Neon Labs launches Ethereum virtual machine on Solana that will provide dapp developers with a toolkit to run applications with low gas costs and high speeds on the Solana blockchain as we can see more in our latest Ethereum news.
Neon Labs is a company building secure blockchain solutions and announced today that it will be deploying a cross-chain EVM solution on the testnet. The Neon EVM will grant any Dapp in the ETH ecosystem access to high throughput and even faster block times on Solana as well as lower gas prices without having to require a code change. The ethereum Virtual Machine creates a compatibility layer for ETH on the Solana blockchain and allows anyone to run ETH contracts on Solana so it works by introducing incentivized Neon EVM operators for the blockchain who facilitates transactions on behalf of the ETH dapp users.
The operators receive Ethereum-like transactions from Dapps that use the Neon EVM and then wrap them into the Solana transactions that are sent for execution on the blockchain. Marina Guryeva at Neon Labs said:
“Ethereum is a thriving blockchain ecosystem that has a lot to offer to dApp developers and users in terms of tools and infrastructure. At the same time, Solana is attractive to many due to its technical characteristics and is perceived as an emerging market. Thanks to Neon EVM dApp developers will be easily tapping into the Solana market and offer users a great experience without any difference in terms of interface or tools used.”
As Neon Lans launches Ethereum EVM that will run on the Solana testnet, at this time the familiar tools for Ethereum users including Remix, Truffle, and Metamask as well as others that work on Solana. Once launched on the testnet, the Neon EVM will allow any dapp including SushiSwap, Uniswap, MakerDAO and 0x to be used on Solana. Neon EVM will move to Solana mainnet in Q3 of 2021 and till that the optimization of the number of transactions and speed of execution will be performed. The CEO Anatoly Yakovenko:
“The Neon team has shown dedication to the development of both the Solana and Ethereum ecosystems. Its deployment on the Solana blockchain will make it significantly easier for EVM projects to take advantage of the low fees, ultra-fast speeds, and future-proof scalability of Solana. Neon’s EVM scaling solution is a significant milestone and represents a commitment to a multi-chain future.”