Solana soon EVM compatible – Solana (SOL) is a blockchain that is on the rise. Its DeFi ecosystem has grown dramatically in the space of three months, from $ 1 billion to $ 14 billion TVL. The startup Neon Labs now wants to accelerate this phenomenon by making Solana compatible withEthereum Virtual Machine (EVM).

Soon an EVM on Solana?

THE’EVM is the environment hosted by the Ethereum blockchain, which allows the execution of smart contracts. Many competing blockchains have chosen to implement EVM in order to ensure full compatibility with Ethereum.

For their part, the developers of Solana have chosen not to implement EVM natively. Therefore, the code executed by the blockchain is written there in Rust, not in Solidity. However, faced with the opportunities that could bring a compatibility with the EVM, the startup Neon Labs currently working on a portage of the EVM on Solana.

The Neon Labs EVM is currently live on Solana, on the testnet and devnet networks. This should be launched soon on the mainnet. Several prominent Ethereum protocols are eagerly awaiting the deployment of EVM on the mainnet, according to the information reported by Marina guryeva to our colleagues at TheBlock:

“Sushi, Aave and several other dApps have confirmed their interest in deploying on the EVM by Neon. However, they need us to enable integrations with infrastructure providers to be able to do this. This is our priority, alongside the launch of the mainnet. “

Indeed, once the EVM is deployed, applications hosted on Ethereum will be able to migrate to Solana, without have to perform modifications in the code.

Neon Labs is currently working on a port of the EVM to Solana
Various features covered by the Neon Labs EVM – Source: Neon Labs

In addition, the applications that will migrate will be able to combine the comfort of development by using the Solidity language, while taking advantage of the performance offered by the Solana blockchain.

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$ 40 million, for the bright idea of ​​Neon

Faced with the scale of the task, Neon Labs needs double your team about fifteen members. To finance this expansion, the startup has just conducted a round of funding via the presale of tokens. In total, the company has succeeded in bringing together $ 40 million through this fundraiser.

Among the investors we find Jump Capital, Three Arrows Capital, Solana Capital, Rockaway Blockchain Fund, Ethereal Ventures and many more. Neon Labs has, meanwhile, been successful in raising $ 797,000 with the Solana Foundation to finance the development of its project.

At the same time, announcements are raining down for Solana at the Solana Breakpoint. The crypto-browser Brave notably announced its desire to deploy on the Solana blockchain. for the first quarter of 2022.

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