Atlas: The Future of Blockchain Performance and Security
Ellipsis Labs has recently launched a private testnet for Atlas, a novel blockchain that aims to blend the blazing speed of Solana with the robust security of Ethereum. By utilizing the Solana Virtual Machine (SVM) as an execution layer and settling transactions on the Ethereum mainnet, Atlas promises to revolutionize blockchain technology, particularly for financial institutions.
Why Atlas? A Blend of Speed and Security
Atlas is engineered to cater to financial applications demanding low transaction costs, high availability, swift pre-confirmations, and frequent oracle updates. These features are essential for what the team terms as "verifiable finance." This makes Atlas particularly attractive for use cases like spot and programmable orderbooks, margin trading, orderbook-based lending, and efficient credit markets.
The Journey from Phoenix to Atlas
The development of Atlas is inspired by its predecessor, Phoenix—a decentralized exchange (DEX) on Solana known for processing over $50 billion in trading volume. Atlas is the infrastructure that the team wished they had for Phoenix, and it's likely that future iterations of Phoenix will be built on Atlas.
The Hybrid Approach
By adopting a custom implementation of the SVM, Atlas remains compatible with existing Solana applications while benefitting from Ethereum's security. This hybrid approach ensures that Atlas can leverage Ethereum's secure environment and asset base without sacrificing Solana's execution efficiency.
CEO Eugene Chen emphasizes the practicality of this design, stating, "We don’t need to build our own settlement layer because Ethereum exists and it’s doing quite a good job at that."
Innovation in Blockchain Architecture
Atlas's novel architecture decouples elements of Solana's native client and re-engineers the SVM to integrate smoothly with Ethereum, a task that includes reworking its memory system for efficient state root Merklization. This allows Atlas to keep in sync with Ethereum's mainnet while providing fast transaction speeds and enabling advanced functionalities like parallel zk-proving.
Focus on Financial Applications
Atlas’s design is intentionally tailored towards specific financial applications. The platform features an optimized oracle system essential for services like margin trading. "We’re just going to guarantee that as fast as the oracle can spit out price updates, we’re going to include them on the chain for minimal cost," explains Chen.
Testing and Future Launch
Currently, the testnet is accessible only to developers via application. A public testnet is anticipated by the end of 2024, with a complete mainnet launch set for mid-2025. The platform will undergo several audits to ensure its integrity and security before the full launch.
A Commitment to Community and Innovation
While Atlas continues to evolve, its modular architecture is designed to be adaptable, allowing for optimization across its technology stack. The focus is on maintaining a balance between performance, transparency, and security. "There’s still a lot left for us to build, but we’re not going to make any false claims," concludes Chen.
