Neon Labs, a startup that has been working on a scaling solution for Ethereum on Solana, has announced the launch of the Ethereum Virtual Machine (EVM) scalability solution built on Solana.
The solution is currently live on the Solana testnet and it will be helpful for developers to take advantage of both the Ethreum and Solana ecosystems and get the best out of each, similar to how Layer 2 solutions operate. We have been saying for some time that cross-chain capability would be key for the growth of the blockchain ecosystem in the coming years. There are going to be many blockchain networks that are going to be launched and these need to co-exist with the current blockchains for the industry to grow as a whole.
Else, the developers would have to build separate dApps for each and would never be able to utilize the full capacity of the different blockchains. In this case, for example, the developers would be able to build on Ethereum but would also be able to make use of the high capacity and low fees that Solana offers. Likewise, the developers would be able to utilize the best of both blockchains and build dApps that scale and this would give them access to a lot of liquidity as well.
“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,” said Marina Gureyeva, a director at Neon Labs. “Thanks to Neon 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.”
If this platform manages to scale and grow in the right manner, it should be a huge boost for Solana as then building on Solana and making use of this blockchain would become easier for those on Ethereum. Though Solana would like to grow on its own, Ethereum already has a huge thriving system of developers and dApps and it makes business sense for Solana to be able to tap on this growth and talent at least in the initial phase for it to grow quickly. Solana has the financial and technical backing to achieve further growth, after this initial phase, on its own.