26 December 2024
SVM Expansion: A 2024 Recap
A brief recap of 2024, the year of SVM Expansion.
Recap
Back in September, we explored the key players involved in the emerging SVM L2 landscape. Separating the SVM from the core Solana environment has given way to a new generation of chains built around leveraging the SVM for its performance. A number of teams are now building SVM L2s, SVM app-chains, and network extensions, but the underlying theme is the same: we’re still early.
With that in mind, one team in particular has been leading the charge: Eclipse.
Eclipse Everything…
As the first live SVM L2 today, Eclipse looks to bring Ethereum’s deep liquidity and Solana’s performant execution together, combining the best of both worlds. Since launching their mainnet in November, Eclipse has grown a vibrant ecosystem of applications and users around one clear north star: Solana on Ethereum.
Since November 7, Eclipse has seen impressive traction across a number of metrics:
- $145.1m in TVL
- $288.8m Total Bridged Volume
- 144m total transactions
- 212.7k unique users
- Peak production TPS of 4,327.
*Data is from Eclipse Scan, the State of Eclipse dashboard on Flipside, and Defi Llama, as of December 26th.
The Eclipse ecosystem is also growing steadily, with 66 protocols today across DeFi apps, infrastructure platforms, and consumer apps, such as Scope to get the latest NFTs, Orca to swap assets or Fight Horse to launch new memecoins.
…with Hyperlane
From powering the first token bridge to Eclipse, to supporting the first unified restaking token (tETH) as a Warp Token, Hyperlane has helped play a critical role in helping grow the Eclipse ecosystem from day one.
Today, using the Nexus bridge, anyone can bridge to and from Eclipse from a number of different routes in a matter of seconds:
How Is the Hyperlane Integration Special?
- Warp Routes enable fast bridging of Solana’s native gas token SOL to and from Eclipse.
- Hyperlane’s multi-collateral Warp Routes allow to bridge USDC in and out either Ethereum or Solana. This means a user can bridge USDC into Eclipse via Ethereum, and withdraw to Solana instead.
- Hyperlane supports emerging asset types on Eclipse, such as memecoins and liquid staking and restaking tokens. Eclipse wrapped WIF on Solana as a Warp Token and minted a Warp Synthetic on Eclipse, allowing users to bridge WIF between Solana and Eclipse in seconds.
Since launch, bridging activity on Eclipse through Hyperlane has seen strong growth:
- $119.5m TVL
- $253.3m Bridged Volume
- 203k Unique Bridging Transactions
*Data is from State of Eclipse dashboard and @hbd1994’s dashboard, as of December 26th.
tETH: The First Unified Restaking Token (URT)
In addition to supporting bridging to the Eclipse ecosystem, Hyperlane also supports Eclipse’s vision of growing into an LRT hub.
In partnership with Nucleus, Eclipse launched tETH: the first unified restaking token, which combines the largest yield-generating protocols on Ethereum into one easy-to-use default yield token.
When users deposit an eligible LRT, tETH is minted on Ethereum mainnet and bridged to Eclipse using Hyperlane. And as a Warp Token, a natively interchain token on Hyperlane, tETH can be expanded to different ecosystems.
As of today, 3.6k tETH has been minted across 23k holders.
As Eclipse and its ecosystem continue to grow, Hyperlane continues to support their journey as the first SVM L2. Hyperlane’s permissionless nature allows Eclipse and its developer ecosystem to be a first mover for DeFi, whether its onboarding new assets, or even originating Eclipse-native assets that can be instantly distributed across the 100+ chains supported by Hyperlane today.
SVM Expansion, Accelerated by Hyperlane
Speed and performance are more important than ever for attracting users. With the rise of modular blockchains, developers can now choose to mix and match components from various chains to build more efficient and powerful networks. And now that the SVM can be adapted outside of Solana, teams are exploring ways to take advantage of this performance for their chain, whether its building an SVM L2, an SVM app-chain, an SVM sovereign rollup, and beyond.
Hyperlane is the interoperability protocol for SVM L2s. It offers unparalleled coverage and support for teams building in this emerging space:
- Permissionless: Hyperlane can be deployed on any SVM L2, without any permissions required. And once deployed, developers can create any token bridge between their chain and any Hyperlane-supported chain.
- Token Standard Support: Warp Tokens offer support for both standard SPL and Token2022 assets, allowing developers to configure additional logic and functionality for their assets if they wish to do so.
- Future-proof Security: SVM L2s are never locked in to a specific security model for their bridge. Teams can customize their security models to their specific needs, and can easily swap out their security models for new ones as needed.
The SVM ecosystem is expanding rapidly, with teams building unique solutions tailored to different use cases and other players are emerging. SOON is launching a high-performance L2 and a rollup stack for building high-performance L2s powered by the SVM. Mirror World is launching Sonic, a permissionless SVM rollup bringing high performance gaming to Solana. Meanwhile, Carv is building a modular identity and data layer that enables data portability across decentralized applications.
2025 is shaping up to be a big year for the SVM expansion.
Accelerated by Hyperlane.
Building on the SVM?
More about Hyperlane
Hyperlane is the open interoperability framework. It empowers developers to connect anywhere onchain and build applications that can easily and securely communicate between multiple blockchains. Importantly, Hyperlane is fully open-source and always permissionless to build with.
