Neon Labs Raises $40M to Bring EVM Functionality to Solana

The Ethereum-compatible environment could lead to implementations of popular DeFi protocols on the blockchain.

AccessTimeIconNov 9, 2021 at 10:31 a.m. UTC
Updated May 11, 2023 at 4:06 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Although the Ethereum and Solana blockchains are often pitted as rivals, investors have just piled tens of millions of dollars into a project aiming to bring Ethereum’s computation engine to Solana.

On Tuesday, Neon Labs announced a $40 million fundraising round that was led by Jump Capital and that included IDEO CoLab Ventures, Solana Capital, Three Arrows Capital and others.

  • Wormhole’s W Token Has a 999% Weekly Return; Why VanEck Is Bullish on Ethereum Layer 2s
    02:30
    Wormhole’s W Token Has a 999% Weekly Return; Why VanEck Is Bullish on Ethereum Layer 2s
  • What Does State Inquiry Mean for Ethereum?
    05:25
    What Does State Inquiry Mean for Ethereum?
  • Solana Passes Ethereum on DEX Volume
    01:15
    Solana Passes Ethereum on DEX Volume
  • Bee Movie Script Buzzing on Ethereum; Robinhood Benefits From ‘Monster’ Crypto Cycle
    02:09
    Bee Movie Script Buzzing on Ethereum; Robinhood Benefits From ‘Monster’ Crypto Cycle
  • Neon Labs raised the funds with a token sale, and the proceeds “will be used to rapidly scale the Neon Labs team in categories spanning research, core development, marketing and business development,” as well as on a grants program, according to a Neon Labs press release

    Neon Labs is the developer of Neon, a software environment on Solana that lets developers build applications using the Ethereum virtual machine (EVM). With that technology, developers can write smart contracts in familiar coding languages such as Solidity and Vyper, use tools like wallet interface MetaMask and easily deploy forks of existing protocols like Aave – all while benefiting from Solana’s ability to process transactions quickly and from its lower fees.

    The project is aiming to launch its mainnet this month, and it is now live on Solana testnet and devnets, according to Neon’s website.

    Projects porting the EVM to blockchains using alternative computation have proven to be popular among venture capital investors.

    In October, Aurora – a project aiming to allow EVM computation on the Near blockchain – raised $12 million.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Andrew Thurman

    Andrew Thurman was a tech reporter at CoinDesk with a focus on DeFi.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.