Neon Labs Launches Ethereum Virtual Machine on Solana: Report

Neon Labs, which is rolling out Ethereum’s virtual machine on Solana, will provide Dapp developers with a range of tools to run low gas cost, high speed applications on the Solana blockchain, as we did more in the Ethereum news, ours latest, can see.

Neon Labs is a company that develops secure blockchain solutions and announced today that it will implement a cross-chain EVM solution on the test network. The Neon EVM will give every Dapp in the ETH ecosystem access to high throughput and even faster block times on Solana as well as lower gas prices without code changes. The Ethereum virtual machine creates a compatibility layer for ETH on the Solana blockchain and allows anyone to execute ETH contracts on Solana to make it work by introducing incentives for neon EVM miners into the blockchain, trading terms on behalf of by ETH-dapp users.

Miners receive Ethereum-like transactions from Dapps using the Neon EVM and then bundle them into Solana transactions that are sent for execution on the blockchain. Marina Guryeva from Neon Labs says:

“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, due to its technical properties, Solana is attractive to many and is considered an emerging market. Thanks to Neon EVM, it will be easy for dApp developers to enter the Solana market and give users a great experience with no difference in the user interface or tools used. “

When Neon Lans launches Ethereum EVM, it will run on the Solana testnet, at that time well-known tools for Ethereum users are Remix, Truffle and Metamask as well as others that work on Solana. After launching on Testnet, Neon EVM will allow any Dapp, including SushiSwap, Uniswap, MakerDAO and 0x, to be used on Solana. Neon EVM will migrate to the Solana mainnet in the third quarter of 2021 until the optimization of the number of transactions and execution speed is completed. CEO Anatoly Yakovenko:

“The Neon team was committed to developing both the Solana and Ethereum ecosystems. Deployment on the Solana blockchain will make it a lot easier for EVM projects to take advantage of Solana’s low fees, lightning speed, and future-proof scalability. Neon’s EVM scaling solution is a major milestone and demonstrates commitment to a multi-chain future. “

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