> With Ignition, V8 compiles JavaScript functions to a concise bytecode, which is between 50% to 25% the size of the equivalent baseline machine code. This bytecode is then executed by a high-performance interpreter which yields execution speeds on real-world websites close to those of code generated by V8’s existing baseline compiler.
Emphasis mine.
https://v8.dev/blog/ignition-interpreter
You can also find this information on the Wikipedia article you linked to
> In 2016, the Ignition interpreter was added to V8 with the design goal of reducing the memory usage on small memory Android phones in comparison with TurboFan and Crankshaft. Ignition is a Register based machine and shares a similar (albeit not the exact same) design to the Templating Interpreter utilized by HotSpot.
> In 2017, V8 shipped a brand-new compiler pipeline, consisting of Ignition (the interpreter) and TurboFan (the optimizing compiler).