Neon EVM-compatible project launches on Solana, expected to attract more Ethereum DApps to the ecosystem

After nearly two years, the Neon EVM mainnet has finally launched on Solana, potentially bringing more DApps originating from Ethereum to Solana.

What is EVM?

EVM, short for Ethereum Virtual Machine, refers to the operational environment for smart contracts on Ethereum.

Therefore, the term "EVM compatible" means that although Solana's programming language Rust is different from Ethereum's Solidity, by incorporating EVM compatibility, DApps from Ethereum can also run on Solana without the need for code modification.

For other public chains, this is more advantageous for attracting developers and DApp projects from Ethereum, thereby strengthening their own ecosystem.

Neon EVM Mainnet Launched, Announced in 2021

Developer Neon Labs initially raised $40 million in funding in November 2021, led by Jump Capital, with participants including Solana Capital, Ethereal Ventures, and the now bankrupt Three Arrows Capital.

After nearly two years, the Neon EVM mainnet is finally launched on Solana.

In addition to emphasizing that migrating to Solana may reduce the operating costs of DApps, the development team also believes that Solana's high throughput will help host DApps from Ethereum.

The token Neon NEON was later listed on CoinList, Gate.io, and Bybit.

Solana Price Rebounds, Vitalik's Post Endorses Becoming a Buying Opportunity

Despite FTX's bankruptcy, Solana has faced challenges, with subsequent brokerage platforms like Robinhood and fintech bank Revolut choosing to delist SOL due to regulatory issues.

However, Solana's coin price and ecosystem showed signs of improvement in 2023. Ethereum founder Vitalik tweeted on December 30th of last year, emphasizing his hope for a fair competitive environment for Solana.

The day Vitalik endorsed it became the low point for SOL in a year, rising from $9 to a high of $32.

According to DeFiLlama data, Solana's TVL also grew from $204 million to $312 million this year.