Solana Opens Doors to Ethereum Developers with Neon EVM Integration

cryptonews.com:

Neon EVM, an Ethereum Virtual Machine on Solana (SOL), will allow developers to build Ethereum (ETH) decentralized applications (DApps) on top of the Solana blockchain. 

Neon EVM seeks to bridge the gap between Ethereum and Solana's computing models, opening doors for Ethereum DApps to leverage the efficiency and technical capabilities of Solana for transaction settlements.

By residing on Solana's blockchain, the Neon EVM 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 onto the Solana network, minimizing code reconfiguration while taking full advantage of Solana's native functionality, including parallel execution of transactions.

"Apply today for the Early Builders Program and be a part of the Neon EVM’s mission to revolutionize blockchain technology," Neon said in a tweet earlier this month. 

Traditionally, EVM DApps used rollups or sidechains, which are different types of layer 2 solutions, to ensure cost-effectiveness.

However, with the introduction of Neon EVM on Solana, developers now have an alternative solution that avoids the complexities associated with layer 2 solutions. 

Ethereum's average transaction fee sits at around $2, while layer 2 solutions can offer savings of 4-20 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-fold reduction in costs.

To confirm the protocol's real-world efficacy, Neon EVM has successfully undergone initial Devnet tests. 

“We are very excited to see Neon EVM live