“Neon EVM” officially released to give Solana Ethereum compatibility

Neon EVM officially released

“Neon EVM” was officially released, and it was revealed on the 17th that Solana gained compatibility with the Ethereum Virtual Machine (EVM). As a result, Solana is expected to increase the number of products and users of EVM, which may strengthen the network effect.

Also, as part of this, it was announced that Neon’s native token NEON has started to be handled on the overseas virtual currency exchange Coinlist. NEON has an issuance amount of 1 billion, and was created with Solana’s token standard SPL (Solana Program Library. Used for network transaction processing and Neon DAO governance voting.

Neon EVM is a computing environment that enables the development of Ethereum applications on the Solana platform. This will allow Ethereum decentralized applications (dApps) to run on the Solana network and take full advantage of its low-cost, high-speed transaction processing, and ability to execute parallel transactions.

Neon EVM provides a complete set of tools to facilitate the transition to Solana and allows dApps on Ethereum to run in Solana’s high-performance environment. Commenting on this development, Neon Foundation Director Marina Guryeva said:

connection:Solana launches alpha version of Ethereum virtual machine “Neon EVM”

Gap between Solana and Ethereum

Solana has attracted many developers by adopting the development language “Rust” used by AWS (Amazon Web Services) and Facebook. However, it was difficult to directly utilize development resources and human resources using Ethereum’s mainstream programming language “Solidity”.

Neon EVM has enabled developers in the Ethereum ecosystem to deploy products to Solana, which features high processing speed (TPS) and low cost (gas cost). Users will also be able to access EVM-based dApps on Solana through the popular cryptocurrency wallet MetaMask. Ethereum’s current TPS is 10-15, while Solana is significantly faster at 3,971 TPS.

In November 2021, Neon Labs announced funding of approximately 4.48 billion yen ($40 million at the time), led by Jump Capital, with participation from Solana Capital, Three Arrows Capital and others. On December 12, 2022, Neon EVM (beta version) was announced to be introduced on Solana’s mainnet, becoming the first EVM on Solana.

connection:Solana, Ethereum virtual machine “Neon EVM” to be released to the mainnet

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