Neon Labs Deploys Ethereum Virtual Machine (EVM) On Solana (2024)

Neon Labs Deploys Ethereum Virtual Machine (EVM) On Solana - Cross-Chain Neon EVM Solution Provides Ethereum dApp Developers With A Toolkit To Run Their Applications With Low Gas Costs And High Speeds On Solana

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 will grant any dApp in the Ethereum ecosystem access to high throughput and fast block time on Solana, as well as lower gas prices without requiring code changes.

The Neon EVM creates a compatibility layer for Ethereum on the Solana blockchain, allowing anyone to run Ethereum contracts on Solana. 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 Neon EVM. Then wrap them into Solana transactions, which are 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 great experience without any difference in terms of interface or tools used,”said Marina Guryeva 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. Once launched on testnet, the Neon EVM will allow any dApp including UniSwap, SushiSwap, 0x, MakerDAO, and others to be used on Solana. Neon EVM will move to Solana mainnet in Q3 of 2021 and till that an optimization of the number of transactions and the speed of their execution will be performed.

“The Neon team has shown dedication to the development of both the Solana and Ethereum ecosystems,”said Anatoly Yakovenko, CEO of Solana.“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.”

Following the EVM launch, Neon will be moving to a more trustless solution. To learn more about the Neon EVM or to participate in testnet please visit:https://neonlabs.org/

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Neon Labs Deploys Ethereum Virtual Machine (EVM) On Solana (2024)

FAQs

Will Solana be EVM compatible? ›

Solana VM — the world's 1st EVM compatible L2 for Solana, has raised over $1M to lead the DeFi on Solana. Presale is offering users the chance to invest in $SVM, Solana's VM native token, before the official token will be open for public trading.

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How does neon EVM work? ›

Neon EVM is an Ethereum Virtual Machine (EVM) on Solana. It allows developers to seamlessly deploy their Ethereum-based DApps on the Solana blockchain, leveraging its high throughput, low latency, and scalability.

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Is Ethereum virtual machine EVM compatible? ›

EVM compatibility allows developers to deploy Ethereum-based smart contracts and Dapps on their chain without significant modifications. The primary advantage of EVM compatibility is fostering interoperability among blockchain networks.

What is the language that Solidity is using to build on the Ethereum virtual machines EVM )? ›

The Architecture of the Ethereum Virtual Machine

The EVM is a stack-based virtual machine that runs bytecode compiled from high-level smart contract languages like Solidity and Vyper.

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What is the EVM address in Solana? ›

The EVM code, de facto, is a smart contract on Solana. That is, it is a native smart contract for Solana and thus can be run on it.

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What virtual machine does Solana use? ›

While many blockchains today rely on the Ethereum Virtual Machine (EVM), Solana has developed its own VM, featuring unique capabilities that deliver improved performance. The key component of SVM is Sealevel.

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What are the limitations of EVM Ethereum? ›

EVM Limitations

As Ethereum's user base grows, the EVM faces congestion and delays. This happens because every transaction and computation on the EVM gets copied across all network nodes, slowing down the process. High gas fees are another issue with the EVM. Gas fees are the costs to run smart contracts on Ethereum.

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Which blockchains are EVM compatible? ›

Here are some more popular EVM compatible blockchains:

Ethereum: Ethereum is a decentralized, open-source blockchain that is EVM-compatible. ...
Binance Smart Chain: Binance Smart Chain is a high-performance blockchain that is compatible with the Ethereum Virtual Machine (EVM) and supports the Ethereum toolchain.

More items...

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What is the difference between EVM and Ethereum? ›

Every Ethereum node runs an instance of the EVM, and they all work together to form a sort of web or global decentralized computer. Ethereum is even referred to as a “world computer”, as stated by Vitalik Buterin. The Ethereum Virtual Machine (EVM) is the Ethereum network's heart and soul.

What is the best language for EVM? ›

SolidityScan

Solidity: Solidity is the dominant language for writing smart contracts on the Ethereum Virtual Machine (EVM). ...
Vyper: Vyper is a secure alternative to Solidity for EVM-compatible blockchains. ...
Rust: ...
Clarity: ...
Move: ...
Cairo:

Apr 1, 2024

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How does Ethereum evm work? ›

Ethereum Virtual Machine (EVM) is a software that sets the rules of computing the state of the Ethereum network from block to block. The EVM is a core part of Ethereum as it executes smart contracts, processes transactions, and updates account balances.

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Who runs EVM? ›

Nodes run the EVM to execute smart contracts, using "gas" to measure the computational effort required for operations, ensuring efficient resource allocation and network security.

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Does Moralis support Solana? ›

Moralis is the industry's leading Web3 API provider for Solana development! In Moralis' Solana API suite, you'll find prominent interfaces like the NFT API, Token API, and Balance API.

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Can you use Solidity on Solana? ›

The world of blockchain technology is constantly evolving. An exciting new development in the Solana ecosystem is the release of Solang, a tool that allows developers to write Solana smart contracts using the Solidity programming language.

Is Filecoin EVM compatible? ›

The Filecoin EVM runtime is completely compatible with any EVM development tools, such as Hardhat, Brownie, and MetaMask, making deploying and interacting with EVM-based actors easy! This is because Filecoin nodes offer the Ethereum JSON-RPC API.