Neon EVM Begins Supporting Ethereum Applications on Solana

Neon Labs has unveiled a new solution aimed at supporting Ethereum application development on Solana.

Early on the morning of July 18 (Vietnam time), Neon Labs released a computing environment designed to assist developers in building Ethereum applications on Solana. The platform aims to deploy the Ethereum Virtual Machine (EVM) system on Solana, a goal initially planned since late last year but previously unachievable on the network.

EVM is a standardized virtual machine system that enables DeFi applications to operate within the Ethereum ecosystem. However, due to Solana's distinct architecture, this solution was not feasible, resulting in Ethereum-compatible projects being excluded from Solana.

Neon EVM is confident that its solution will seamlessly integrate with Solana's high throughput, akin to a gateway for pure Ethereum projects, facilitating easy migration and development of these dApps.

Additionally, Neon EVM hopes to enable Ethereum applications to leverage the advantages of Solana's network, including concurrent transaction execution.

Marina Guryeva, Director of Neon Foundation, remarked:

"We are thrilled to see Neon EVM deployed on the Solana Mainnet. We will replicate these trials and publish real-world data."

Neon Labs is the first Ethereum Virtual Machine infrastructure tailored for the Solana ecosystem, utilizing the NEON token for transaction payments and organizational governance.

In 2021, Neon Labs raised $40 million USD from Jump Capital, IDEO CoLab Ventures, Solana Capital, and various other investment funds.