Neon Labs, a company building secure blockchain solutions, announced today that it will be deploying its cross-chain EVM solution on the Solana testnet. The Neon EVM allows any dApp in the Ethereum ecosystem access to Solana’s high throughput as well as lower gas prices without needing code changes.
The Neon EVM creates a compatibility layer for Ethereum on the Solana blockchain; enabling anyone to run Ethereum contracts on the Solana blockchain. It works by introducing incentivized Neon EVM operators to the Solana blockchain; who facilitate transactions on behalf of Ethereum dApp users.
These operators receive Ethereum-like transactions from dApps that use the Neon EVM and then wrap them into Solana transactions. They are then sent for execution on the Solana blockchain.
“Ethereum is a thriving blockchain ecosystem that has a lot to offer to dApp developers and users in terms of tools and infrastructure. At the same time, Solana is attractive to many due to its technical characteristics; and is perceived as an emerging market. Thanks to Neon EVM, dApp developers will be easily tapping into the Solana market and offer users a great experience without any difference in terms of interface or tools used.”
– Marina Guryeva, Director at Neon Labs
At launch, the Neon EVM will run on the Solana testnet. At this time, the familiar tools for Ethereum users including Metamask, Remix, Truffle, and others will work on Solana.
Moreover, when deployed on testnet, the Neon EVM will support any Ethereum-based dApp (including UniSwap, SushiSwap, 0x, MakerDAO, and more) to be used on Solana.
Ultimately, Neon EVM will move to the Solana mainnet sometime in Q3 of 2021. Until then, the Neon Labs team will perform optimizations concerning the number of transactions and the speed of their execution. Following the EVM mainnet launch, Neon will be moving to a more trustless solution.
“The Neon team has shown dedication to the development of both the Solana and Ethereum ecosystems. 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.”
– Anatoly Yakovenko, CEO of Solana
To learn more about the Neon EVM or to participate in testnet click here.
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Title: Neon Labs deploys its cross-chain EVM solution on the Solana blockchain
Sourced From: www.cryptoninjas.net/2021/07/20/neon-labs-deploys-its-cross-chain-evm-solution-on-the-solana-blockchain/
Published Date: Tue, 20 Jul 2021 15:45:17 +0000
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