In the Web3 Space, Polkadot always seems like a "genius but silent" engineer - he has a smart brain and advanced techniques, but is always too far away from users.

Polkadot has pioneered the paradigm of modular blockchains, and is the first to realize innovative functions such as cross-chain interoperability, secure sharing, and fast chain startup. It was once as popular as Ethereum. But apart from technology, it has left a threshold. Polakdot's Slot was auctioned at a sky-high price, and Hydration's TVL is currently 40 million US dollars (refer to defillama data); Kaito's post-TGE has made Polkadot a hot topic for a while, but users' "wealth perception" is still unclear.

Over time, the public began to ask: Do we still need so many chains?

PolkaVM responds to this question directly - I don't provide a value blueprint, just let the code run first. It does not talk about the "modular paradigm", does not talk about the "collaborative economy", and does not try to convince you to be Infra's X-guard. It just uses RISC-V to run the Solidity contract on Polkadot with almost no changes, an alternative "return to nature" (Gavin Wood is one of the founders of EVM).

What is PolkaVM

PolkaVM is a new execution environment created by Parity. The core is not "compatible", but the underlying chip is replaced. It is based on RISC-V, a modern register chip architecture, which replaces the old EVM stack logic. The result: faster, more resource-efficient, and closer to the hardware bottom layer.

The difference between stack and register structures

Specifically, PolkaVM has:

• Register architecture + 64-bit: closer to modern CPUs, higher execution efficiency;

• Multi-dimensional Gas model: supports multi-dimensional measurement such as execution time, memory, cross-contract, and ZK operations;

• Solidity toolchain compatible: Remix, Hardhat, and MetaMask can be used directly without learning new tools or rewriting contract logic;

• Multi-language potential: In the future, it can be connected to the LLVM tool chain and natively support development languages such as Rust and C;

• User experience optimization: Automatically hide complex logic such as existence deposits, and make interactions lighter.

PolkaVM is now available on the Westend testnet (AssetHub), developers can connect directly to test:

• RPC URL: https://westend-asset-hub-eth-rpc.polkadot.io

• Chain ID: 420420421

• Block Explorer: assethub-westend.subscan.io

From all of the above, it is easy to see that PolkaVM is not a compatibility layer, but a bottom-level rewrite: using familiar tools to build the next-generation execution environment and lay the foundation for complex business and ZK applications.

PolkaVM is real deployment and real interaction

While most “new virtual machines” are still at the white paper and test contract stage, PolkaVM has completed several key real-world deployments, proving that it is not just a theoretical concept, but verifying its actual usability as an execution environment.

Uniswap V2 successfully deployed to PolkaVM testnet

PaperMoon has moved Uniswap V2 intact onto PolkaVM, and the AMM system with complex structure and frequent interactions runs steadily. This is not a demonstration - PolkaVM's "actual contract line" has been launched. If you are interested in the deployment process, please see: https://github.com/papermoonio/uniswap-v2-polkadot

Safe multi-signature contracts run trustlessly on PolkaVM for the first time

The Mimir team came from the Polkadot Asia Hackathon and took the lead in deploying the institutional-level multi-signature system Safe on the testnet. This is the first real custody tool running on PolkaVM. Safe is widely used by DAOs and foundations, and the smooth migration shows one thing: PolkaVM is not only able to run contracts, it can also support the important on-chain fund security.

The tool chain has been initially connected, Remix, Hardhat, and MetaMask are available normally

Although PolkaVM uses the new RISC-V architecture and register-based execution model at the bottom layer, and although the bottom layer has been completely reconstructed, the development habits are "inherited in situ", allowing teams familiar with Solidity to get started with zero barriers.

Currently, developers can fully interact with the PolkaVM testnet using the following tools:

• Remix: supports online writing, compilation, and deployment of Solidity contracts on PolkaVM, suitable for quick experiments and introductory teaching;

• Hardhat: Both PaperMoon and Polkadot technology enthusiasts provide complete configuration tutorials to support local development, testing, and deployment of PolkaVM contracts;

• MetaMask + Ethers.js: Front-end developers can directly call the RPC interface of AssetHub Westend and complete DApp construction and interaction through standard Ethereum methods.

These operations do not require the installation of any dedicated plug-ins or the need to fork the toolchain. It is almost like “changing the kernel but not the habits”, indicating that PolkaVM is gradually approaching a “ready-to-use” development experience.

PolkaVM is worth the wait, but it’s not enough

PolkaVM has completed the key leap from 0 to 1: RISC-V architecture has been implemented, mainstream tools have been linked, and the first batch of practical contracts have been successfully deployed. However, to go from "being able to run" to "being at home", it is still a long way from being a real developer's daily life.

The ecosystem has not yet started and the application is still in the verification stage

The ecosystem is still in the verification stage. Uniswap V2 and Safe multi-signature are strong signals, but mainstream contract forms such as stablecoins, NFT protocols, lending markets, GameFi, etc. have not yet been implemented on PolkaVM. The current contract ecosystem is still in the early stages of "0 → 1".

Although the Polkadot community has encouraged projects to go online through hackathons and funding programs, the overall developer momentum still needs to be stimulated. Compared with Ethereum L2 or emerging EVM chains, PolkaVM currently lacks a "starting project" with network effects.

The tool chain is not yet complete, and it is difficult to form a closed loop of use

Although contracts can be written with Remix, deployed with Hardhat, and interacted with with MetaMask, the PolkaVM toolchain is far from being “out-of-the-box”.

Currently, there is a lack of officially packaged TypeScript SDK, CLI tools, and deployment templates, and developers still need to manually integrate various components. Commonly used indexing tools such as The Graph do not yet have adaptation solutions for PolkaVM, and the front-end framework and sample templates are not systematic. Although the JSON-RPC interface already supports standard EVM toolchain calls, the PaperMoon documentation is still in its infancy, and the description and encapsulation of advanced RPC methods are insufficient.

This makes "writing contracts but not running applications" a real obstacle for some developers, especially small and medium-sized projects that lack infrastructure teams. But the good news is that PolkaVM is still in the testnet stage - the current "immaturity" is an opportunity for developers to participate in construction and seize the first-mover advantage of the ecosystem.

The incentives are unclear, but this is the window period for small teams

PolkaVM is still in the testnet stage, and the mainnet is expected to be launched in Q3. The official detailed incentives have not yet been disclosed. For large projects, this means "no need to rush"; but for small teams, it is the perfect time to get on board.

A sparse ecosystem means high attention density: PaperMoon and Mimir deployed Uniswap V2 and Safe multi-signature on the test network, and immediately won official Polkadot reposts and community attention. In Ethereum, such things have long been worthless, but in PolkaVM, it is a shortcut to "being seen".

Moreover, the threshold of the PolkaVM tool chain is not high. Remix, Hardhat, and MetaMas are all connected, and even the test network can be run locally. The real threshold is not the technology, but whether you are willing to start one step earlier than others.

More realistically, Polkadot does have internal resources to support and collaborate with BD, but it has not yet been made public. If you wait until the incentives are implemented before starting, you will have missed the information dividend. The sooner you act, the easier it is to leave your own mark. PolkaVM may not be mature yet, but for small teams willing to get ahead, this may be a battle for vacant space before the next round of ecological explosion.

PolkaVM is not the end, but the first domino in the reconstruction of Polkadot's execution layer

A few days ago, Parity completed the migration of the relay chain function to the Asset Hub: the core modules such as staking, governance, and account balance have been switched, and the Existential Deposit has been reduced from 1 DOT to 0.01 DOT. With a simplified structure and lowered experience threshold, Polkadot is moving from an "engineering miracle" to "real usability".

Polkadot VM is building a new execution environment based on RISC-V, which natively supports more complex on-chain business logic. In the future, it may even take on high-intensity scenarios such as AI agents and on-chain reasoning, making up for the performance shortcomings that WASM cannot meet.

What’s even more unique is that Polkadot provides developers with a growth path of “starting from zero and upgrading across multiple platforms”: first test the product logic with smart contracts, and then seamlessly migrate to their own independent application chain after running through it. It’s like renting a Wuling to practice first, and then switching to a Maybach to speed up when the route is clear. This kind of “progressive scalability” has almost no reference system in other public chains.

PolkaVM did not tell a new story, but quietly changed the engine. The way you write code remains unchanged, but the execution model and system philosophy have been completely updated. The real Alpha never wins by narrative, but hides in the underlying evolution of "being able to run, connect, and move forward".

Disclaimer: The materials provided by PaperMoon and included in this article are for educational purposes only. They do not constitute financial or investment advice and should not be interpreted as guidance for any business decision. We recommend that readers conduct independent research and consult professionals before making any investment or business-related decisions. PaperMoon assumes no liability for any actions taken based on the contents of this article.