Blockchain solutions developer Neon Labs <a href="https://twitter.com/neonlabsorg/status/1417485843426648067" target="_blank" rel="nofollow noopener">announced</a> on Tuesday that it has deployed its cross-chain Ethereum Virtual machine(EVM) solution on the Solana testnet. The move allows any decentralized application(DApp) on the Ethereum network to have access to Solana’s high throughput and lower gas prices without needing changes to its existing codebase.
<h2>Neon Labs Integrates EVM on Solana Testnet</h2>
With the integration of EVM, Neon has enabled a compatibility layer for Ethereum-based applications on the Solana blockchain. Thereby, making it easier for anyone to run Ethereum smart contracts on Solana. Until now, the blockchain did not feature any support for an EVM, although an Ethereum bridge called Wormhole was deployed to it previously, which was limited to moving tokenized assets between the two blockchains. 

Explaining the significance of Neon EVM, Solana’s CEO Anatoly Yakoveno noted, “Its deployment on the Solana blockchain will make it significantly easier for EVM projects to take advantage of the low fees, ultra-fast speeds, and future-proof scalability of Solana.”  

Marina Gureyeva, a director at Neon Labs, was also optimistic about the development and said, “Ethereum is a thriving blockchain ecosystem that has a lot to offer to dApp developers and users in terms of tools and infrastructure. At the same time, Solana is attractive to many due to its technical characteristics and is perceived as an emerging market.”  She added that due to the EVM, DApp developers will be “easily tapping into the Solana market and offer users great experience without any difference in terms of interface or tools used.”

During the testnet phase, Neon’s EVM solution will support DApps like Uniswap, SushiSwap, MakerDAO, and 0x. The mainnet launch is expected later in this quarter after transactions have been optimized.
<h2>Solana Gaining Prominence Among Businesses and Developers</h2>
Solana has seen dozens of launches on its platform this year, with many businesses and developers opting to use the network for their first blockchain ventures. Most recently, Swiss-based Digital Asset AG introduced its tokenized stock offerings on Solana, giving FTX users a way to access 55 stocks of leading companies round the clock.

In June, the network raised $314 million from several high-profile investors including  Andreessen Horowitz and <a href="https://www.cryptoknowmics.com/news/polychain-crypto-fund-raises-additional-20-million-investment/">Polychain Capital</a>. According to Yakovenko, Solana could onboard billions of users in the future as the blockchain market shifts its focus to the application layer.

Neon Labs Deploys Ethereum Virtual Machine(EVM) on Solana Testnet

Neon Labs announced on Tuesday that it has deployed its cross-chain Ethereum Virtual machine(EVM) solution on the Solana testnet.

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

Neon Labs Deploys Ethereum Virtual Machine(EVM) on Solana Testnet

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