Neon EVM Launches on Solana Mainnet, Bridging the Gap Between Ethereum and Solana
During ETHCC23 in Paris on July 17, 2023, the Neon EVM was launched on the Solana Mainnet as a solution to bridge the gap between the programming, computing, and memory models of Ethereum and Solana. This launch aims to provide a low-friction solution for EVM dApps to settle on the Solana blockchain.
The Neon EVM program acts as a smart contract on the Solana blockchain, enabling it to process wrapped Ethereum-like transactions seamlessly.
Previously, EVM dApps seeking cost-effective solutions had to rely on rollups or sidechains. However, with Solana as the settlement layer, an EVM becomes well-positioned to outperform these Layer 2 (L2) solutions. On the Ethereum network, the average transaction fee for sending ETH is around $2. L2 solutions offer fees ranging from $0.5 to $0.1, resulting in savings of 4 to 20 times. In comparison, Solana’s average transaction fees are approximately 0.00001 SOL ($0.0002) per transaction, providing savings of up to 10,000 times. Initial tests of Neon EVM on the Devnet showcase these optimizations effectively.
We are thrilled to witness the live deployment of Neon EVM on Solana Mainnet, says Marina Guryeva, the Director of Neon Foundation. Once we replicate these tests in a production environment, we will present the real-world figures.
Upon the launch of Neon EVM on the Solana Mainnet, the Neon DAO is activated, allowing active participation in shaping the future development of Neon EVM.
