Neon Labs Integrates Cross-Chain EVM Solution Into Solana, Bringing Ethereum Dapps to the Blockchain
Blockchain startup Neon Labs plans to deploy its cross-chain Ethereum Virtual Machine (EVM) solution on the Solana network.
Neon Labs Eye Speed And Low Cost
The EVM integration on the Solana platform would enable compatibility between Ethereum and Solana. This would lead to more cross-chain development opportunities for Ethereum developers.
With the Neon EVM, various decentralized applications (dApps) in the Ethereum ecosystem would have access to the Solana network and its benefits. These benefits include high throughput and fast block time as well as lower gas prices without requiring code changes.
Basically, Neon EVM allows anyone to run Ethereum contracts directly on the Solana blockchain. Ethereum-based applications such as decentralized exchanges (DEXs) and Non Fungible token (NFT) marketplaces would also be able to benefit from the Solana network through the EVM.
Announcing this development on Twitter, Neon Labs said scaling solutions are important, which is why it is aimed at helping developers take advantage of the Ethereum and Solana ecosystems.
“As fans of both #Ethereum and #Solana, we believe scaling transactions and reducing cost is critical to unlocking the next revolution in blockchain adoption. Neon’s decentralized cross-chain solution gives developers flexibility when building dapps and unlocks liquidity.”
The Neon EVM will run on the Solana testnet and help make popular Ethereum applications, like Metamask, Remix, and Truffle work directly on Solana.
Neon plans to move its solution to Solana mainnet in Q3 of 2021, after which other dApps including UniSwap, SushiSwap, 0x, MakerDAO, and others will be available on the Solana network.
The Neon EVM Solution coming to Solana is significant because it would bring Ethereum smart contracts to Solana through a cross-chain platform for the first time.
Up until now, the blockchain has not offered full support for EVM. Last year, an Ethereum bridge called Wormhole was deployed on the network, but it could only move tokenized assets across both blockchains.
Solana Blockchain Expanding Amid DeFi Boom
Solana has been growing rapidly lately, from getting new investments to integrating new networks. The blockchain has received huge support from investors, venture capitalists, and other market participants recently.
Last week, a crypto wallet built on Solana, Phantom, raised $9 million in Series A funding. Phantom plans to use the freshly raised capital to hire more employees, develop new features, and integrate other blockchains.
The digital wallet startup also plans to bring multi-chain support to its community, especially between Solana and Ethereum.
Last month, Solana raised $314 million from several investors to accelerate the adoption of its protocol.
Solana has also welcomed new offerings. Tokenization firm Digital Assets AG (DAAG) recently announced its tokenized stock services expansion into the Solana blockchain. The 55 Solana-based tokenized stocks are now available for users on the crypto exchange FTX.