neon evma Ethereum virtual machine in Solana (SUN)will allow developers to build Ethereum (ETH) decentralized applications (DApps) on the Solana blockchain.
Neon EVM seeks to bridge the gap between the Ethereum and Solana computing models, opening doors for Ethereum DApps to take advantage of Solana’s efficiency and technical capabilities for transaction settlement.
Residing on the Solana blockchain, Neon EVM’s smart contract processes wrapped Ethereum transactions, combining the robustness of Ethereum’s DApp environment with Solana’s highly efficient infrastructure.
This innovative design allows developers to deploy Ethereum DApps directly on the Solana network, minimizing code reconfiguration and taking full advantage of Solana’s native functionality, including parallel transaction execution, according to a press release shared with cryptonews.com.
“Apply today for the Early Builders program and be a part of Neon EVM’s mission to revolutionize blockchain technology,” Neon said in a tweet earlier this month.
Neon EVM to drastically improve profitability
Traditionally, EVM DApps used stacks or sidechains, which are different types of Layer 2 solutions, to ensure profitability.
However, with the introduction of Neon EVM in Solana, developers now have a workaround that avoids the complexities associated with Layer 2 solutions.
Ethereum’s average transaction fee is around $2, while Layer 2 solutions can offer savings of 4 to 20 times, with transaction costs ranging from $0.5 to $0.1.
In contrast, Solana boasts an impressively low average transaction fee of just 0.00001 SOL (~$0.0002) per transaction, a staggering 10,000 times cost reduction.
To confirm the effectiveness of the protocol in the real world, Neon EVM has successfully undergone initial Devnet testing.
“We are very excited to see Neon EVM live on the Solana Mainnet,” said Marina Guryeva, director of the Neon Foundation.
“Once we repeat these tests in production, we will present the numbers based on real world data.”
Along with the launch, the NEON Decentralized Autonomous Organization (DAO) was also established, a community that will play a critical role in shaping the future trajectory of Neon EVM.
All in all, the Neon EVM integration with Solana is a significant development for the Ethereum and Solana ecosystems.
Ethereum developers can now take advantage of Solana’s high-performance infrastructure without sacrificing the familiar Ethereum DApp environment.
The integration opens the doors to new opportunities, allowing developers to build more efficient and profitable DApps while expanding the overall capabilities of the decentralized app space.
NEON is the utility token of Neon EVM and will be used for governance.
The token is currently trading at $0.214499, up 19.2% from the previous day, according to data from CoinGecko.
