Neon Labs To Launch Ethereum-Based Smart Contracts On Solana Blockchain

On December 12, Neon Labs intends to introduce a layer of Ethereum-based smart contracts onto the Solana blockchain. As a result of the launch, Ethereum decentralized applications (dApps) will have access to the Solana network’s functionality, scalability, and liquidity.

The Neon EVM solution, which enables programmers to create Ethereum applications on top of Solana, seeks to add support for the Ethereum Virtual Machine (EVM). The most extensively used computer standard for creating smart contracts during the past few years is EVM.

Marina Guryeva, the creator of Neon Labs, announced the date at the Solana BreakPoint Conference. The only one of its kind on Solana, Neon EVM expands network development opportunities. On Solana’s scalable network, users can also profit from using well-known Ethereum dApps. 

Guryeva brought up the potential effect on usability and stated:

Neon EVM unites the best of two worlds, Ethereum and Solana, and puts to rest the Ethereum killer narrative once and for all. Ethereum-based projects can, for the first time, tap into the previously inaccessible audience and liquidity of Solana without needing to rewrite their code in Rust. As a result, users will now get to enjoy enhanced user experiences on Solana without losing out on Ethereum’s battle-tested dApps.

The user base of Solana, which has an average of 20.5 million active wallets per month, will also be available to Ethereum developers and projects. Neon Labs further mentioned that Neon is already being used by Ethereum-based projects like Aave, Curve, and Sobal. This would significantly increase the number of dApps available to Solana users since Ethereum’s dApps are among the most popular ones on the market.

Neon EVM

Developers can create Ethereum dApps on the Solana network and make use of its benefits by using the Neon EVM. A Solana transaction encapsulates the Neon transactions of the Ethereum dApps.

However, the Neon EVM was developed by Neon Labs, which raised $40 million to bring it to Solana. IDEO CoLab Ventures, Solana Capital, and Three Arrows Capital were a few of the investors in the investment round, which was organized by Jump Capital.

Although it has not yet been implemented, the Neon EVM will handle NFT transactions. Along with Solana smart contract compatibility, full ecosystem compatibility, integration with additional significant Ethereum tools and services, and an early grants program, the team is also focusing on these other issues.

There Is A Lot Of Chatter Around Solana

Recently, Solana has made headlines for a variety of topics. Most significantly, Google Cloud disclosed that it had joined the Solana validator program. The price of SOL increased by 12% right away as a result of the announcement.

Related Reading | Binance To Purchase FTX In Effort To Address Liquidity Crunch

In addition, Beeple NFTs would be arriving at Solana, according to Metaplex CEO Stephen Hess, the project leader for the Solana NFTs. Later on, the artist claimed that no agreement was ever reached. 

Although trading interest increased following the introduction of the y00ts collection, Solana NFTs have continued to perform effectively.

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