TL;DR
- Atlas launches its private testnet focused on verifiable finance, developed by Ellipsis Labs.
- The blockchain uses a custom version of the Solana Virtual Machine (SVM) and sits on Ethereum.
- Its mainnet is scheduled for Q2 2025.
Atlas, a layer-2 blockchain created by Ellipsis Labs, has launched its private testnet, ushering in a new era for verifiable finance.
This project aims to integrate the performance of traditional finance with the transparency and security offered by decentralized finance (DeFi).
Introducing Atlas, the blockchain for verifiable finance.
Verifiable finance combines the performance of traditional finance with the transparency of DeFi.
The Atlas private testnet is live today! Apply for access below. pic.twitter.com/nEkQRLnvQF
— Atlas (@atlasxyz) September 11, 2024
Atlas’ approach focuses on providing an infrastructure designed specifically for financial applications, avoiding the limitations that general-purpose blockchains can present.
Ellipsis Labs, known for its development of Phoenix, a spot order exchange on Solana with $50B in non-incentivized volume as of March 2023, has applied its vast experience in creating Atlas.
By using a custom version of the Solana Virtual Machine (SVM), existing Solana programs can be deployed directly on Atlas, taking advantage of its high performance, low fees, and transaction stability.
Additionally, Atlas sits on the Ethereum mainnet, allowing it to benefit from the security and censorship resistance offered by Ethereum, as well as access to its assets.
The team behind Atlas has made crucial technical decisions to make this blockchain a suitable platform for financial applications.
These include a transaction scheduler and an optimized fee mechanism to ensure fast transaction inclusion.
It also features a block explorer designed specifically for this type of application.
Significant technological advancements have been made, such as a modular software architecture, native bridges, and data availability schemes, which will be detailed in future publications by the Ellipsis Labs team.
The future of Atlas is to enable an environment where financial applications can operate with the speed and reliability demanded by the traditional financial world, but with the transparency that characterizes DeFi.
Atlas’ future in verifiable finance
This new blockchain aims to fill the gap in specialized financial platforms, where reliable transaction delivery and accurate oracle updates are essential.
One of the most innovative aspects is the implementation of its own version of the Solana Virtual Machine, which includes adjustments for greater efficiency in verifying and storing the state of transactions.
This optimization allows Atlas to compete directly with traditional finance in terms of performance, without sacrificing security.
Furthermore, the decision to base the blockchain on Ethereum ensures that applications using Atlas can take advantage of the largest and most robust security network in the crypto ecosystem.
With its private testnet now up and running, Ellipsis Labs will be opening up access to more developers in the coming weeks, who will be able to test the system and pave the way for a public testnet, scheduled to launch before the end of 2024.
The mainnet launch is planned for Q2 2025, by which time Atlas hopes to have a vibrant ecosystem of financial applications that demonstrate the true power of verifiable finance.
This advancement presents a great opportunity for developers and users interested in a more transparent, efficient and secure financial future.
Atlas could become the key infrastructure for DeFi applications looking to match, or even surpass, the performance of traditional financial platforms.
