Neon Labs is deploying the Ethereum Virtual Machine (EVM) on Solana 🚨 This article is 3 years old...
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Neon Labs is deploying the Ethereum Virtual Machine (EVM) on Solana
Cross-chain Neon EVM solution provides Ethereum dApp developers with a toolkit to run their applications with low gas costs and high speeds on Solana.
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Updated: Jul. 20, 2021 at 9:08 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Neon Labs, a company building secure blockchain solutions, announced today that it will be deploying its cross-chain EVM solution on the Solana testnet. The Neon EVM will grant any dApp in the Ethereum ecosystem access to high throughput and fast block time on Solana, as well as lower gas prices without requiring code changes.
The Neon EVM creates a compatibility layer for Ethereum on the Solana blockchain, allowing anyone to run Ethereum contracts on Solana. It works by introducing incentivized Neon EVM operators to the Solana blockchain who facilitate transactions on behalf of Ethereum dApp users.
These operators receive Ethereum-like transactions from dApps that use Neon EVM. Then wrap them into Solana transactions, which are sent for execution on the Solana blockchain.
“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,” said Marina Guryeva at Neon Labs.
She added, “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.”
Running on Solana
At launch, the Neon EVM will run on the Solana testnet – at this time the familiar tools for Ethereum users including Metamask, Remix, Truffle, and others will work on Solana.
Once launched on testnet, the Neon EVM will allow any dApp including UniSwap, SushiSwap, 0x, MakerDAO, and others to be used on Solana. Neon EVM will move to Solana mainnet in Q3 of 2021 and till that an optimization of the number of transactions and the speed of their execution will be performed.
“The Neon team has shown dedication to the development of both the Solana and Ethereum ecosystems,” said Anatoly Yakovenko, CEO of Solana.
“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,” Yakovenko further explained.
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
