Neon Labs implements Cross Chain Ethereum Virtual Machine on Solana
Blockchain developer Neon Labs has created a compatible bridge between Ethereum and Solana, opening the door to more cross-chain development opportunities for Ethereum developers.
Neon’s Ethereum Virtual Machine (EVM) was deployed on Solana via a test network, the company announced on Tuesday. EVN grants every decentralized application on Ethereum access to the high throughput capabilities of Solana and the lower gas fees. In essence, the Neon EVM allows anyone to execute Ethereum contracts directly on the Solana blockchain.
Even during the testnet phase, Neons EVM will support decentralized applications such as Uniswap, SushiSwap, MakerDAO and 0x. The mainnet is expected to start this quarter.
“Ethereum is a thriving blockchain ecosystem that has a lot to offer dApp developers and users in terms of tools and infrastructure. At the same time, Solana appeals to many people due to its technical properties and is considered an emerging market, ”says Marina Gureyeva, Director at Neon Labs. “Thanks to Neon EVM, it will be easy for dApp developers to enter the Solana market and provide users with a great experience without any difference in the user interface or the tools used.”
Solana CEO Anatoly Yakovenko said the latter’s Ethereum compatibility will make it “significantly easier for EVN projects to benefit from low fees, ultra-fast speeds and demonstrable scalability” in the future of Solana.
Many developers and companies start on the Solana blockchain. As Cointelegraph reported, Switzerland-based Digital Assets AG recently launched tokenized stock offerings on Solana, giving traders access to the company’s tokenized stocks, top blue-chip stocks like Facebook, Alphabet, Netflix and Tesla.
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Yakovenko believes Solana has the potential to reach 1 billion users in the years to come as blockchain innovation penetrates the application layer. Meanwhile, the protocol has attracted high quality venture capital investors from around the world, with the project supported by Andreessen Horowitz, CoinShares, CMS Holdings, and Alameda Research, among others.