Ethereum Apps Could Soon be Launching on Competitor Solana

Neon Labs is nearing the launch of its long-awaited Ethereum Virtual Machine for Solana

AccessTimeIconNov 7, 2022 at 3:06 p.m. UTC

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

Software startup Neon Labs will open its gateway for Ethereum-based crypto projects to access the competing Solana ecosystem before the year is out.

Neon Labs will launch its “ethereum virtual machine” for Solana on December 12, CEO Marina Guryeva told CoinDesk. EVM is the standardized engine that powers decentralized finance (DeFi) apps on Ethereum and a handful of other ecosystems, sans Solana, which follows a different infrastructure.

Rolling out an EVM for Solana means that Ethereum-based projects will be able to deploy on Solana without rewiring their codebases, a cumbersome task. Neon says that some of Ethereum’s DeFi heavy-hitters including Aave and Curve are preparing to use Neon’s long-awaited EVM.

“The winning strategy is to go on each and every new layer 1 blockchain” to capture those ecosystem’s user-bases, Guryeva said.

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Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

CoinDesk - Unknown

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.