A method for processing more than one type of network traffic in a single network device, the method comprising: partitioning buffers of the network device into: first buffer spaces for storing first frames comprising Ethernet frames received on a first virtual lane, and second buffer spaces for storing second frames comprising Fibre Channel frames received on a second virtual lane; receiving frames comprising: a field identifying the first virtual lane or the second virtual lane, the frames further indicating, respectively, an Ethernet protocol in which frames are dropped in response to congestion in a network, or a Fiber Channel protocol in which frames are not intentionally dropped in network, and a field indicating a number of credits to be allocated to a frame according to frame size storing the first frames in the first buffer spaces; storing the second frames in the second buffer spaces; assigning first frames to the first virtual lane and applying a first set of rules to the first frames based on the identification of the first virtual lane in the field; and assigning second frames to the second virtual lane and applying a second set of rules to the second frames based on the identification of the second virtual lane in the field; wherein the first set of rules causes first frames to be dropped in response to latency if an occupancy of the first virtual lane is greater than a predetermined maximum value; and wherein the second set of rules does not cause second frames to be dropped in response to latency and comprises implementing a buffer-to-buffer crediting scheme according to frame size for the second frames, the number of credits to be allocated to the second frames being indicated in the field indicating the number of credits. partitioning buffers of the network device into: first buffer spaces for storing first frames comprising Ethernet frames received on a first virtual lane, and second buffer spaces for storing second frames comprising Fibre Channel frames received on a second virtual lane; first buffer spaces for storing first frames comprising Ethernet frames received on a first virtual lane, and second buffer spaces for storing second frames comprising Fibre Channel frames received on a second virtual lane; receiving frames comprising: a field identifying the first virtual lane or the second virtual lane, the frames further indicating, respectively, an Ethernet protocol in which frames are dropped in response to congestion in a network, or a Fiber Channel protocol in which frames are not intentionally dropped in network, and a field indicating a number of credits to be allocated to a frame according to frame size a field identifying the first virtual lane or the second virtual lane, the frames further indicating, respectively, an Ethernet protocol in which frames are dropped in response to congestion in a network, or a Fiber Channel protocol in which frames are not intentionally dropped in network, and a field indicating a number of credits to be allocated to a frame according to frame size storing the first frames in the first buffer spaces; storing the second frames in the second buffer spaces; assigning first frames to the first virtual lane and applying a first set of rules to the first frames based on the identification of the first virtual lane in the field; and assigning second frames to the second virtual lane and applying a second set of rules to the second frames based on the identification of the second virtual lane in the field; wherein the first set of rules causes first frames to be dropped in response to latency if an occupancy of the first virtual lane is greater than a predetermined maximum value; and wherein the second set of rules does not cause second frames to be dropped in response to latency and comprises implementing a buffer-to-buffer crediting scheme according to frame size for the second frames, the number of credits to be allocated to the second frames being indicated in the field indicating the number of credits.