Even as the most performant, widely used blockchain today, Solana is still far from perfect, prompting some teams to iterate upon some design choices while maintaining compatibility at the SVM execution layer. This report analyzes three emergent SVM chains (Eclipse, Atlas, and Fogo) to understand the motivations behind the technical architectures, as well as the current state and future outlook.

Wormhole Settlement allows for a highly scalable liquidity venue to fill user intents into a multichain, multi-VM future. By concentrating solvers’ balance sheets on Solana, transaction costs associated with solvers rebalancing inventory across destinations are eliminated. With the ability to settle bridging, swapping, and arbitrary interactions, without the costs and frictions of fragmenting solver liquidity, Wormhole Settlement has the opportunity to settle a large share of volumes in the crosschain interoperability market with a beneficial framework for both users and solvers. 

Monad's testnet launch has shown promise with 57 geographically distributed validators and over 20 live applications on day one. However, the ecosystem's true test will come with mainnet as it transitions from testing to real economic activity alongside the launch of the native gas token.

RateX is the frontrunner in building a Solana-native yield market. High utilization of sUSDe, solLRTs, and JLP, coupled with Kamino adding RateX-PTs as eligible collateral for Lend and Multiply, can serve as tailwinds for further growth in platform liquidity. RateX’s v2 upgrade will offer an interest rate swap market for any onchain or offchain yield-bearing instrument, directly competing with Pendle’s plans with Boros.