Helius CEO SVM and MoveVM are better technologies than EVM

Helius CEO's SVM and MoveVM surpass EVM in technology

Author: Darren Kleine, Blockworks; Translation: Song Xue, LianGuai

Apple and Android. Windows and UNIX. According to Mert Mumtaz, they are examples of classic technology competition, similar in many ways to the blockchain conflict between the Solana integrated ecosystem and the Ethereum modular world.

In Mumtaz’s memory of past free market tech competitions, leaders didn’t maintain long-term overall market dominance.

“I have never seen a technology occupy 95% market share, with people betting on it to continue growing in the next five to ten years (relative to market share),” he said.

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“Even Windows didn’t maintain that dominant position for very long,” he added.

However, on the Lightspeed podcast (Spotify/Apple), he expressed that people seem to believe that the Ethereum Virtual Machine (EVM) will forever maintain its 95% dominance over competitors.

The CEO of Helius is “one hundred percent confident” that competitors to the EVM, such as Solana Virtual Machine (SVM) and MoveVM, have an “extremely low index, and the market is asymmetric.”

“In ten years, the combination of SVM and Move won’t be the 5% market share, while the 95% market share will always be the EVM,” he said. “That just never happened.”

Not time to declare victory yet

Mumtaz stated that he believes the SVM is particularly popular and undergoing extensive development, including efforts from entities such as Eclipse, Firedancer, and even Visa.

“These things will slowly creep up on you until one day you say, ‘Hang on. Actually, a lot has happened here. What happened?'”

Mumtaz claims that SVM and MoveVM are “objectively better technologies” than the EVM, and now “they are also being distributed through the modular theory of blockchain.”

Mumtaz also pointed out that markets often overlook the fact that “integrated” chains like Solana are still effective modular systems in many ways.

“They have different components, with different core teams responsible for handling them. It’s just all integrated into one message bus,” he said. “It’s still modular. They just don’t outsource certain things.”

He said that, as in software history, both integrated and modular approaches must face trade-offs. “Integrated technologies in history have demonstrated very high success rates,” he said. “So, there are still some modular stacks. That is to say, they are both effective.”

Mumtaz criticized the notion that Layer-2 has already “won” the blockchain scaling solutions. “What have they won? We have about five on-chain users,” he jokingly said.

“I’m not sure it’s time to declare victory yet. Let’s keep working.”

Mumtaz explained that a “strange irony” of Solana is that as a global state machine, it is able to support “incomposable different use cases.”

“Perhaps different communities will form out of this, which actually might eventually help you achieve modularity.” He mentioned an example of state compression, which is an innovation of Solana, stemming from concerns about the high cost of NFT minting.

He stated that state compression technology is “a core part of the infrastructure, essentially being incorporated into the RPC specification itself.” Mumtaz states, as the system becomes more integrated, innovations like state compression can be quickly added to the chain. “Less communication overhead.”

Mumtaz states that some modular supporters criticize SVM for allegedly being unable to “innovate in parallel with different parts of the stack.”

“I know that’s not the case,” he said, “Helius is an infrastructure company, and we collaborate with other teams that are doing this.”

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