Neon Labs Deploys Cross-Chain Ethereum Virtual Machines On Solana

Fast growing Ethereum blockchain ecosystem (photo: unsplash)

JAKARTA - Blockchain developer Neon Labs has recently created a compatibility bridge between Ethereum and Solana. This could open even more doors to cross-chain development opportunities for Ethereum programmers.

The Ethereum Neon Virtual Machine, or EVM, has been deployed via the testnet on Solana, the company announced Tuesday, July 20. EVN gives decentralized applications on Ethereum access to Solana's high throughput capacity and lower gas costs. Basically, Neon EVM allows anyone to run Ethereum contracts directly on the Solana blockchain.

Even during the testnet phase, EVM Neon will support decentralized applications such as Uniswap, SushiSwap, MakerDAO, and 0x. Mainnet is expected to launch later this quarter.

“Ethereum is a rapidly growing blockchain ecosystem that has a lot to offer dApp developers and users in terms of tools and infrastructure. At the same time, Solana is attractive to many because of its technical characteristics and is considered a growing market”, said Marina Gureyeva, director at Neon Labs.

"Thanks to Neon EVM, dApp developers will easily enter the Solana market and offer users a great experience without any difference in terms of interface or tools used", he added.

Solana CEO Anatoly Yakovenko said Ethereum's future compatibility will make it "significantly easier for EVN projects to take advantage of Solana's low cost, ultra-fast speeds, and future-proof scalability".

Many developers and businesses are launching on the Solana blockchain. As Cointelegraph reports, Switzerland-based Digital Assets AG recently launched a tokenized stock offering in Solana, giving traders the ability to access tokenized shares of leading blue-chip stocks such as Facebook, Alphabet, Netflix, and Tesla.

Yakovenko believes Solana is in a position to support one billion users in the coming years as blockchain innovation shifts to the application layer. Meanwhile, the protocol has attracted high-value venture capital investors from around the world, with the likes of Andreessen Horowitz, CoinShares, CMS Holdings, and Alameda Research backing the project.