Solana’s DeFi ecosystem has exploded over the past year, with the ease of trading meme coins attracting more participants to this Layer 1 chain. The latest stats on DeFi Llama show a total value locked (TVL) of $4.7 billion, almost 3x since the beginning of 2024.
Behind this success is the Solana Virtual Machine (SVM), the blockchain’s execution software which performs similar functions to Ethereum’s Virtual Machine (EVM) – smart contract execution and transaction processing. However, unlike the EVM, Solana’s runtime environment is more efficient; it can handle up to 4000 transactions per second (tps) while EVM touts an average of 30 tps. 
In the next sections of this article, we will explain how the SVM works, what makes it superior, and the innovations being built on top of it to extend its value proposition beyond Solana’s DeFi ecosystem to the broader Web3 space. 
The SVM Explained  
A virtual machine in the context of smart contract networks is simply the software

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