He further explained:“From an engineer’s perspective, write code once, run everywhere has been a holy grail for a long time as evidenced by Java’s Virtual Machine success […] Neon provides similar functionality by allowing developers to combine battle tested smart contracts for EVM-compatible chains with Solana’s parallelism and extremely fast execution layer.”
Despite suffering a major outage in September at the hands of a denial-of-service attack, Solana continues to be one of the fastest-growing blockchain ecosystems. As Cointelegraph reported, Solana’s SOL token recently surpassed Cardano (ADA) and Tether (USDT) to become the fourth-largest digital asset by market cap.
Neon Labs, a startup bringing Ethereum virtual machine functionality to the Solana blockchain, today announced it has raised $40 million in new funding in a private token sale.
The round was led by Jump Capital, with additional investments from Solana Capital, Rockaway Blockchain Fund, Three Arrows Capital, Ethereal Ventures, IDEO CoLab Ventures and others.
This funding comes at a time that Neon Labs is preparing for the launch of its Neon Ethereum virtual machine 1.0 smart contracts on the Solana blockchain mainnet. Once launched, it will permit developers to migrate Ethereum distributed apps, or dapps, onto Solana without the need to change any code.
The EVM is currently live on the Solana testnet and devnet where it has been undergoing testing and security auditing.
In spite of that, the blockchain continues to be one of the fastest-growing blockchain ecosystems and its token, SOL, has risen to become the fourth-largest cryptocurrency by market capitalization.
Other projects seeking to bring Ethereum compatibility to other blockchains have also been receiving funding as well. For example, Aurora Labs raised $12 million in October for EVM functionality on the Near blockchain.
Neon Labs said it intends to use the new funding to scale up the team and expand research, core development, marketing and business development. In addition, the company aims to spur development and innovation within the Neon ecosystem with incentive programs.
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Neon labs solana 40ma
0xMaki responded to Neon Labs’ tweet with a string of pencil on paper emojis, the sun, and a sushi one.
It’s hard to know what 0xMaki meant, but it seems likely he and the developers of other leading protocols will be taking a long look at deploying to Solana through Neon Labs. Sushiswap already supports 14 chains, according to the project’s website.
And the scaling Solana offers to apps on a full-to-the-brim Ethereum network may be too tempting for DeFi developers to pass up.
With the move, Neon Labs, a blockchain software company, is about to make it easier to port Ethereum apps to the Solana blockchain.
Neon labs solana 40ml
Стартап Neon Labs, стоящий за разработкой виртуальной машины Ethereum (EVM) на Solana, привлек $40 млн в ходе частного токенсейла.
1/ 📢JUST IN: @neonlabsorg raised $40M in a joint round, led by @jumpcapital pic.twitter.com/0hAMBTgBNa
— Neon Labs (@neonlabsorg) November 9, 2021
Раунд возглавила венчурная компания Jump Capital. В нем также участвовали Three Arrows Capital, Solana Capital, Rockaway Blockchain Fund, Ethereal Ventures, IDEO CoLab Ventures и другие.
Привлеченные средства направят на расширение команды, в частности наем разработчиков и специалистов в сфере маркетинга.
Neon EVM позволяет запускать в сети Solana децентрализованные приложения и смарт-контракты, написанные для Ethereum.
It has also given developers a chance to prepare multichain deployments of their dapps using Neon Lab’s EVM solution.
“The successful completion of our round is proof that the community believes in our cross-chain solution,” said Marina Guryeva, chief executive of Neon Labs. “When we are talking about Ethereum dapps coming to Solana via Neon EVM, it’s more than just deployment of their contracts. Sushi, Aave and several more dapps have confirmed their interest in deploying on Neon EVM.”
Ethereum is the largest blockchain ecosystem for dapp development, but it suffers from scalability issues, with huge fees and performance gaps.
The firm has already deployed its cross-chain EVM solution to the Solana testnet and plans to move to mainnet in the third quarter of 2021, the firm announced on Twitter on July 20.DeFi Protocol
The EVM, or Ethereum Virtual Machine, is essentially a rulebook for the blockchain, and it dictates how the protocol’s state should change, block-to-block, as it receives inputs from users. That can include sending a transaction or depositing tokens into a DeFi protocol.
Neon’s offering “allows any Ethereum application to be run on Solana without any changes to its codebase, including Uniswap, SushiSwap, 0x, and MakerDAO,” according to the project’s whitepaper.
It also means key Ethereum tools like the Solidity programming language and Metamask will be compatible with Solana.
This means that Ethereum developers will soon be able to deploy their apps to Solana, a blockchain which can process 50K transactions per second at $0.00025 apiece, according to its website. Ethereum stands at 13.85 transactions per second with a median transaction fee of $1.88 at the time of writing, according to multi-blockchain block explorer Blockchain. The tradeoff is that Solana requires more specialized hardware to run nodes, which results in a more centralized network.
“Ethereum is a thriving blockchain ecosystem that has a lot to offer to Dapp developers and users in terms of tools and infrastructure.
DeFi development firm Neon Labs has concluded a $40 million private token sale as part of its ongoing efforts to create an Ethereum-compatible environment on Solana, underscoring heightened investor demand for scalability and liquidity solutions in the rapidly growing decentralized finance market.
The private sale of NEON tokens was led by Jump Capital, a Chicago-based venture firm, with additional participation from Shu Zu’s Three Arrows Capital, Solana Capital, Rockaway Blockchain Fund, Ethereal Ventures and CoLab Ventures, among others. Over 60 angels and ecosystem partners participated in the token sale, the company confirmed.
Proceeds from the sale will go towards Neon Labs’ research, development, marketing and business development work.
The company also said it’s in the process of formalizing an incentive program to encourage developers to innovate within the Neon ecosystem, which is not unlike what other projects like Serum and Near Protocol are doing.
Neon Labs is attempting to create a multichain future for blockchain development, having only recently employed a cross-chain Ethereum Virtual Machine, or EVM, on the Solana network. During the launch of the EVM in July, the company touted Ethereum’s “thriving blockchain ecosystem” and Solana’s perceived technical strengths.
In a multichain environment, Neon has the potential to become a “core infrastructure block” that increases scaling possibilities for developers, said Saurabh Sharma, partner at Jump Capital.
Using the Neon EVM, developers get cross-chain development capability that will enable them to write once and run on either blockchain, allowing them to reach both markets and take advantage of Solana’s lower fees, higher performance and an emerging market.
“From an engineer’s perspective, write code once, run everywhere has been a holy grail for a long time as evidenced by Java’s Virtual Machine success,” said Saurabh Sharma, a partner at Jump Capital. “In a multichain world, Neon has the potential to be a core infrastructure block that opens up so many scaling possibilities for developers.”
The Solana blockchain recently suffereda day-long outagecaused by a denial-of-service attack in September.
