Neon EVM today introduced a blockchain environment that allows developers to build decentralized applications for the Ethereum ecosystem while being based on the Solana network. On a technical level, the deployment of Neon EVM makes it possible to create a compatibility layer between the two networks.
The installation of Neon is based on the use of a smart contract built on the Solana blockchain so that we can deploy the code of the ethereum virtual machine (EVM), an operation that was not possible until now.
The development team has announced the availability of a number of tools necessary for developers accustomed to working on the Ethereum blockchain to be able to transition their projects to Solana. This is a process that requires some work but could eventually reduce operating costs of their applications.
Furthermore, the project development team also expressed confidence that its EVM solution will effectively integrate with Solana’s broadband capabilities to host decentralized applications from the Ethereum ecosystem. Note that extensive testing is currently being conducted in this regard.
As a reminder, Neon Labs had raised in 2021 more than $40 million with several groups and reputable investment firms in the crypto ecosystem such as Jump Capital, IDEO CoLab And Solana Capital.
Since Monday, July 17, the native token of Neon EVM (NEON) is available on several trading platforms with a solid reputation such as Gate.io Or Bybit. At the time of writing this article, the price of NEON is moving around $0.2074.
The project now has a total market capitalization of $19.24 million as well as a trading volume of $6.91 million over the last 24 hours according to data from CoinMarketCap.
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses.
Source: Neon EVM