Ellipsis Labs has launched the non-public testnet for Atlas, a blockchain that goals to mix the excessive efficiency that monetary establishments require with the transparency and safety that DeFi affords.
Atlas is optimized for monetary functions that require low transaction charges, excessive availability, quick pre-confirmations, and frequent oracle updates, necessities for what the workforce calls “verifiable finance.”
The platform is anticipated to draw use circumstances equivalent to spot and programmable order books, margin buying and selling, order book-based lending and environment friendly credit score markets, constructing on the workforce’s expertise as builders of the Phoenix DEX on Solana.
Phoenix, an order book-based spot alternate on Solana, has dealt with over $50 billion in non-incentivized buying and selling quantity – which means no factors, no token.
The brand new chain takes the Solana Digital Machine as its execution layer, however settles on the Ethereum mainnet. This design alternative is the results of the workforce’s deep expertise as builders of DeFi functions, stated Eugene Chen, CEO of Ellipsis Labs.
“Atlas is the infrastructure that we wish to construct Phoenix on prime of, and the place future variations of Phoenix will possible stay,” Chen advised Blockworks.
Learn extra: Solana DEX goals to maneuver value discovery onchain
Utilizing a customized implementation of the Solana Digital Machine (SVM), Atlas is suitable with present Solana applications whereas making do with Ethereum. This hybrid strategy permits Atlas to reap the benefits of Ethereum’s safety and enormous asset base, whereas sustaining Solana’s execution effectivity.
“We do not actually care about these purity assessments of Solana versus Ethereum, we principally wish to use the most effective software for the job,” Chen stated. “We need not construct our personal settlement layer
as a result of Ethereum exists and it’s doing fairly effectively.”
This strategy mirrors the efforts of Eclipse, one other venture working to combine the SVM into the Ethereum ecosystem by constructing a bundle.
Whereas Eclipse and Atlas share the identical objective of creating Solana-based functions suitable with Ethereum, Atlas has “began from scratch by modularizing or decoupling elements of the native Solana consumer,” Chen stated, including that attracting present Solana -dapps isn’t the objective.
“We’re not that all for having tons of copy/paste functions from Solana, similar to I do not suppose it makes a lot sense for Ethereum layer-2s to have loads of copy/paste functions from Ethereum. he stated.
A key innovation was redesigning the SVM to work effectively with Ethereum, the place Atlas will put up state variations, Chen defined.
“We redesigned the SVM’s reminiscence system to make sure environment friendly state root Merklization,” he stated, noting that this permits Atlas to keep up consistency with Ethereum’s mainnet whereas offering excessive transaction speeds and opening the door to superior use circumstances equivalent to parallel zk -proofs.
Ellipsis Labs hopes its work on the SVM – primarily based on Agave, Anza’s validator consumer, previously often known as Solana Labs’ validator consumer – can even profit the Solana group.
“We perceive [Solana’s] shortcomings particularly across the developer expertise [and] these are some areas the place we actually wish to contribute again upstream to the Solana world,” Chen stated.
Atlas’ modular structure will “nearly actually” use an exterior knowledge availability layer – but to be decided – technically making layer 2 a validium.
Whereas Chen hates the “modular versus monolithic” narrative debate, the modular structure was a deliberate try to make sure the liberty to optimize all elements of the tech stack.
“Moderately than making an attempt to essentially be as impartial as doable, we are literally very cussed within the design to be nearly as good as doable for particular forms of monetary functions,” he stated.
Along with efficiency enhancements, Chen factors to the oracle system as a key differentiator. Oracles are important for margin buying and selling and different monetary companies that depend on present market knowledge.
“It is a quite simple concept; “We’re simply going to ensure that as shortly because the oracle can launch value updates, we’ll convey them into the chain on the minimal price,” he stated.
The present testnet is barely obtainable to builders on a per-application foundation, in line with a weblog put up saying the venture. Wanting forward, Atlas is on monitor to launch a public testnet by the top of 2024, with a full mainnet launch anticipated in mid-2025. The platform can even must bear a number of audits earlier than the mainnet is launched.
The workforce is targeted on progressively scaling whereas sustaining its core commitments to efficiency, transparency and safety, Chen stated.
“There’s nonetheless lots to construct, however we’re not going to make false claims,” he added.