All VM JITs compile to statically-typed machine code, so it's doubtful that building a VM from the ground up for dynamic code is going to yield major performance improvements. There are some enhancements that give VM-level visibility into dynamic invokation (like INVOKEDYNAMIC in JVM 7), but this has a relatively small performance impact on real-world codebases. In addition, the modern JVM is a sophisticated, highly-tuned machine with millions of man-hours on the books. It's unlikely to be eclipsed any time soon.