising over $400,000 within the first day. The presale is structured in multiple rounds with progressively increasing prices. The token launch is scheduled for Q3, with 15% of the total token supply allocated for the presale.

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. The total Value Locked on EVM is currently over 68,000,000,000, and the SVM L2 building the possibility for them to get to 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 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.
Significantly Lower Fees: Solana’s efficient design keeps transaction fees to a minimum, making DeFi applications more affordable for everyone.

SolanaVM isn’t just about speed and cost savings. It’s a win-win situation for both 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 using the tools and interfaces they’re 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 for wider adoption and innovation within DeFi.

USers can visit SolanaVM’s website and join their Telegram Community to learn more and become part of this revolutionary movement.

SolanaVM is more than just a bridge – it’s a leap forward in DeFi technology. By leveraging the power of Solana, it has the potential to revolutionize interactions with decentralized applications. Further updates can be tracked on SolanaVM official Twitter: https://twitter.com/solanaVM

To join the DeFi revolution, SolanaVM’s team invites users to visit SolanaVM’s website at solanavm.xyz to become part of the future.

About SolanaVM

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, Solana VM aims to create a more efficient, accessible, and innovative landscape for DeFi.