Developers may now create Ethereum decentralized apps (DApps) on top of the Solana network thanks to Neon EVM, an Ethereum Virtual Machine created specifically for the Solana blockchain. In order to provide Ethereum DApps with access to Solana’s effectiveness and technical capabilities for transaction settlements, the project strives to close the gap between Ethereum and Solana’s computing models.
The Neon EVM smart contract, which resides on the Solana blockchain, enables wrapped Ethereum transactions by fusing the sturdiness of the Ethereum DApp environment with the very effective Solana infrastructure. By exploiting Solana’s intrinsic features, such as transaction parallel processing, developers are able to install Ethereum DApps straight into the Solana network with little to no code modification.
The launch of Neon EVM on Solana offers developers who previously depended on rollups or sidechains as layer 2 solutions a another way to assure cost-effectiveness. While layer 2 solutions provide savings of 4–20 times with transaction costs between $0.5 and $0.1, Ethereum’s average transaction price is over $2. Solana, on the other hand, features an astoundingly low average transaction fee of only 0.00001 SOL (about $0.0002) every transaction, which translates to a staggering 10,000-fold decrease in expenses.
Through the protocol’s success in first Devnet testing, real-world effectiveness has been shown. Neon EVM is now operational on the Solana Mainnet, with intentions to collect data from actual use to estimate the protocol’s performance. In addition to the launch, the NEON Decentralized Autonomous Organization (DAO) was created, and the community will play a critical role in determining the future course of the Neon EVM.
A crucial turning point for the Solana and Ethereum ecosystems is the incorporation of Neon EVM. Solana’s high-performance infrastructure is now available to Ethereum developers without affecting the well-known Ethereum DApp ecosystem. By enabling developers to make more effective and economical DApps and enhancing the overall capabilities of the decentralized application market, this integration offers up new possibilities.
The Neon EVM ecosystem will be governed via the NEON utility coin. According to statistics from CoinGecko, the cryptocurrency is now trading at $0.214499, representing a 19.2% gain in value over the previous day.
Overall, Neon EVM’s successful debut on Solana is an encouraging development for the cryptocurrency world since it gives Ethereum and Solana developers more opportunities to improve and innovate their DApps.
