As developers continue to seek options for scaling their Ethereum-based apps, more solutions keep emerging.
The latest is a solution that lets dApps on Ethereum take advantage of the much better efficiency that’s possible on the Solana blockchain. With the Neon Ethereum Virtual Machine (EVM), dApps on Ethereum move to Solana as easily as they’d move to a layer 2 scaling solution.
On top of its proof-of-stake consensus mechanism, Solana has innovated a proof-of-history timing mechanism that synchronizes all operators on the blockchain to a single clock. This solves a key issue that slows down regular PoW and PoS systems, and the need to verify timestamps when validating transactions.
In its H1, 2021 report, Solana indicated that 50,000 transactions per second (TPS) could be completed on the platform. The report also showed that the average transaction fee on Solana is $0.00001.
In comparison, transaction fees average from $4 and $40 on Ethereum, and with a throughput of 15 TPS.
This enhanced efficiency makes Solana an attractive option for many developers looking to scale.
With a compatibility layer on Solana, Neon EVM lets Ethereum dApp transactions be processed on Solana. Under this solution, Neon EVM operators (proxies) will receive transactions from Ethereum dApps. The proxies wrap the Ethereum transactions into Solana transactions before they are executed on the Solana chain.
In its whitepaper, Neon Labs, the company behind Neon EVM, says:
“NEON EVM allows for Ethereum-like transactions to be processed on Solana, taking full advantage of the functionality native to Solana, including parallel execution of transactions. As such, Neon EVM allows dApps to operate with the low gas fees, high transaction speed, and high throughput of Solana, as well as offering access to the growing Solana market.”
– Neon Labs
Neon EVM is currently deployed on testnet, but will be launched on mainnet in Q3, 2021..
With Neon EVM, popular decentralized solutions such as Uniswap, Sushiswap, and MakerDAO now have cross-functionality onto Solana.
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