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The most recent exploration of this, that I'm aware of is HVM (another intermediate language / runtime), although this one is not actually based on the lambda calculus, but on the interaction calculus.
Depending on what you mean by practical it already is! https://github.com/HigherOrderCO/Kind HVM was developed to be an efficient backend for the Kind language from the same folks
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Related posts
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- How to Keep Lambda Calculus Simple