Neon EVM adopts network extensions to redefine Solana product categories

(PRESS RELEASE – London, United Kingdom, October 16, 2024)

Neon EVM is a pioneer in the network extension category on Solana, ushering in a new era of unified growth.

Neon EVMa leading Solana ethereum Virtual Machine (EVM), formally adopts Solana Network Extension as a product category, perfectly capturing the essence of this new category. Network extensions fill a critical gap in the Solana ecosystem. By offering a formal category for projects that natively extend Solana's capabilities, Neon EVM provides clarity to developers, investors, and users alike.

Traditionally, the positioning resulted from the inherent nature of Neon EVM and several other projects (MagicBlock, MetaPlex, etc.), as they are not typical Layer 1 or Layer 2 blockchains.

Unlike traditional rollups, L2s, or sidechains, Neon EVM is a program implemented directly on the Solana blockchain and is based on its settlement, consensus, and data availability. Today, this makes Neon EVM part of an emerging product category known as Network Extensions, a native, composable expansion of Solana's core capabilities, which is sparking debate.

The controversy that sparked the Network Extensions category

Solana's network extensions sparked controversy in September 2024, when co-founder Anatoly Yakovenko called x.com/aeyakovenko/status/1830700742484820009″ target=”_blank” rel=”nofollow noopener” data-wpel-link=”external”>ethereum L2 solutions are “parasitic”.” Yakovenko argued that L2s drain liquidity and fragment the ecosystem, a view shared by Solana proponents, who said L2s create a disjointed user experience. In contrast, Yakovenko stated that Solana's network extensions are “natively composable” and enhance the core chain without consuming liquidity. Supporters emphasized that they are not L2s in disguise, but rather maintain a direct connection to the Solana base layer, allowing for seamless composability without the issues of ethereum.

Network extensionsx.com/Austin_Federa/status/1830571246553321592″ target=”_blank” rel=”nofollow noopener” data-wpel-link=”external”> fundamentally differ from the L2.

Unlocking Seamless ethereum Support on Solana: Neon EVM as a Native Network Extension

Solana views its Network Extensions as specialized modules that extend the core functionalities of the L1 blockchain. These extensions integrate natively with the Solana base layer, allowing new capabilities to be added while preserving the core performance and composability of the underlying L1 chain.

Neon EVM embodies this concept by enabling ethereum compatibility for dApps while maintaining a runtime environment with Solana. Neon is not a typical L2: it runs as an EVM (ethereum Virtual Machine) on the Solana blockchain, providing compatibility with ethereum-based applications while remaining fully integrated with the Solana L1. Unlike Optimistic or ZK Rollups, Neon does not process off-chain transactions, but through Neon proxy. Instead, it allows developers to deploy ethereum dApps on Solana, taking advantage of Solana's core capabilities, and no Rust coding is needed. Neon EVM integrates seamlessly with Solana at the protocol level and maps ethereum transactions directly to Solana instructions, leveraging Solana's advanced Sealevel transactional infrastructure. As a result, dApps running on Neon EVM benefit from Solana's high-performance environment and unparalleled scalability, enabling parallel processing and efficient execution.

This technology positions Neon EVM as a key player in improving the accessibility and composability of blockchain applications for the Solana ecosystem.

The Solana Foundation team has reiterated the role of Neon EVM as a network extension on social media platform x.com/aeyakovenko/status/1837084851050360896″ target=”_blank” rel=”nofollow noopener” data-wpel-link=”external”>Neon EVM is definitely not an L2.

Davide Menegaldo, CCO of Neon EVM, highlights the importance of network extensions, stating: “Network extensions offer a powerful way to enhance and increase the capabilities of blockchain networks like Solana without the drawbacks typically associated with scalability solutions. traditional”. Menegaldo goes deeper and explains the key to determining network extensions:

– Unified liquidity: By operating within the same liquidity pool, network extensions avoid the liquidity fragmentation that often occurs with layer 2 or sidechains, ensuring a more unified and efficient ecosystem.

-Improved user experience: The user can use native wallets and tools with ease, abstracting all the complexities associated with fragmented and multi-chain environments.

– Remains native to the host chainextending core functionality: Network extensions are deeply integrated into the base layer and do not directly compete with or overlap with it. They expand Solana's capabilities by adding new features, new execution environments, storage or consensus capabilities, nft functionalities without replacing the core functionalities of the underlying Solana environment.

Projects like MagicBlock with ephemeral rollups and MarginFi are creating tools, services, and infrastructure that don't always fit into single, well-defined categories of L1 and L2 terminologies.

To fully comply with the definition of Network Extensions, Neon EVM will abstract the complexities of the EVM layer, ensuring a seamless experience for users. EVM developers can accelerate their deployment on Solana without needing to delve into the complexities of Rust. Solana users can interact with these dApps through their preferred wallets, such as Phantom, Backpack or Solflare, paying gas fees in Solana's native currency.

This intuitive and composable user experience ensures that while the technology behind these applications is compatible with ethereum, the end user will benefit from a unified user experience, without even noticing the underlying ethereum-like codebase that powers the dApps. .

Neon EVM drives innovation at Solana, expanding beyond traditional blockchain models

Network extensions in the Solana ecosystem are setting a new precedent for how blockchain infrastructure can evolve beyond traditional L1 and L2 models. As Solana continues its growth trajectory with Firedancer and many future updates, Neon EVM is poised to play a critical role in accelerating innovation, providing unparalleled growth opportunities for developers and users alike. The future of blockchain is extensible and Neon EVM is poised to lead the advancement beyond standard paths.

About Neon EVM

Neon EVM is the first of its kind, a networking extension on Solana, designed to seamlessly integrate ethereum Virtual Machine (EVM) support into Solana's high-performance ecosystem. Operating natively within Solana's base layer, Neon EVM provides ethereum developers with a fast, high-performance path to deploy their EVM dApps on Solana, without the need for Rust coding, separate blockchain layers, or sharded liquidity. . Improves composability of dApps while preserving the core benefits of Solana. Neon EVM expands the capabilities of Solana, offering a unified experience where ethereum-based projects can thrive with the speed and scalability Solana is known for.

To learn more about Neon EVM, users can visit neonevm.org and connect with the community in twitter.com/Neon_EVM” target=”_blank” rel=”nofollow noopener” data-wpel-link=”external”>twitter

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