The compiler for ForthLanguage.
In the 1970s and 80s, most Forths were implemented as a ThreadedInterpretiveLanguage, which is the fastest method of interpretation. In the 1990s, machine code generating Forth's, using various degrees of optimization, became popular.
Swift Forth (http://www.forth.com/Content/Products/SwForth/SwForth.htm) uses pattern-based peephole optimization. The sequence X Y Z is replaced with code that implements XYZ in a single step, so the pushing and popping between X and Y and Y and Z isn't needed.