Parallel EVM: A New Direction to Break Through Blockchain Performance Bottlenecks

Parallel EVM is a new narrative that emerges when on-chain transaction volume reaches a certain level. It is mainly divided into two categories: monolithic blockchains and modular blockchains, with monolithic blockchains further divided into L1 and L2. It is currently in the early stages of development, with broad market prospects.

Technical Principles of Parallel EVM

The parallel EVM mainly consists of two parts: the virtual machine and the parallel execution mechanism.

1. The virtual machine is a virtual process virtual machine for distributed state machines, used to execute contracts.

2. Parallel execution takes advantage of multi-core processors by executing multiple transactions simultaneously, ensuring that the final state is consistent with serial execution.

The parallel execution mechanism is divided into three categories:

1. Message Passing: such as Actor Model
2. Shared Memory: Includes memory lock model and optimistic parallelization
3. Strict State Access List: Based on UTXO Model

Main Project Analysis

Sei

• The first parallel EVM Blockchain
• Use optimistic parallelization mechanism
• Circulating market value is approximately 2.2 billion USD.
• There are 118 projects in the ecosystem.

Monad

• Introduce superscalar pipeline technology and improved optimistic parallelism mechanism
• Performance reaches 10000 TPS, block produced in 1 second
• Obtained over $200 million in funding from Paradigm

Canto

• Adopting optimistic parallelization of Cyclone EVM
• Provide free public infrastructure
• Circulating Market Cap $170 million

Fuel

• Modular "Ethereum rollup operating system"
• Adopt UTXO data model
• Achieve parallel execution through dependency analysis

L2 solution

• Neon: EVM emulator on the Solana Blockchain
• Eclipse: Execute using SVM, EVM settlement
• Lumio: Move VM execution, EVM settlement

Development Prospects

1. L1 forms a competitive landscape of parallel EVM and non-EVM camps.

2. L2 is developing towards blockchain virtual machine simulators or modular directions

3. Infrastructure optimization brings a better user experience

4. Projects like Monad, Canto, and Fuel are worth paying attention to.

Parallel EVM is an important direction to break through the performance bottleneck of Blockchain, and it is expected to further promote the prosperity and development of the Web3 ecosystem in the future.