Lightspeed Newsletter Exclusive: As Solana continues its ascent as the leader in blockchain performance, developers are increasingly exploring the use of its underlying Solana Virtual Machine (SVM) technology to launch new independent chains.

Roughly two dozen Solana-based systems, encompassing layer-1 blockchains, layer-2 solutions, and application-specific chains, have emerged in this wave of innovation. This analysis focuses on the handful of layer-1 projects attempting to eclipse Solana’s benchmarks:

Solana Layer-1 Challengers: A Snapshot

Fogo

Fogo, an upcoming layer-1 network, aims to maximize the performance limits of the Solana Virtual Machine by employing a restricted validator network using the open-source Firedancer client and multi-local consensus mechanisms.

Funding this performance-focused approach, Fogo secured $8 million at a $100 million valuation via crowdfunding.

Pythnet

Launched in August 2022, Pythnet represents the Pyth Network – creators of the popular Solana-based oracle – running an SVM-powered application chain.

This specialized data blockchain leverages Pyth’s decentralized network of price-providing operators as validators, offering a robust solution for streaming price information that has operated successfully for nearly three years.

Solayer

Initially founded as a Solana restaking protocol (Solayer Finance), the project pivoted to launching its own SVM-based layer-1 blockchain (Solayer L1) following increased competition and reduced interest in restaking.

Funding has been secured for operations, although performance claims (one million transactions per second) remain subjects of discussion within the Solana developer community.

Jupiter JupNet

Jupiter, a leading Solana DeFi exchange, announced JupNet in January 2024 as an “omnichain network” integrating Solana transactions and data from other blockchains.

Built on Jupiter’s unique Jupiter SVM, JupNet represents a significant expansion of Jupiter’s business model, acquired via recent acquisitions, into an ambitious ecosystem project.

Cube

Cube Exchange, founded by Bartosz Lipinski (formerly a Sui Labs executive), is developing an SVM-powered layer-1 blockchain. Cube aims to integrate decentralized blockchain capabilities with traditional exchange infrastructure.

Thru

Coining itself an “efficiency-first transaction firewall platform,” Thru benefits from the technical expertise of co-founder Liam Heeger, a former core engineer on Solana’s performance-critical validator software (Firedancer). While Thru is built on its own proprietary ThruVM rather than a direct SVM fork, its Solana development pedigree secures its place on this list of performance-focused forks.

The proliferation of Solana-derived chains signals a significant interest in replicating and potentially enhancing Solana’s performance characteristics.