According to Marina Guryeva, the founder of Neon Labs, the Neon EVM (Ethereum Virtual Machine) will launch on Solana’s mainnet on December 12th. This launch will allow Ethereum dApps (Decentralized Applications) to function on the blockchain.
Neon Labs’ founder announced at Solana’s BreakPoint conference. According to Guryeva, Ethereum dApps can access Solana’s scalability, liquidity, and other features.
Meanwhile, Neon EVM is the first to launch on Solana. The launch would open more opportunities for both entities.
For instance, users can utilize Solana’s scalable blockchain to use popular ETH dApps. In addition, Ethereum projects and developers will benefit from the launch.
They will gain access to Solana’s user base. Solana has a user base of over 20.5 million active wallets monthly. Guryeva also spoke about the benefits, saying:
“The Neon EVM will unite two giants in the blockchain space, Solana and ETH. It also eliminates the ETH killer narrative used to describe Solana. Instead, Ethereum-based initiatives can tap into Solana’s user base and liquidity without rewriting codes.”
Further, Neon Labs acknowledged that some Ethereum-based projects are already working on Neon. They include Sobal, Curve, and Aave.
Hence, Solana users will have more dApps they can use. Besides, Ethereum’s dApps are among the most sought-after in the market.
Meanwhile, the Neon EVM is a tool that enables developers to develop ETH dApps on Solana’s blockchain. As a result, these dApps leverage the Solana blockchain’s features and capabilities. Also, the Ethereum dApps’ Neon transactions will be wrapped as a Solana transaction.
Neon EVM Working On Support For NFT Transactions
According to reports, Neon Labs raised over $40 million from a funding round to launch EVM on Solana. Jump Capital headed the funding round, which had several investors. Some include Three Arrows Capital, Solana Capital, IDEO CoLab Ventures, etc.
Unfortunately, the Neon EVM still needs to add support for NFT transactions. However, the company is working on adding NFT support soon.
In addition, the team is working on an early grants initiative, integration with more ETH tools and services, full ecosystem compatibility, and interoperability with Solana-based smart contracts.
Meanwhile, the Solana network has been in the limelight lately, notably for its numerous shutdowns. The platform has witnessed several network shutdowns in 2022.
Unfortunately, the reason for the network’s problems is still uncertain. Nevertheless, the platform partnered with Google Cloud recently. As a result, Google Cloud is now a validator on the Solana blockchain.
Furthermore, Stephen Hess, the CEO of Metaplex, a Solana NFT project, announced that Beeple NFTs would soon be on Solana. But the artist behind the NFTs, Mike Winkelmann, argued that no agreement existed.
Meanwhile, Solana NFTs are doing well. NFT trading activity on the blockchain increased after the y00ts collection went live.
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