On 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 is a smart contract on the Solana blockchain. It accepts wrapped Ethereum-like transactions and processes them on Solana.
Previously, when EVM DApps wanted to leverage low-cost solutions, they had to use a rollup or sidechain. By using Solana as the settlement layer, an EVM is well-placed to outcompete such layer two solutions.
The average transaction fee for sending ETH on the Ethereum network is approximately $2.00. The layer twos offer between $0.1 and $0.5 a saving of four to 20 times.
In comparison, Solana’s average transaction fees are approximately $0.0002 (0.00001 SOL) per transaction10,000 times saving.
Initial tests of Neon EVM in Devnet demonstrate that the protocol translates these optimizations in practice.
Marina Guryeva, director of Neon Foundation, said,
“We are very excited to see Neon EVM live on Solana mainnet. 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 is an Ethereum virtual machine operating as a smart contract on Solana.
It gives developers the power to directly deploy Ethereum DApps with minimal reconfiguration to the code, while benefiting from Solana’s technical advantages.
It is built with security, decentralization and sustainability as core tenets.
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 here
- View Neon EVM transactions settled to Solana with the NeonScan or BlockScout explorers
- IRL here Epic Layer Two Day, an event for researchers, developers and enthusiasts dedicated to Ethereum layer two scaling ee more