Neon EVM Launches on Solana Mainnet
[PARIS] – July 17, 2023 – During ETHCC23, Neon EVM launched on the Solana Mainnet to help close the gap between the different programming, computing, and memory models of Ethereum and Solana, bringing a low-friction solution to allow EVM dApps to settle to Solana.
The Neon EVM program represents a smart contract operating on the Solana blockchain, designed to handle wrapped Ethereum-like transactions and execute them on the Solana network.
In the past, decentralized applications (dApps) built on the Ethereum Virtual Machine (EVM) seeking cost-efficient solutions had to resort to using rollups or sidechains. However, by leveraging Solana as the settlement layer, the EVM gains a significant competitive advantage over these Layer 2 (L2) solutions. To illustrate, the average transaction fee for sending ETH on the Ethereum network stands at approximately $2, whereas L2 solutions offer fees ranging from $0.5 to $0.1, resulting in savings of 4 to 20 times.
On the other hand, Solana’s average transaction fees are incredibly low, at around 0.00001 SOL ($0.0002) per transaction. This amounts to a remarkable 10,000 times cost reduction compared to the Ethereum network, making Solana a highly attractive and efficient platform for executing transactions
Initial tests of Neon EVM in Devnet demonstrate that the protocol translates these optimizations in practice.
“We are very excited to see Neon EVM live on Solana Mainnet,” says Marina Guryeva, Director of Neon Foundation. “Once we repeat these tests in production, we will present the figures based on the real-world data.”
With the launch of Neon EVM on the Solana Mainnet, the Neon DAO is activated to begin participating in, and influencing the future development of, Neon EVM.
About Neon EVM
Neon EVM functions as an Ethereum Virtual Machine, seamlessly integrated into the Solana blockchain as a smart contract. With this integration, developers can deploy Ethereum dApps without extensive code reconfiguration and simultaneously harness the technical benefits offered by Solana. The platform is meticulously designed, prioritizing security, decentralization, and sustainability as its fundamental principles. For more information about Neon EVM and future updates, visit NeonEVM.org and connect with the community on Twitter or Discord.
Links and resources:
- Find the Neon EVM community on Twitter or Discord
- To choose a public RPC endpoint, see ChainList
- For a high-level overview of the technical architecture and features of Neon EVM, the whitepaper is available at NeonEVM.org/whitepaper.pdf
- View Neon EVM transactions settled to Solana with the NeonScan or BlockScout explorers.
- IRL: Epic Layer 2 Day, an event for researchers, developers, and enthusiasts dedicated to Ethereum L2 Scaling, see lu.ma/l2paris