Neon Labs Launches Neon Ethereum Virtual Machine (EVM) on Solana Mainnet, Facilitating Seamless Deployment of Ethereum Projects Jul 18, 2023 Jul 18, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJuly 18, 2023 by Kelly Cromley

Neon Labs Launches Neon Ethereum Virtual Machine (EVM) on Solana Mainnet, Facilitating Seamless Deployment of Ethereum Projects

Neon Labs, a blockchain-focused company, recently announced the mainnet launch of its Neon Ethereum Virtual Machine (EVM) on the layer-1 blockchain network Solana. This integration opens up the opportunity for Ethereum developers to effortlessly deploy their projects on the Solana network.

The Ethereum Virtual Machine (EVM) is a program that enables developers to create smart contract-enabled decentralized applications (dApps) and deploy them on compatible platforms. Previously, without an EVM, projects seeking to deploy Ethereum-based applications on other blockchains had to modify the code to suit the new ecosystem.

Neon EVM offers a solution that bridges the gap between the Ethereum and Solana networks, representing the first-of-its-kind development on the Solana mainnet. The Neon Labs team emphasized that the necessary tools are now available for Ethereum developers to utilize.

Transitioning to the Solana network presents several benefits for Ethereum-based dApps, including reduced operational costs and the advantage of parallel transaction execution on Solana.

Neon Labs is optimistic that their EVM solution will seamlessly integrate with Solana’s high throughput capabilities. However, the claim of Solana being the fastest EVM-compatible blockchain remains a topic of debate among industry participants, as Neon EVM undergoes extensive testing.

Maina Guryeva, the director of Neon Foundation, expressed excitement over the Neon EVM’s launch on Solana Mainnet. She revealed that real-world data gathered during production tests will be presented to showcase its performance.

Initially scheduled for deployment in December 2022 by the Neon Foundation, the EVM solution faced delays due to challenging market conditions at the time. The new deployment date remained undisclosed until now. With the mainnet launch finally realized, popular Ethereum-based projects like Aave and Curve Finance are expected to make their entry into the Solana ecosystem through the Neon EVM.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.