Markets News Report Technology
July 18, 2023

Neon Labs Launches Neon EVM: Enabling Ethereum Applications on Solana Blockchain

In Brief

Neon Labs has launched the Neon EVM, allowing developers to write Ethereum applications on the Solana blockchain, offering cost-effectiveness and efficiency by leveraging Solana’s high throughput capabilities and reducing transaction costs for Ethereum dApps.

Neon Labs, a leading blockchain developer, has recently launched its innovative Neon Ethereum Virtual Machine (EVM), a sophisticated computing environment that empowers developers to create Ethereum applications using the Solana blockchain.

Neon Labs Launches Neon EVM: Enabling Ethereum Applications on Solana Blockchain

Bridging the Gap between Ethereum and Solana

Neon EVM is a game-changer, enabling EVM code deployment on Solana. This capability is unprecedented. It integrates with Solana’s high throughput. Neon EVM helps developers utilize Solana’s native functionality while reducing operational costs.

Built on Solana’s blockchain, the Neon EVM smart contract processes wrapped Ethereum transactions. This unique combination enhances the durability of Ethereum‘s decentralized application (dApp) environment, while at the same time benefiting from the efficiency of Solana’s infrastructure. Consequently, Ethereum dApps can now be deployed directly onto the Solana network with minor code modifications, enjoying the superior technical capacities of Solana.

A Layer 2 Solution: Enhancing Cost-effectiveness

Previously, ensuring cost-efficiency for Ethereum Virtual Machine dApps necessitated the use of rollups or sidechains. The advent of the Neon EVM on Solana heralds a layer 2 alternative, leading to significant reductions in transaction costs.

For perspective, while the average transaction fee for Ethereum is approximately $2, layer 2 solutions can slash costs to between $0.5-$0.1. In contrast, Solana has a meager average transaction fee of just 0.00001 SOL (about $0.0002) per transaction, representing extraordinary savings of 10,000x. The performance and efficiency of the Neon EVM have been confirmed through initial Devnet tests.

Excitement Surrounding the Launch

Marina Guryeva, the director of the Neon Foundation, shared her enthusiasm about the launch on the Solana Mainnet. The development team is committed to the project. They’re conducting extensive tests. Real-world data will be shared soon to highlight the solution’s promise.

The successful launch has also set the stage for the creation of the Neon Decentralized Autonomous Organization (DAO). This community is crucial for the future of Neon EVM. It will guide its direction and strategies.

  • Phantom has expanded its support to Ethereum and Polygon, allowing users to store NFTs and decentralized applications on their wallet.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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