Ethereum Virtual Machine Now Compatible with Solana via Neon Labs
Key Takeaways
- Neon Labs announced today that it will be deploying its Ethereum Virtual Machine (EVM) solution on Solana testnet.
- Neon’s implementation will let users port Ethereum-based applications to Solana.
- Neon plans to implement its solution on mainnet in Q3 of 2021 after taking some time for transaction optimization.
Neon Labs will deploy an Ethereum Virtual Machine solution that will allow any Ethereum protocol to work on Solana testnet.
Neon Labs Brings EVM to Solana Testnet
Neon Labs announced today that it will be deploying its Ethereum Virtual Machine (EVM) solution on Solana testnet.
EVM is a computing environment that allows developers to write applications on top of the Ethereum blockchain.
By integrating its EVM on the platform, Neon enables a compatibility layer for Ethereum-based applications such as decentralized exchanges (DEXs), NFT marketplaces, and games.
Developers running applications on Ethereum may deploy their smart contracts on Neon to leverage Solana’s high throughput and low fees.
For security, Neon leverages incentivized node operators that receive and verify transactions generated by applications and sends them to the base chain for execution.
This will be the first time Solana can run Ethereum smart contracts through a bridge network. Up until now, the blockchain has not offered full support for EVM. Previously, an Ethereum bridge called Wormhole was deployed on the network but it could only move tokenized assets across both blockchains.
The lack of EVM support meant it lost out to EVM-compatible networks such as Binance Smart Chain and Polygon, which both attracted billions of dollars in liquidity from users looking for alternatives to Ethereum.
Speaking about the advantage of using Neon EVM, Solana’s CEO Anatoly Yakovenko said:
“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.”
Neon may soon help Solana achieve EVM compatibility. Neon’s EVM running on Solana testnet will use popular Ethereum applications, including Metamask, Remix, Truffle directly on Solana.
Neon plans to implement its solution on mainnet in Q3 of 2021 after taking some time for transaction optimization.
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