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Earn 6.9% APY staking with Solana Compass
Help decentralize and secure the Solana network delegating your stake to us and earn an impressive 6.9% APY yield on your SOL, while supporting us to create new guides and tools.
Breakpoint 2023: How to Build Neon on Solana
Neon Labs co-founder unveils advancements in Neon EVM, promising high transaction throughput and interoperability for Ethereum apps on Solana.
In a detailed presentation, Andrey Falaleev, co-founder and CTO of Neon Labs, introduces the Neon EVM, a project that aims to bring Ethereum Virtual Machine (EVM) compatibility to the Solana blockchain, boasting low transaction costs and high speeds. Falaleev discusses the EVM's unique ability to process transactions in parallel, a feature not found in other Ethereum-like blockchains. He also explains how existing Ethereum development tools and contracts can be directly used with Neon EVM with no modifications required. The talk concludes with exploring the future of Neon, including new partnerships, features, and expanded support for developers and regular users, highlighting the ecosystem's growing integration and flexibility.
The Neon EVM Architecture
Neon EVM is designed to serve as a bridge between Ethereum and Solana, leveraging the advantages of both blockchains. With its Neon Proxy and EVM program components, it allows for the seamless deployment of Ethereum contracts on Solana, offering developers familiarity with tools and libraries from the Ethereum ecosystem. The significance of this development lies in its promise for cheaper and faster transaction speeds, critical for modern decentralized applications.
Development Tools and Compatibility
A broad range of Ethereum development tools, including Truffle, Hardhat, and others, are readily compatible with Neon EVM. This compatibility underscores the project's emphasis on developer convenience and the potential for a more accessible and flexible development environment. By supporting existing Ethereum applications and tools, Neon EVM enables a synergetic solution that merges the benefits of both blockchain ecosystems.
Future Plans and Features
Falaleev shares several upcoming features and partnerships aimed at enhancing Neon EVM's capabilities, such as a multi-token gas payment system and improved contract-program interoperability. These features aim to broaden the platform's appeal to users and developers by providing flexibility in transaction payments and creating synergies between Solana and Ethereum's functionalities. The partnership with a bridge to connect to other EVM chains like Ethereum and Avalanche further emphasizes Neon's commitment to interoperability within the blockchain space.
Facts + Figures
- Neon EVM claims the title of being the cheapest and fastest EVM on the market.
- It can process more than a thousand transactions per second, with speeds up to two thousand.
- Transactions can be executed in parallel on Solana, a unique feature for EVMs.
- Neon EVM is currently live on the Solana mainnet.
- The Neon architecture consists of two main components: Neon Proxy and the EVM program.
- A wide array of Ethereum development tools, like Truffle and Hardhat, are supported.
- The collaboration with a crypto bridge promises connectivity to other EVM-compliant blockchains.
- Neon EVM is exploring a multi-token gas payment system that won't require changes in wallets or clients.
- Future functionalities include improved compatibility with Solana programs, directly benefiting developers.
- Popular hardware wallet Ledger is integrating with Neon EVM for secure transactions.
- Neon tokens will soon be withdrawable directly into Neon EVM without additional tools, streamlining the user experience.
- "Neon EVM is the cheapest and the fastest EVM on the market."
- "Neon EVM can process transactions in parallel ... right now is working on Solana."
- "It can be any wallet, any application, web UI and so on, and Neon Proxy will pack your transaction and send it for execution on Solana."
- "From the Solana, Neon EVM gets benefits of low gas fees, high transaction throughput."
- "The main advantage is that this EVM can process transaction in parallel which is impossible on other Ethereum-like blockchains."
- "Access to our platform is provided by very big validators on the market, P2P validators, and Everstake."
- "Neon EVM will be connected to other EVM chains like Ethereum, Polygon, Avalanche, and others."
- "The multi-token gas payment system doesn't require any changes in the wallet or the client."
- "It's possible to call any Solana program from a Solidity contract."
What is Neon EVM and its significance?
Neon EVM is an Ethereum-compatible execution environment that brings the flexibility of Ethereum's development tools and contracts to the Solana blockchain, allowing for parallel transaction processing and compatibility with Solana's high-throughput and low-cost ecosystem. This is significant because it bridges two major blockchain platforms, combining the best of both worlds and providing developers with more options and efficiencies in building and scaling their applications.
How does Neon EVM benefit developers?
Developers can utilize Neon EVM to deploy Ethereum contracts directly onto Solana without altering their existing codebase, taking advantage of familiar development tools. This reduces the learning curve and cost associated with adopting a new blockchain while enabling access to Solana's performance benefits.
What future features and partnerships does Neon EVM plan to introduce?
Neon EVM is planning several exciting features, including a multi-token gas payment system and increased interoperability with Solana programs. They also announced a partnership focused on building bridges to other EVM chains, expanding the potential for cross-chain applications and interoperability.
How will the multi-token gas payment system work?
The multi-token gas payment system will allow users to pay for transactions with any token available on Solana. Each chain ID will be linked to a specific token, simplifying the multi-payment process without requiring modifications to existing Ethereum wallets and clients.
What does integration with hardware wallets like Ledger mean for users?
Integrating Neon EVM with Ledger and other hardware wallets enables users to securely sign transactions and manage their private keys. This boosts the security for transactions within Neon EVM and promotes trust and convenience for its users.
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- Facts + Figures
- Top quotes
- Questions Answered