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Neon EVM, an Ethereum virtual machine, was launched on the Solana mainnet to bridge the gap between Ethereum and Solana computing models. This will allow Ethereum DApps to use Solana effectively for transaction settlement:
Apply today for the Early Builders program and be a part of Neon EVM’s mission to revolutionize blockchain technology. https://t.co/sMj0zIzSAA #NeonEVM #Solarium #ethereal pic.twitter.com/o7n90MmDbb
— Neon EVM (@Neon_EVM) July 3, 2023
Residing on the Solana blockchain, the Neon EVM smart contract processes Ethereum’s wrapped transactions, integrating the robustness of Ethereum’s DApp environment with Solana’s highly efficient infrastructure.
This design allows developers to deploy Ethereum DApps directly on the network, using Solana’s technical capabilities and requiring minimal code reconfiguration.
In the past, making EVM DApps profitable usually meant resorting to stacking or sidechains. The arrival of Neon EVM at Solana sets a new precedent by offering an alternative to Layer 2 solutions.
The average Ethereum transaction fee is around $2. L2s can offer savings from 4 to 20 times with transaction costs ranging from $0.5 to $0.1. Solana, on the other hand, features an average transaction fee of just 0.00001 SOL (~$0.0002) per transaction, an impressive 10,000 times savings. Initial Devnet testing of Neon EVM has already confirmed the effectiveness of the protocol in the real world.
“Once we repeat these tests in production, we will present the numbers based on real world data.” Marina Guryeva, director of the Neon Foundation, said in a statement.
The launch has also activated Neon’s Decentralized Autonomous Organization (DAO), a community that will have significant influence on the future trajectory of Neon EVM.
