Good day everybody,
I hope you are all having an excellent day, welcome to CryptoGod-1's blog on all things crypto. Today I will be looking at the recent news from the Blockchain everybody loves to hate - Solana. They have announced the Neon EVM bridge to Ethereum, which will allows developers to build Ethereum D'Apps on top of the Solana blockchain.
Neon EVM
An Ethereum Virtual Machine (EVM) on the Solana Network has been announced which will allow developers to build Ethereum decentralized applications (DApps) on top of the Solana Blockchain. Known as Neon EVM, this will seek to bridge the gap between Ethereum and Solana's computing models while at the same time allowing Ethereum DApps to make use of the efficient and technical capability of Solana's blockchain and transaction settlement capability.
The Neon EVM smart contract will reside on the Solana Blockchain and process wrapped Ethereum transactions, combining the robustness of Ethereum's DApp environment with Solana's highly efficient infrastructure. This new and innovative design will also allow developers to deploy Ethereum DApps directly onto the Solana network, meaning there will be no need to recode a Dapp or complicated transfers over. Neon EVM noted in a tweet earlier in July 2023:
"Apply today for the Early Builders Program and be a part of the Neon EVM’s mission to revolutionize blockchain technology."
Cost Effectiveness
Generally EVM Dapps make use of rollups or sidechains, which function as different types of layer 2 solutions. They ensure cost-effectiveness of the smart contract once its deployed. With the introduction of Neon EVM on Solana, developers will have a new solution which will avoid all the complexities associated with layer 2 solutions.
It has been well documented how expensive Ethereum's transactions can be, with the current average Ethereum fee sitting at around 0.001 ETH, which works out to be around $2. Layer 2 solutions can often save 4-20 times this rate, where transaction costs range from $0.5 to $0.1.
With Solana entering the EVM Dapp space, they can boast a low average transaction fee of just 0.00001 SOL (~$0.0002) per transaction. This works out to be about 10,000 time less than the traditional Ethereum fee. Solana has already put Neon EVM through real-world efficacy test, making use of its initial Devnet tests to prove its efficiency and capabilities. Marina Guryeva, director of Neon Foundation, noted:
“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.”
The NEON Decentralized Autonomous Organization (DAO), a community which is made to play a pivotal role in shaping the future trajectory of Neon EVM, has been created to go along with Neon EVM. This will help make sure the launch of Neon EVM and its integration into Solana is a significant development for both Ethereum and Solana ecosystems.
Ethereum developers will now be able to make use of Solana's high-performance infrastructure without sacrificing the familiar Ethereum DApp environment, but a note of caution will always be applied to Solana due to its famed network outages. Currently the Solana network has endured 11 major, and 3 minor, outages in 2022, but in 2023 has aimed at improving its abysmal record of downtime, and in 2023 saw a major outage last for 19 hours and 20 minutes in February. Getting past this issue and ensuring that the uptime is constant is key to the network, but so far that was the last major incident of an outage for Solana.
NEON is the utility token of Neon EVM and will be used for governance. The token is currently trading at around $0.214499.
Have a great day.
Peace. CryptoGod-1.
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