Neon EVM Now Supports Ethereum Applications On Solana Blockchain

Key Points:

• Neon Labs has launched the Neon EVM, allowing developers to write Ethereum applications on the Solana blockchain.
• Neon EVM enables the deployment of Ethereum Virtual Machine (EVM) code on Solana, bridging the gap between Ethereum and Solana’s computing models.
• This integration offers cost-effectiveness and efficiency by leveraging Solana’s high throughput capabilities, reducing transaction costs for Ethereum dApps.

Neon Labs, a blockchain developer, has introduced the Neon EVM, a computing environment that allows developers to write Ethereum applications on top of the Solana blockchain.

This innovative solution enables the deployment of Ethereum Virtual Machine (EVM) code on Solana, a feat that was previously not possible. Neon EVM aims to integrate seamlessly with Solana’s high throughput capabilities, offering developers the opportunity to leverage the native functionality of Solana and reduce operational costs.

The Neon EVM smart contract, built on Solana’s blockchain, processes wrapped Ethereum transactions, combining the robustness of Ethereum’s decentralized application (dApp) environment with Solana’s highly efficient infrastructure. Developers can now deploy Ethereum dApps directly on the Solana network, benefiting from Solana’s technical capabilities with minimal code adjustments.

Traditionally, achieving cost-effectiveness for Ethereum Virtual Machine dApps involved using rollups or sidechains. The introduction of Neon EVM on Solana presents a layer 2 alternative, enabling significant savings in transaction costs.

While Ethereum’s average transaction fee is around $2, using layer 2 solutions can bring costs down to $0.5-$0.1. In contrast, Solana boasts an average transaction fee of just 0.00001 SOL (~$0.0002) per transaction, offering remarkable savings of 10,000x. The effectiveness of Neon EVM has been validated through early Devnet tests.

Marina Guryeva, director of Neon Foundation, expressed excitement about the launch on the Solana Mainnet. The development team is currently conducting extensive tests and will present real-world data to showcase the potential of this solution.

Additionally, the launch has facilitated the establishment of the Neon Decentralized Autonomous Organization (DAO), a community that will play a pivotal role in shaping the future of the Neon EVM project.

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