Velas, a self-optimization blockchain platform, has announced an integration with decentralized network Solana to improve its speed.
According to a recent press release, Velas explained that it had inked a deal to use Solana’s codebase to optimize its transaction speed and incorporate several innovative features. Velas would incorporate Solana’s decentralized infrastructure, allowing it to become one of the “fastest blockchain frameworks in the entire crypto industry.”
The blockchain platform added that the integration would also allow it to incorporate the Ethereum Virtual Machine. This automatically enables Velas to support Ethereum decentralized applications (dApps). With improvements in the blockchain network’s underlying infrastructure and the growth of its speed, the blockchain company believes that developers will find much more use for the network. The press release added:
“These developments help solidify Velas as an industry-leading project with a truly forward-facing vision. By expanding our progress to fork Solana, add support for Ethereum Virtual Machines, and move into an open-source framework, Velas is the number one place to turn to for a wider range of crypto services than ever before.”
An acronym for “Virtual Expanding Learning Autonomous System,” Velas launched in September 2019, dubbing its blockchain as a self-learning platform that could provide more functionality than available options.
At the time, the blockchain’s developers explained that they had incorporated smart contract functionality and reliable scalability to the platform. However, Velas’ distinction came from its inclusion of artificial intelligence.
The new development comes at a period of rapid change in the blockchain space. Thanks to the growth in decentralized finance (DeFi) and the increased crypto interest from institutional investors, blockchains are now tasked with optimizing their operations exponentially.
Although still the most popular choice by a mile, Ethereum is not without its faults. Scalability issues remain, and rising gas fees are still an issue. Last week, gas fees rose to an all-time high of $17.43 per transaction, per YCharts data. The figure was a significant jump from the previous all-time high – $12.54.
Many believe that these problems could be addressed by Ethereum 2.0 – the network’s long-awaited transition into the Proof-of-Stake (PoS) consensus algorithm. However, while the upgrade has begun, it could take a while for full delivery.
Which explains why developers are searching for other viable candidates to support their work. Solana has seen a significant jump in adoption due to the increase in demand. Solana is a censorship-resistant blockchain with an open infrastructure making that optimizes for scalability.
Velas’ partnership with Solana is not surprising. The project has been making waves for months now. Sam Bankman-Fried, the FTX exchange CEO, launched his DeFi project – Serum – on the Solana blockchain.
In a podcast episode, Bankman-Fried explained that he had tested several blockchains, but Solana was the only one that could handle the speed and scalability his project required.