Neon EVM, an Ethereum Virtual Machine on Solana (SOL), will allow developers to build Ethereum (ETH) decentralized applications (DApps) on top of the Solana blockchain.
Neon EVM seeks to bridge the gap between Ethereum and Solana’s computing models, opening doors for Ethereum DApps to leverage the efficiency and technical capabilities of Solana for transaction settlements.
By residing on Solana’s blockchain, the Neon EVM smart contract processes wrapped Ethereum transactions, combining the robustness of Ethereum’s DApp environment with Solana’s highly efficient infrastructure.
This innovative design allows developers to deploy Ethereum DApps directly onto the Solana network, minimizing code reconfiguration while taking full advantage of Solana’s native functionality, including parallel execution of transactions.
“Apply today for the Early Builders Program and be a part of the Neon EVM’s mission to revolutionize blockchain technology,” Neon said in a tweet earlier this month.
Neon EVM to Drastically Improve Cost-Effectiveness
Traditionally, EVM DApps used rollups or sidechains, which are different types of layer 2 solutions, to ensure cost-effectiveness.
However, with the introduction of Neon EVM on Solana, developers now have an alternative solution that avoids the complexities associated with layer 2 solutions.
Ethereum’s average transaction fee sits at around $2, while layer 2 solutions can offer savings of 4-20 times, with transaction costs ranging from $0.5 to $0.1.
In contrast, Solana boasts an impressively low average transaction fee of just 0.00001 SOL (~$0.0002) per transaction, a staggering 10,000-fold reduction in costs.
To confirm the protocol’s real-world efficacy, Neon EVM has successfully undergone initial Devnet tests.
“We are very excited to see Neon EVM live on Solana Mainnet,” said Marina Guryeva, director of Neon Foundation.
“Once we repeat these tests in production, we will present the figures based on the real-world data.”
Along with the launch, the NEON Decentralized Autonomous Organization (DAO), a community that will play a pivotal role in shaping the future trajectory of Neon EVM, has also been established.
All in all, the integration of Neon EVM with Solana is a significant development for both Ethereum and Solana ecosystems.
Ethereum developers can now tap into Solana’s high-performance infrastructure without sacrificing the familiar Ethereum DApp environment.
The integration opens doors to new opportunities, enabling developers to create more efficient and cost-effective DApps while expanding the overall capabilities of the decentralized application space.
NEON is the utility token of Neon EVM and will be used for governance.
The token is currently trading at $0.214499, up by 19.2% over the past day, according to data by CoinGecko.
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