Non-EVM Blockchains Rise in DeFi, Solana Holds 48% of TVL

• Non-EVM blockchain protocols are becoming more popular in the blockchain space.
• Solana is the dominant non-EVM blockchain currently existing.
• Developers opt for non-EVM blockchains to avoid the high cost associated with the EVM.

There has been a noticeable rise in blockchain applications that do not follow the Ethereum Virtual Machine (EVM) standard. These decentralized applications (DApps) leverage the unique features of non-EVM blockchains to achieve their goals.

Data from DeFiLlama, a dashboard that tracks decentralized finance (DeFi) solutions, reveals that Solana holds over 48% of the total value locked (TVL) in non-EVM blockchains. Other blockchain protocols like Sui, Aptos, Cardano, and Near Protocol, which don’t rely on Ethereum’s EVM, are also seeing strong growth in the number of DApps built on their platforms.

What are Non-EVM Blockchains?

For context, non-EVM blockchains are decentralized solutions that operate independently of the technical standards set by the EVM. These blockchains are not built on Ethereum and run on alternative platforms that many see as competitors to Ethereum.

Many blockchain analysts believe that DApp developers choose non-EVM blockchains to escape the high costs associated with the EVM, especially during network congestion when users on Ethereum face high fees or long wait times for transaction confirmations.

Read also : Optimism, Arbitrum Lead as Only Full-EVM Rollups to Reach Stage 1

Many blockchain users believe that non-EVM blockchains like Solana focus on optimizing performance. They prioritize scalability, speed, and lower fees by using specific virtual machine functionalities and programming languages that align with these goals.

While non-EVM protocols are gaining ground on their EVM counterparts, EVM remains the leading platform, possibly due to its first-mover advantage and the need for protocols to interact seamlessly with other blockchain solutions. The EVM is essentially a software that acts as the runtime environment for smart contracts on the Ethereum blockchain.

EVM’s Strengths and the Rise of Non-EVM Alternatives

Analysts suggest that the EVM has maintained its dominance because it benefits from a large pool of developers skilled in building DApps on Ethereum. It also allows for easy movement and interaction of applications and assets within the vast Ethereum network, while relying on Ethereum’s well-established and reliable infrastructure.

However, the growth of non-EVM blockchain protocols is undeniable and offers valuable alternatives for DApp developers. This growth challenges the dominance of EVM, making the blockchain space more competitive, which many analysts believe will benefit the entire industry.