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WebAssemly is an emerging runtime for Web applications and has been supportedin almost all browsers. Recently, WebAssembly is further regarded to be a thenext-generation environment for blockchain applications, and has been adoptedby Ethereum, namely eWASM, to replace the state-of-the-art EVM. However,whether and how well current eWASM outperforms EVM on blockchain clients isstill unknown. This paper conducts the first measurement study, to measure theperformance on WASM VM and EVM for executing smart contracts on blockchain. Toour surprise, the current WASM VM does not perform in expected performance. Theoverhead introduced by WASM is really non-trivial. Our results highlight thechallenges when deploying WASM in practice, and provide insightful implicationsfor improvement space.

VM Matters: A Comparison of WASM VMs and EVMs in the Performance of Blockchain Smart Contracts